Arborwood Community Development District, Fla., offers to buy back some series 2006 bonds

By Angela McDaniels

Tacoma, Wash., Aug. 19 - Arborwood Community Development District in Florida is offering to purchase three series of its capital improvement revenue bonds, according to a notice from the issuer.

The offer applies to the series 2006A-2 bonds due May 1, 2036, series 2006B bonds due May 1, 2016 and series 2006B-2 bonds due May 1, 2016.

Prager, Sealy & Co., LLC (call Fernanda Haido at 407 481-9182) is the agent for the offer. It will buy bonds on the district's behalf at the purchase prices offered plus accrued interest.

The agent will not necessarily pay the same price to all beneficial owners offering bonds for purchase, the district noted.

The district said it received an offer to prepay some special assessments from the owners of some tax parcels within the district. Under the offer, the landowners will prepay up to all of the outstanding lien of the special assessments corresponding to each series of bonds as long as the district purchases bonds in the open market in lieu of redemption from the prepayment amounts to be received at less than the principal amount.

The offer will expire on Sept. 3, and the settlement date is expected to be Sept. 14.

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