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Council sets hearing on revenue bonds

The Temple City Council passed the first reading of an ordinance for the addition of $12.5 million in general revenue bonds to the project and financing plan of Reinvestment Zone No. 1 for northern and western parts of the zone and Northwest Loop 363 and set a public hearing on the plan for Oct. 17.The Council met before the regular meeting to discuss future construction in zone with local developer John Kiella and Beverly Sawyer, the chairwoman of the Tax Increment Financing Reinvestment Zone No. 1 Board.The $12.5 million addition to the finance plan is calculated to increase total revenues to roughly $15.8 million available funding for financial projects and paying debt service on bonds for fiscal year 2003. The 19-year bonds will be paid-off by fiscal year 2022. Randy Holly, assistant city manager, said in an earlier interview payment on the bonds would increase sales revenue for the zone which would
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