The MDD board of directors voted to authorize $91,000 from its funds to pay off 2013 bond debt early.
They then voted to apply some of the saved money from paying off that bond debt to payments for the 2016 bond debt. Thereby paying off the 2016 debt before its scheduled payoff in 2030, saving the district more money.
Jim Gibson, the new executive director for MDD, suggested the moves to the board at its Monday night meeting in City Hall.
The board also voted to create a tax increment financing district at the industrial park.
The district, called a TIF, will be used to pool the taxes from that land to be pooled for use on expenses for that land only and not mixed with other revenues.
The board will have to appoint a group to oversee the district.
Gibson also told the board that representatives from Texas A&M-Corpus Christi have expressed interest in having Rockdale as one of six towns in Texas to be part of a proposed community startup program. The program, should Texas A&M-CC get the Economic Development Administration grant, would help identify what direction residents want to see Rockdale go.
Board members agreed with Gibson’s plan to move $100,000 from the MDD checking account into a local government investment pool.
Before the vote, Gibson told the board, “You guys are sitting on too much cash in that account.”
He told them the investment pool accounts have no penalties and no minimum balances.
“It’s a very safe, very liquid way to manage money,” he said.
Gibson was authorized to send out requests for qualifications to area auditing services for a future audit of the books.
Gibson also presented a budget overview to the board. The board will later approve the budget before giving it to the City Council for its approval.
Since Gibson is now the executive director, the MDD ended its contract with the Central Texas Council of Governments.
The COG’s Uryan Nelson, who had served as interim executive director, was given a certificate for his service to the MDD this year.
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