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Council adopts ordinance authorizing $41 million general obligation refunding and improvement bonds
Summary
The Prosper Town Council approved a parameters ordinance to issue up to $41 million in general obligation refunding and improvement bonds (about $31M new money; $10M refunding), aiming for issuance on or after Aug. 10, 2026; projects named include Frontier Park improvements and street/transportation work.
The Prosper Town Council on July 14 adopted an ordinance authorizing the issuance and sale of Town of Prosper, Texas general obligation refunding and improvement bonds, Series 2026, under a parameters ordinance setting guidelines for sale and delivery. Chris Landrum told the council the ordinance covers up to $41,000,000 in total: roughly $31,000,000 in new money and about $10,000,000 in refunding, with an anticipated issuance date on or after Aug. 10, 2026 and a true interest cost "less than or 5% or less."
Landrum said the new-money portion would finance a portion of Frontier Park improvements and street and transportation projects that were approved by the CIP committee, and he told the council the issuance would be structured so the town's debt service rate would remain approximately where it is now. Mayor David F. Bristol asked about remaining authorization for Frontier Park; Landrum replied the town would have about $3,200,000 of authorization unissued after this transaction.
A motion to adopt the ordinance was made and seconded, and the council voted unanimously to approve the authorization. The ordinance implements policy that refunding savings must meet a minimum threshold (staff said savings would be at least 3%).
