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Dripping Springs approves special assessments and $7.02 million bonds for Heritage PID areas 3A and 3B
Summary
Council approved ordinances to levy special assessments and authorize $7,021,000 in special assessment revenue bonds for the Heritage Public Improvement District Areas 3A and 3B; bond proceeds earmarked for developer reimbursements and not secured by the city general fund.
Dripping Springs city council on Oct. 21 approved ordinances to levy special assessments on properties in the Heritage Public Improvement District (Areas 3A and 3B) and to authorize $7,021,000 in special assessment revenue bonds for those areas.
At a presentation before the vote, Andrejalo of Hilltop Securities, the city’s financial adviser on the transaction, described the bond structure and final figures. “The bond amount is exactly the same, $7,021,000,” Andrejalo said, and added that the bonds are not backed by the city’s general fund,…
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