Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Bonds topic
No spam. Unsubscribe anytime.
Prosper council approves parameters for up to $34.85 million water and sewer revenue bonds
Summary
The Prosper Town Council unanimously adopted a parameters ordinance authorizing staff to issue up to $34.85 million in Water Works and Sewer System Revenue Bonds to fund a wastewater treatment plant, a parallel Doe Branch interceptor and part of a parks and public works service center, with issuance set for on or after Aug. 12, 2025.
The Prosper Town Council voted unanimously June 10 to adopt a parameters ordinance authorizing staff to issue and sell Town of Prosper Water Works and Sewer System Revenue Bonds, series 2025, in an amount not to exceed $34,850,000, with a true interest cost capped at 5% and a maximum maturity of 20 years. The bonds are expected to be issued on or after Aug. 12, 2025.
The bond proceeds are designated as new money to fund the construction of a wastewater treatment plant, a parallel interceptor on Doe Branch and a portion of the parks and public works service center. Finance staff presented the ordinance as a parameters resolution that delegates pricing and sale authority to town staff under stated limits; Jason Hughes of Hilltop Securities attended to advise council on financing assumptions.
Council members did not request major changes to the parameters during discussion. Chris Landrum, finance director, summarized the proposed uses and the parameters (amount not to exceed $34.85 million, true interest cost 5% or less, maximum 20-year maturity). Jason Hughes (Hilltop Securities) was available for technical questions.
The council adopted the ordinance by motion; the motion was made by Amy Bartley and seconded by Chris Kern and passed unanimously. The ordinance delegates authority to staff to complete sale and delivery consistent with the approved parameters.
Why it matters: the bond issue funds the town's planned wastewater-treatment capacity expansion and drainage conveyance work on Doe Branch, both foundational to supporting growth and planned development. The parameters ordinance itself does not set final interest rates or the exact schedule of maturities; those details will be set later by the delegated pricing officer within the limits the council approved.
What remains: staff will proceed with the sale under the delegated parameters. Final financing documents, pricing and the exact allocation among projects will be presented when available.
