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A-Bonds - to be paid off through mortgage payments.
*“B-bonds” paid off by immediate sale off house. When those B bonds are sold, each house sale, Centex pay off that sale of B Bond.
Bank of America would buy $62 million worth of Bbonds, which would directly pay for road improvement. About $29 million in A bonds would be sold through the “open marketplace.”
The move would increase the cost for each home. New homeowners would be notified of Centex’s involvement in the CDA.
A-Bonds would get paid off by assessment of each house at approximately $1,200 a year, or $120 a month. The homeowner has option of prepaying all at once.
“The future homeowners are neutral,” Bossio said. “Because really it’s a question of whether you’re going to pay a higher mortgage, or an additional payment - it’s all the same.”
In exchange, the county would collect all the revenue.
89.7%