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Cedar Park council approves $2024 general obligation refunding and improvement bonds
Summary
The Cedar Park City Council voted 7–0 to approve an ordinance authorizing the issuance of 2024 General Obligation Refunding and Improvement Bonds, aligning the sale with the FY2025 Capital Improvement Plan and debt model.
The Cedar Park City Council on Oct. 3 approved an ordinance authorizing the issuance of the 2024 General Obligation Refunding and Improvement Bonds and related agreements, voting 7–0 to move forward with the sale.
Kevin Klosterboer, the city’s director of finance, told Council the proposed issuance "is included in the Capital Improvement Plan and the Debt Capacity Model in the FY2025 Budget." Bart Fowler of McCall Parkhurst reviewed the bond-sale process and specific terms presented to the Council; Dan Wegmiller of Specialized Public Finance was available for questions.
The ordinance approves a paying agent/registrar agreement, an official statement, a purchase agreement and an escrow agreement and establishes procedures for selling one or more series of bonds. The motion to approve (Movant: Councilmember Eric Boyce; Second: Councilmember Kevin Harris) passed unanimously 7–0 (Ordinance I03.24.10.03.H1).
