Results of Public Improvement District bond sales for the Thunder Rock housing development were discussed during a Marble Falls City Council meeting July 20. Now that documents are signed, construction could begin in the next two weeks. Courtesy rendering
Thunder Rock housing development construction could begin in the next two to three weeks following positive results of a Public Improvement District bond sale. The Marble Falls City Council discussed results during its July 20 meeting.
“I am excited to tell you that we have bond pricing and we have four of the largest purchasers of PID bonds in the world who are willing to invest in your community,” said Tripp Davenport, director of investment banking at FMS Bonds, the company underwriting the sales.
Investors are asset management groups Nuveen, Goldman Sachs, Franklin Fund, and Blackrock.
A $12.1 million bond used to fund construction in the development’s Improvement Area #1 received a 4.27 percent average coupon rate, which is calculated based on the bond’s face value. Originally, a 5 percent coupon was expected. The Improvement Area #1 portion is the first of eight planned development phases and encompasses 172.74 acres of land.
Another $5.3 million bond for infrastructure in the development’s Major Improvement Area received a 5.03 percent average coupon, which is lower than the anticipated 5.75 percent rate.
The PID bonds will be repaid over the next 30 years by homeowners within the district through assessment fees.
“The pricing came in so good that … the homeowners will pay less assessments and we still fully funded the project,” Davenport said.
The city began marketing the bonds during the last week of June. Mayor Richard Westerman signed sale documents during the July 20 meeting.
News stories, staff photos, and other online content are copyrighted property of Victory Media. Reproduction in part or in whole is prohibited without the express written consent of the publisher.
This Content Submission and License Agreement (“Agreement”) is entered into by and between Victory Media Marketing LLC (“Company,” “we,” or “us”) and you (“User,” “you,” or “Submitter”) upon your submission of content through our websites’ See it, Share It form.
Submitted Content “Submitted Content” means any news tips, text, descriptions, images, photographs, videos, audio files, recordings, or other materials you upload, submit, or provide to us via the news tips forms on DailyTrib.com, KBEYfm.com, 101highlandlakes.com, or any other websites owned or operated by Victory Media Marketing LLC.
License Grant By submitting any Submitted Content, you hereby grant to Company a worldwide, non- exclusive, perpetual, irrevocable, royalty-free, fully sublicensable, and transferable license to use, reproduce, modify, adapt, publish, translate, create derivative works from, distribute, perform, display, and otherwise exploit the Submitted Content in any form or medium (now known or hereafter developed), including but not limited to:
Publishing on DailyTrib.com, KBEYfm.com, 101highlandlakes.com, other Company websites, apps, newsletters, and social media platforms (such as Facebook, Instagram, X, YouTube, etc.).
Editing, formatting, or combining with other content for news, promotional, archival, or commercial purposes.
Allowing third parties (e.g., affiliates, syndication partners) to use it under the same terms. You retain ownership of the copyright in your Submitted Content, subject to the license granted above.
User Representations and Warranties You represent and warrant that:
You are at least 18 years old and have the full right and authority to grant the rights in this Agreement.
The Submitted Content is your original work or you have obtained all necessary permissions, consents, and releases (including from any individuals appearing in photos/videos or owners of any third-party materials).
The Submitted Content does not infringe any third-party intellectual property rights, privacy rights, publicity rights, or defame any person.
It complies with all applicable laws and does not contain viruses, malware, or prohibited content.
You will not submit false, misleading, or confidential information.
No Compensation You understand and agree that you will receive no compensation for the submission or use of your Submitted Content.
Indemnification You agree to indemnify, defend, and hold harmless Company, its affiliates, officers, directors, employees, and agents from any claims, damages, liabilities, losses, and expenses (including reasonable attorneys’ fees) arising from your breach of this Agreement or any third-party claims related to your Submitted Content.
Moral Rights and Publicity You waive any moral rights or rights of attribution in the Submitted Content to the extent permitted by law. Company may use your name, username, or likeness in connection with the Submitted Content if applicable.
Termination and Removal Company may, in its sole discretion, edit, refuse to post, or remove any Submitted Content at any time without notice. This Agreement survives any termination.
Governing Law This Agreement is governed by the laws of the State of Texas, without regard to conflict of laws principles. Any disputes shall be resolved exclusively in the courts located in Burnet County, Texas.
Entire Agreement This Agreement constitutes the entire understanding between the parties and supersedes all prior agreements. Modifications must be in writing. By submitting content, you acknowledge that you have read, understood, and agree to be bound by this Agreement.
