The task force will likely begin meeting in September and complete its work by the end of the year, Assistant City Manager Chris Copple said at the June 24 council meeting. The suggested timeline could lead to a May 2022 bond election. The deadline to order a May 7 election is Feb. 18, according to the state.
Cedar Park City Council will appoint members by Aug. 12. Each council member will appoint two members of the task force, and the mayor will appoint three members. Council members will recommend Cedar Park residents based on applications. Task forces were also used in previous city bonds.
Before submitting a final recommendation to the City Council, the task force will review, prioritize and group capital improvement projects; review financial feasibility; and provide citizen engagement opportunities for the bond, according to the city.
The city's debt model has the capacity for up to a $125 million bond package without increasing the tax rate, Copple said.
What is a bond?
Cities use voter-approved municipal bonds to borrow money to finance large capital improvement projects such as roads, parks or buildings, Copple said.
Cedar Park voters last approved bonds in 2007 and 2015. The $96.7 million bond in 2015 included road projects, a new library, public safety projects and parks and recreation projects. All 2015 bonds have been issued, Copple said.