The Municipal Development District completed the process of paying off one of its’ two bonds, the board said in a news release.
“While the board was evaluating its financial position, we realized that we had a substantial amount of money in the bank,” said RMDD board President Michelle Larkin. “We had enough cash to fully pay off the 2013 bonds. As the board considered all our options, we felt it was best to retire some debt.”
In 2013, the RMDD borrowed funds to purchase property that is now the Rockdale Industrial Park. “With the MDD buying the land, we can develop this site as a location for new businesses that will create jobs and add to the tax base,” said Rockdale Municipal Development District Economic Development Director Jim Gibson.
The balance of the 2013 bonds was approximately $89,000 and was scheduled to be paid off in 2023.
“The RMDD would spend over $3,000 each month towards this debt instrument,” Gibson said. “This move will not save the RMDD a lot in interest – most of that has already been paid. It will, however, make cash available to give the board flexibility in what it can do.”
“The MDD Board is excited that next year we will have more money for projects or pay extra on our other bond.” Larkin said.
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