Anna council authorizes $13.6 million bond for Hurricane Creek public improvement district

The Anna City Council on March 24 approved a service and assessment plan and authorized the issuance of up to $13,600,000 in special assessment revenue bonds for Hurricane Creek Public Improvement District Improvement Area No. 3.

The action followed a brief public hearing on the proposed levy of assessments that drew no public speakers. Joseph Cotton, the city’s director of public works, told the council the ordinance sets the bond amount to be sold and allows the city’s professional partners to proceed with the bond sale. "This will be the final stop for this one," Cotton said, describing the step as setting the principal amount and authorizing the sale.

Council members moved and voted to approve the service and assessment plan and the bond authorization as presented. The bond is structured as a special assessment revenue bond tied to the district and the assessment roll; the ordinance the council approved includes findings of special benefit, establishes a lien for assessments and provides methods for assessment and payment in accordance with Chapter 372 of the Texas Local Government Code.

City staff and the director of public works answered councillors’ procedural questions during the item and told the council the bond documents would be finalized by the city’s financial and legal partners before a sale. Council votes were read and the items were recorded as approved at the meeting.

Next steps include finalizing bond sale documents and proceeding with the professional partners who will execute the sale and related closing tasks. The public hearing record shows no attendees who asked to speak on the assessments during the March 24 hearing.