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ROCKDALE MUNICIPAL DEVELOPMENT DISTRICT PAYS OFF DEBT ON FORMER INDUSTRIAL PARK

RMDD is Now Completely Debt-Free

(January 5, 2023) ROCKDALE, Texas – The Rockdale Municipal Development District (RMDD) recently sold the Rockdale Industrial Park for the new Cornerstone subdivision.  The RMDD Board expressed its desire to use the property sale proceeds to fully pay off its debt.  On January 3, 2023, the 2016 Bonds were fully paid off and the RMDD is now fully debt-free.

“In 2013 and 2016, the RMDD borrowed money for initial water and sewer infrastructure extensions to the Rockdale Industrial Park on FM 487,” said RMDD Board President Nathan Bland.  “In 2021, the RMDD had enough cash to pay off the 2013 Bonds.”

“The outstanding balance of the 2016 bonds was approximately $377,000 and the RMDD was paying around $48,000 each year”, explained RMDD Economic Development Director Jim Gibson.  According to the RMDD Budget, total debt service is under 10% of annual revenues.  “The RMDD is not going to save a lot of money from interest, but this move frees up cash in our annual budget and allows us to do some other things.”