Bastrop City Council approved a resolution Aug. 26 to delay action on an ordinance that would authorize the issuance of certificates of obligation worth $20 million—financing that will fund several park improvements.

The details

The delay is in response to the need to complete an annual comprehensive financial report, according to city documents.

“The city of Bastrop’s external auditors are thoroughly reviewing the financial status of the city of Bastrop, and are estimating the audit to be completed by the end of August or early September,” Bastrop Finance Director Judy Sandroussi said in a staff report.

What we know

A majority of the $20 million will be allocated to the Old Iron Bridge project, which will feature several improvements, including:

• Adding a concrete deck
• Adding steel truss components
• Installing railing
• Installing decorative lights

“This is a staple representation of Bastrop, so I’m really excited about the restoration of the Old Iron Bridge,” Ishmael Harris told Community Impact in late July. “I remember growing up as a kid and riding across that bridge, so it means a lot to me that our city is able to hold on to that heritage.”

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.

The outlook

The bond issuance delay has not impacted the timeline for the Old Iron Bridge project.

“The city has identified other funding sources that are currently being used for this purpose,” Sandroussi said.

Financing is being drawn from approximately $1.2 million in certificates of obligation from 2018 and about $1 million in certificates of obligation from 2023, according to city documents.

Bastrop City Council will take action on an ordinance authorizing the issuance of the certificates at a meeting at 6:30 p.m. on Sept. 23, according to city documents.