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Council authorizes issuance of $22.387M special assessment revenue bonds for Preston Harbor
Summary
The council unanimously approved an ordinance authorizing issuance of special assessment revenue bond Series 2026 for Preston Harbor PID; Hilltop Securities explained bonds are nonrecourse, carry a 7.17% true interest cost and are structured over 30 years to support 374 homes in phase one.
The Denison City Council voted unanimously to authorize issuance of the City of Denison Special Assessment Revenue Bond Series 2026 for the Preston Harbor Public Improvement District. Marty Hsu of Hilltop Securities, the city’s financial adviser, told the council these are “special assessment revenue bonds, which are considered nonrecourse bonds in the city,” secured solely by assessments on property within the PID and not by city revenues.
Hsu said the bonds are nonrated and carry a final true interest cost of 7.17%: "The final true interest cost or rate on these bonds is a 7.17." She said the bonds are structured over a 30-year term, bond proceeds will be delivered Aug. 27 to reimburse the developer after infrastructure completion, and the development’s first phase is expected to produce 374 homes with an estimated build-out value of $424,670,000. The motion to authorize issuance, moved by Council member Thomas and seconded by Councilman Redwine, carried unanimously.
