Bastrop City Council approved a resolution Oct. 21 to authorize the issuance of certificates of obligation worth $20 million—financing that will fund several park improvements.

The details

The city requested bids from several banks through two different competitive methods:

• A private placement to local banking institutions
• A competitive sale to regional and national investment banking firms

“The net effect to the city between the two methods of bidding is very similar but allows the city to give local banks an opportunity to bid as well as engage the larger bond market by soliciting bids from larger regional and national banks to achieve the lowest interest cost,” Bastrop Finance Director Judy Sandroussi said in a staff report.

Some context

Bastrop City Council previously delayed action on the ordinance twice in response to a requirement to complete an annual comprehensive financial report—a document needed for the issuance of the certificates of obligation, according to city documents.

What we know

Approximately $15 million 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

The remaining funds will be directed toward potential projects, such as improvements at Minerva Delgado Park, Fireman’s Park and Mayfest Park, as previously reported by Community Impact.

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,” Sandroussi said in June. “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, which closed in 2018 in response to safety concerns, is now on track to reopen in the fall of 2026.