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Anna authorizes up to $11 million in assessment bonds for Shirley Tract PID areas 2—4
Summary
After holding required hearings, the council approved ordinances and a bond authorization allowing issuance of up to $11,000,000 in special assessment revenue bonds for Shirley Tract Public Improvement District Number 2 (Improvement Areas 2—3 and 4). The items passed unanimously and will advance to bond sale steps.
Council opened the statutory public hearings for special assessments in Shirley Tract Public Improvement District Number 2 and then approved an ordinance adopting amended service and assessment plans and a related bond authorization.
Director of Public Works Joseph Cotton framed the three-step process: a public hearing, adoption of assessment roles and then authorization for the bond issuance to fund PID-eligible projects. Cotton said the action taken that evening authorized city financial advisers to proceed with marketing bonds and that the ordinance adopts the amended and restated service and assessment plan for the district. "This is the next step... allowing our financial advisers to go out and get the bonds sold," Cotton said.
Council moved and passed the ordinances and the bond authorization unanimously. The authorized principal amount cited in the agenda and staff presentation is up to $11,000,000 for the Shirley Tract PID areas 2, 3 and 4; further bond sale timing and final amounts will be determined by the citys financing team as they proceed through normal issuance steps.
