Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Lancaster Council approves up to $23 million in Roslyn improvement-district bonds
Summary
Council approved first-reading action to issue up to $23 million in assessment revenue bonds for the Roslyn Residential Improvement District, with bond counsel saying the bonds would be paid by district assessments and generate a roughly $920,000 issuance fee to the county if fully subscribed.
Lancaster County Council voted to advance an ordinance authorizing issuance of up to $23 million in assessment revenue bonds for the Roslyn Residential Improvement District.
Bond counsel Michael Season told council the bonds would be revenue bonds paid only from assessments on district property owners, not from county general taxes. He said prior bond proceeds funded roughly $13.5 million of public infrastructure and that the developer (Lennar Carolinas) has completed substantial work; "the bonds requested tonight not to exceed 23,000,000, of which about 17,500,000 would be made available to purchase the infrastructure that's already been completed," Season said. He also said the county would receive an issuance fee equal to 4% of principal (about $920,000 on a $23 million issue) at or shortly after closing.
John Hardy, introduced by bond counsel as a Lennar Carolinas representative, updated council on on-site progress, reporting hundreds of home sales, numerous homes under construction and a large amenity facility under construction. Council members had no substantive changes to the financing structure during discussion and approved the motion on roll call.
Council action advances the bond authorization; any final sale will be handled in a limited public offering to institutional and accredited investors, and proceeds will be used to reimburse or purchase completed public infrastructure in the district.
