Cedar Park OKs $61.5M in 3 ordinances for bonds, certificates of obligation

cedar-park-city-council-meeting
Cedar Park City Council met via videoconference for their July 9 meeting. (Screenshot courtesy city of Cedar Park)

Cedar Park City Council met via videoconference for their July 9 meeting. (Screenshot courtesy city of Cedar Park)

To fund multiple city projects, Cedar Park City Council approved three ordinances July 9 for the sale and issuance of bond programs and certificates of obligation.

City Council unanimously approved three ordinances that total $61.487 million. The bonds and certificates of obligation include the following.

  • $11 million in utility system revenue bonds

  • $31.332 million in general obligation bonds

  • $19.155 million in certificates of obligation


The $11 million in utility system revenue bonds will finance a portion of the Brushy Creek Regional Wastewater System East Plan Expansion, according to city documents. The expansion is a joint project between the cities of Cedar Park, Round Rock, Leander and Austin. For its portion, Cedar Park will pay $29 million, and the remainder will be paid through community impact fees and the utility fund.


The $31.332 million general obligation bonds are the third and final phase of the 2015 voter-approved bond program, according to city documents. The bond money will be used for streets, at $10.305 million; the library, at $18.5 million; and parks, at $31.332 million. Other phases of the 2015 bonds were issued in 2016 and 2018. The program totaled $96.7 million and included a public safety section in previous issues.

The certificates of obligation total $19,155,000 and will be used for capital improvement projects. $10 million will go to the new library, and $9,155,000 will pay for high-priority drainage projects, according to city documents. Unlike bonds, certificates of obligation can fund public works projects without voter approval, according to the state comptroller.

Dan Wegmiller from Specialized Public Finance, the city’s financial advisor, presented a market report to council before the bonds were approved and explained future credit rating considerations. He said now is the all-time lowest interest rate, and the city has an AA+ credit rating currently.
By Taylor Girtman
After interning with Community Impact Newspaper in 2019, Taylor Girtman became a reporter for the Cedar Park and Leander edition in Feb. 2020. She covers the Cedar Park and Leander city councils.


MOST RECENT

budget
Cedar Park, Leander begin FY 2020-21 budget discussions

Leander and Cedar Park will begin discussions of their FY 2020-21 budgets on Aug. 5 and Aug. 6, respectively.

Here is the Williamson County COVID-19 case update for Aug. 4. (Community Impact Newspaper staff)
Williamson County confirms 98 new COVID-19 cases Aug. 4

The county reported no additional deaths.

The Commissioners Court also voted to set a maximum total tax rate of $0.458719 per $100 valuation, which is the current tax rate. (Ali Linan/Community Impact Newspaper)
Williamson County commissioners accept $390.37 million recommended budget for FY 2020-21

The Commissioners Court also voted to set a maximum total tax rate of $0.458719 per $100 valuation, which is the current tax rate.

virtual-learning
Cedar Park preschool starts program to help elementary students learn virtually

The program will create a "school-like" classroom for virtual students to learn safely outside their homes.

In the last year, Whataburger launched a new, modern restaurant design and began offering curbside and delivery services for the first time amid the coronavirus pandemic, according to the release. (Courtesy Elizabeth James for Whataburger)
Whataburger to celebrate 70th anniversary, unveil food truck, expand into 3 states

Nine more new Whataburger locations are planned by year's end, and 35 new restaurants are proposed for 2021.

The project will reverse the northbound I-35 entrance and exit ramps at the SH 45 intersection to alleviate traffic congestion, according to an Aug. 4 Texas Department of Transportation news release. (Courtesy Fotolia)
I-35 construction from Grand Avenue Parkway to SH 45 now underway

The project will reverse the northbound I-35 entrance and exit ramps at the SH 45 intersection to alleviate traffic congestion, according to TxDOT.

The U.S. Census Bureau will halt its counting operation a month earlier than expected. (Courtesy U.S. Census Bureau)
U.S. Census Bureau to halt counting operation a month earlier than expected

The self-response deadline has moved up to Sept. 30.

The total number of reported COVID-19 cases more than doubled in Williamson County in the month of July, according to Williamson County and Cities Health District data. (Graphic by Chance Flowers/Community Impact Newspaper)
See how COVID-19 impacted Williamson County in July

The total number of reported COVID-19 cases more than doubled in Williamson County in the month of July, according to Williamson County and Cities Health District data.

The Williamson County and Cities Health District reported 117 new coronavirus cases between Aug. 1-3, bringing the total to 5,832. (Screenshot courtesy Williamson County)
OVER THE WEEKEND: Williamson County reports 117 additional coronavirus cases, 2 deaths

Of the total cases reported, 5,207 have recovered, and there an estimated 545 active cases.

D-BAT, an indoor baseball and softball training facility, opened June 26 in Cedar Park. (Courtesy D-BAT)
Business updates from Cedar Park, Leander; Fat City pop-up to open in Austin: News from Central Texas

Read the most recent business and community news from the Austin area.