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Three CDDs Refund $45 Million in Outstanding Bonds

Posted Wednesday, May 1st, 2013

HGS attorneys have assisted several community development district clients with the refunding of outstanding bonds at lower interest rates.  Most recently these include the Double Branch, Diamond Hill, and Verandah West CDDs.

Double Branch Community Development District
The Double Branch Community Development District (Clay County, Florida) refunded its Special Assessment Bonds, Series 2002A and 2005A, with the assistance of HGS attorney Jason Walters.  On March 13, 2013, the District issued its Special Assessment Refunding Bonds, Series 2013A-1 in the amount of $24,850,000 and Series 2013A-2 in the amount of $2,900,000. 

Diamond Hill Community Development District
HGS attorney Michael Eckert assisted the Diamond Hill Community Development District (Hillsborough County, Florida) as it refunded its Special Assessment Bonds, Series 2004.  On March 20, 2013, the District issued its Special Assessment Refunding Bonds, Series 2013 in the amount of $2,940,000. 

Verandah West Community Development District
The Verandah West Community Development District (Lee County, Florida) refunded its Special Assessment Bonds, Series 2003A on March 27, 2013, in the amount of $15,920,000.  HGS attorney Jonathan Johnson assisted with this effort.

The proceeds of the Refunding Bonds will be utilized to refund and redeem the entire outstanding principal amount of the previous bonds and pay certain costs associated with the issuance of the Refunding Bonds. 

As a result of these refunding efforts, residents and landowners within the Community Development Districts will see a significant decrease in their annual special assessment obligations.

For additional information on the refinancing or restructuring of municipal bonds, please contact Jason Walters, Michael Eckert, and Jonathan Johnson.

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