Several towns in Ireland and Northrn Ireland begin with either Balli or Bally. What's the meaning of the terms?

I didn't even know those were towns in Ireland, but I did find this online: "Bally is an extremely common prefix to town names in Ireland, and is derived from the Gaelic phrase 'Baile na', meaning 'place of'. It is not quite right to translate it 'town of', as there were few, if any, towns in Ireland at the time these names were formed."

Speaking of which, I am missing arnie around here. I see him on FB from time to time so I know he's around. This would be something he'd know about, I think.