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Eagle Pass council sets public hearing for PID assessments, clears step toward bond sale
Summary
Council voted unanimously to call a March 3 public hearing on a preliminary service and assessment plan for Eagle Pass Public Improvement District No. 1 and authorized underwriters to distribute a preliminary limited offering memorandum, a procedural step toward a future bond sale.
The Eagle Pass City Council on Feb. 3 approved a resolution calling a March 3 public hearing on a preliminary service and assessment plan for Public Improvement District No. 1, a procedural step city consultants said is needed before any bond sale.
Emily Griffith, identified as part of the PID administration team, told the council the resolution does not authorize the sale of bonds or finalize interest rates; it merely schedules a public hearing at which residents can speak for or against levying assessments. Bond counsel and other consultants told the council underwriters will use a preliminary limited offering memorandum to solicit potential buyers if the council later elects to proceed.
Ubayd Bagelena, listed as bond counsel, said the actions tonight were “another step in the direction of selling the bonds” but reiterated that final pricing and sale terms would return to the council for approval.
Council members moved and approved both the resolution to call the public hearing and a related resolution authorizing distribution of a preliminary limited offering memorandum for special assessment revenue bonds. Both votes were recorded as unanimous.
The next formal opportunity for public comment on assessments will be the March 3 hearing, when consultants said they will be available to answer technical questions about assessments, proposed improvements and repayment responsibilities.
