Who won this year's Deal of the Year award for Small Issuer Financing? The winner will be honored on Thursday, December 1 at 583 Park Avenue in Manhattan, and later that night will compete with winners in the seven other categories for the right to be named The Bond Buyer's 2016 Deal of the Year.

VOICE OVER: In the mid-1980s, the Northwest Dallas County Flood Control District reclaimed more than 500 acres in a floodplain for a residential section of Coppell, Texas. But before the housing could be built, the district fell victim to the catastrophic 1986 oil market collapse that left Texas banking and real estate in dire straits. After restructuring its debt in a 1992 bankruptcy, the district later found out that residential values and a tax cap were failing to provide enough revenue to meet the 8% annual interest rate on its restructured bonds.

Failing to reach agreement with bondholders on new terms, the district and finance team decided to hold a bond election to restructure the accrued and unpaid interest liability. Last year, voters approved the plan to issue $15.7 million of debt, thereby defeasing the old bonds and lifting a tax-rate cap. The new bonds gave the district until 2045 to pay off the debt, 20 years later than the previous maturity. The conversion allowed the district's bonds to receive an A-plus rating from S&P. The restructuring bonds earned a true interest cost of 2.99%.