NEWS: City Council approves sale of revenue bonds to purchase land surrounding Frisco Exide lead smelter; Bond sale set for Aug. 24
From the Frisco Enterprise
Sale of Exide bonds approved: City council approves bond sale Tuesday
By Anthony Tosie, email@example.com
The sale of revenue bonds to purchase 180 acres of land currently owned by Exide Technologies was approved at a Frisco City Council meeting on Tuesday. Approval of the sale was unanimous.
Two organizations funded by sales tax revenue will sell the bonds, the Frisco Community Development Corporation and the Frisco Economic Development Corporation. The former will sell approximately $27.7 million worth of bonds while the latter will sell $29.3 million worth of bonds.
The resolution approved by the city council requires interest rates on the bonds to not exceed 5.5 percent and imposes a maximum life of 20 years for the bonds.
Now that the city council has approved the sale of the bonds, the FCDC and FEDC will move forward selling the bonds provided bids fall in the approved interest rate range of 3.8 percent to 5.5 percent. Sale of the bonds is scheduled to begin Thursday.