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Council approves up to $11 million bond issuance for Independence at Lincoln CFD
Summary
Council authorized a bond issuance not to exceed $11 million to reimburse developer Lewis Communities for public infrastructure in the Independence at Lincoln Community Facilities District (CFD 2019‑1); council approved related financing documents unanimously Oct. 28.
The Lincoln City Council voted Oct. 28 to approve a bond issuance and related financing documents for Community Facilities District (CFD) 2019‑1, Independence at Lincoln, to reimburse infrastructure installed by the master developer.
Bond counsel explained the action would allow the CFD to issue bonds in an amount not to exceed $11,000,000. The CFD was formed in 2019 with a not‑to‑exceed authorization of $30,000,000. Counsel said a previous series of bonds issued in 2022 totaled $12,980,000 to reimburse Lewis Communities for infrastructure costs; the proposed issuance would further reimburse the developer for public improvements placed into service.
Counsel described the financing documents before council: a bond indenture, a bond purchase agreement (the CFD would engage Piper Sandler as underwriter), a continuous disclosure certificate and a preliminary offering statement. Representatives of Lewis Communities and the underwriter were identified as potentially present in the audience; counsel said the bonds would be offered to the public pursuant to the preliminary offering statement included in the council packet.
With no public opposition and no further questions from council, a motion to approve the resolution and the financing documents carried on a unanimous roll‑call vote (Council members Pearl, Eklund, Reedy and Mayor Andrea recorded “yes”).
