Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Titus County approves tax‑exempt industrial revenue bonds for aluminum recycling project near Winfield
Summary
The Commissioners Court approved a TEFRA/notice allowing the Mount Pleasant EDC to issue tax‑exempt industrial revenue bonds to benefit an aluminum recycling facility near Winfield; county officials said Titus County will not be liable for the bonds.
The Titus County Commissioners Court on June 22 approved a request to allow the Mount Pleasant Economic Development Corporation to issue tax‑exempt industrial revenue bonds to support an aluminum waste‑recycling facility proposed just west of Winfield.
Kevin Twomey, bond counsel with Troutman Pepper, described the financing as a limited‑obligation industrial revenue bond payable only through loan payments by the developer (identified in the presentation as Olympus Corporation and referenced elsewhere in the presentation as Alum Revival Aluminum). Twomey said the federal tax code requires a governmental approval in the jurisdiction where the project is located and that the Mount Pleasant EDC is asking Titus County to provide the necessary TEFRA notice so the bonds can be issued at a tax‑exempt rate.
Presenters emphasized that the bonds are conduit financing and that Titus County and the city are not on the hook for repayment. "They'll be the developer of the aluminum waste recycling facility near Winfield, Texas," Twomey said of the company; the court then voted to approve the issuance.
The motion to approve came after a brief presentation about the process with the court noting the EDC has conducted required reviews with the Texas Bond Review Board. The motion carried unanimously; no specific bond amounts or final financing terms were disclosed during the June 22 meeting. Further approvals by the Mount Pleasant EDC and additional TEFRA steps will follow as part of the federal and state review process.
