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Council approves defeasance resolution to retire certain bonds and reduce interest costs
Summary
Finance staff presented a defeasance plan to retire portions of the city's outstanding bonds to save interest and gain future flexibility; the Council approved the resolution unanimously with Mayor Pro Tem absent.
The Cedar Park City Council approved a resolution authorizing defeasance and redemption of certain outstanding bonds intended to reduce interest costs and provide additional financial flexibility. Finance Director Kevin Klosterboer reviewed the defeasance strategy and the Council approved the resolution 6-0 with Mayor Pro Tem Anne Duffy absent.
The minutes record the item as a staff-led financial action to retire existing debt; the resolution was adopted as R221.24.09.26.H1. No dollar amounts or specific bond series were published in the summarized minutes provided. The action directs staff to proceed with the defeasance process consistent with the resolution and applicable legal provisions.
