Title
An ordinance approving and authorizing the issuance and sale of the City of Mesquite Special Assessment Revenue Bonds, Series 2023 (Heartland Town Center Public Improvement District Phase #2 Specific Improvements Project), approving and authorizing an Indenture of Trust, a Bond Purchase Agreement, Limited Offering Memorandum, a Continuing Disclosure Agreement, and other agreements and documents in connection therewith, making findings with respect to the issuance of such bonds, and providing an effective date.
Body
On December 18, 2017, the City Council adopted Resolution No. 80-2017 creating the Heartland Town Center Public Improvement District (PID) to finance certain authorized public improvements that confer a special benefit to property located within the PID. The PID boundaries only include the 121.3-acre tract that has been developed as single-family residential, known as the Trailwind subdivision in Kaufman County.
Under terms of the Heartland Town Center Development Agreement, the maximum aggregate principal amount of PID bonds to be issued is $14 million. On September 4, 2018, the City issued PID bonds in the amount of $5,410,000.00 for Phase #1 Specific Improvements and $1,835,000.00 for Phase #2 Major Improvements, leaving a remaining bond authorization of $7,245,000.00 for Phase #2 Specific Improvements. The proceeds from these bonds were used to reimburse the developer for construction of authorized public improvements that benefit properties located in the first phase of development and those public improvements that benefit all properties within the entire PID.
PID bonds will never constitute an indebtedness or general obligation of the City, but are special obligations of the City payable solely from the assessments on each property. Debt service of the PID bonds is paid entirely from assessments levied on property within the PID in annual installments which are billed out and collected by the City along with ad valorem property taxes. ...
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