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Hyattsville council introduces resolution to refund University Town Center special-tax bonds
Summary
Council introduced Resolution 2026-02 to authorize refunding bonds for the University Town Center Special Taxing District, a conduit issuance that council was told would not be the city's general-obligation debt; a public hearing is expected before a July 13 second reading.
Hyattsville's City Council on June 8 introduced Resolution 2026-02 to authorize refunding bonds linked to the University Town Center (UTC) Special Taxing District, a move council said is intended to reduce debt service for property owners in the district.
The resolution, presented as a first reading, would allow issuance of refunding or advance-refunding bonds in an aggregate principal amount not to exceed $12.5 million (the discussion also referenced a near-figure of $12,000,500 during the presentation). Council president Joseph Solomon moved the item for introduction; the motion passed on a voice vote.
Ron, who presented details for the owners and bond team, told council the issuance would be a special-obligation financing payable solely from special taxes levied on properties within the UTC Special Taxing District. "This particular debt obligation is not a debt obligation of the city," he said, adding that the city acts as a conduit to enable tax-exempt financing on behalf of a third party. He said a public hearing will be scheduled before the second reading, currently slated for July 13.
Council members said the refunding is intended to take advantage of lower market rates to reduce debt-service payments over time and to lower the special taxes paid by property owners in the district. No council speaker said the refunding would create a general-obligation liability for Hyattsville taxpayers.
What happens next: the council will hold a public hearing ahead of the second reading and final vote. The resolution text and related covenants will be published with the second-reading materials so the public can review terms and the schedule for the issuance.
Note on amounts and timing: the transcript records a brief discrepancy in the discussion of the permitted principal amount (the mover read an amount close to $12,000,500 and then referred to $12,500,000); the resolution was referred to in the meeting as Resolution 2026-02 and the city indicated the public hearing and second reading are planned in July.
