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Paris council approves $2 million Forest Brook PID bond sale to reimburse developer
Summary
The Paris City Council adopted an ordinance authorizing $2,000,000 in special-assessment revenue bonds for the Forest Brook Public Improvement District No. 1 and approved a collector agreement; the bonds sold at 6.125% to a mutual fund, and council voted unanimously.
The Paris City Council on Oct. 27 approved the issuance and sale of $2,000,000 in special-assessment revenue bonds for the Forest Brook Public Improvement District No. 1 and authorized a contract for collection of the assessments.
The action, moved and seconded during the regular meeting, carried 6–0. Mark McClaney, a city project lead, told the council the bond issue is intended to reimburse the developer for infrastructure already installed in phase 1: "This…
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