AGENDA CAPTION:
Title
Consider approval of Resolution 2021-41R, Authorizing Extraordinary Optional Redemption of a portion of the City of San Marcos, Texas Special Assessment Revenue Bonds, Series 2020 (Whisper Public Improvement District).
Body
Consideration and action with respect to "Resolution Authorizing Extraordinary Optional Redemption Of a Portion Of The City Of San Marcos, Texas Special Assessment Revenue Bonds, Series 2020 (Whisper Public Improvement District)"
Meeting date: February 24, 2021
Department: Finance
Amount & Source of Funding
Funds Required: Click or tap here to enter text.
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Funds Available: Click or tap here to enter text.
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Fiscal Note:
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City Council Strategic Initiative: [Please select from the dropdown menu below]
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Comprehensive Plan Element (s): [Please select the Plan element(s) and Goal # from dropdown menu below]
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Master Plan: [Please select the corresponding Master Plan from the dropdown menu below (if applicable)]
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Background Information:
Whisper PID was created in October, 2014 and issued it's first series of bonds in June, 2020. A large portion of the commercial tract within Whisper PID is now being sold to a private entity and as part of the terms of the sale, the purchaser is requiring the current owner of the land to prepay the assessments on the land being sold. The Trust Indenture controlling the bonds requires the proceeds from prepayments such as this to be used to redeem outstanding debt, which is what the Re...
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