There would be an estimated 5% interest rate, according to a staff report document.
Long story short
Although certificates of obligation, a type of debt instrument, allow local governments to fund projects without always needing voter approval, they require a public notice and hearing process.
If a petition is signed by 5% of qualified voters protesting the issuance of the certificates, the city of Bastrop would not be allowed to issue the certificates unless the issuance is approved in an election, according to the Texas Comptroller’s office.
The backstory
The Old Iron Bridge was added to the National Register of Historic Places in 1990.
“It exemplifies the Parker steel-truss style—a truss design that was commonly used in bridges in Texas and the U.S. from the 1920s to the 1940s,” Bastrop Finance Director Judy Sandroussi said. “It was among the largest bridges in Texas at the time and remains one of the earliest examples of Parker steel-truss bridges still intact in the state.”
The local landmark was closed in 2018 in response to safety concerns, but is now on a path to reopen in the fall of 2026 after Bastrop City Council approved a $1.1 million contract with Huitt-Zollars for the engineering and design of the project in January 2024 and a $10.1 million contract with Jay-Reese Contractors for the construction of the project in April, according to city documents.
About the project
The scope of the project will feature several improvements:
- Adding a concrete deck
- Adding steel truss components
- Installing railing
- Installing decorative lights
With the Old Iron Bridge project calling for just $10.1 million, the remaining $9.9 million would be directed toward other potential projects such as improvements at Minerva Delgado Park, Fireman’s Park and Mayfest Park, as previously reported by Community Impact.
