Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Bonds topic
No spam. Unsubscribe anytime.
Development Authority outlines $7M Panel Built revenue-bond timeline, appoints bond counsel
Summary
Bond counsel presented a timeline for tax-exempt revenue bonds tied to a $7 million Panel Built project and was appointed to conduct the required TEFRA hearing; key public dates in July and an August validation hearing were set out.
Bond counsel Boyd Pettit told the board the proposed Panel Built project would be financed with tax-exempt revenue bonds and described the multi-step timetable for issuance. Pettit said, "This will be a 7-million-dollar project," and walked the board through target dates: a bank commitment in May 2026, a TEFRA hearing conducted by bond counsel on July 6 for public comment, a county public meeting to adopt a resolution on July 8, the Development Authority's bond resolution on July 13, a petition for bond validation July 15, and a validation hearing August 4 followed by a closing a few days later.
Pettit reminded the board that tax-exempt financing is distinct from property taxation and that bondholders would not pay federal income taxes on the interest, and he explicitly stated the Development Authority is not responsible for bond repayment. The board voted to appoint Pettit to serve as the hearing officer for the TEFRA proceeding; the appointment was made by Shawna Harkins and seconded by Kevin Green and carried without recorded opposition.
Board members did not adopt a bond at the meeting; the vote established counsel and confirmed the public-process dates required to move forward with tax-exempt financing steps.
