Pflugerville Approves $40M Bond Issuance To Fund Various City Projects

Pflugerville, TX -- At their regular meeting on Tuesday, Pflugerville City Council members issued $40 million in bonds to fund various municipal projects, including improvements to the animal shelter, recreational facilities improvements and needed road work.

Council members on June 28 approved the release of $31.75 million worth of debt to fund street and park projects from bonds previously approved by voters in 2014 and 2015 bond elections, and $9.3 million for new projects that were outlined during the meeting.

Among the bonds-funded work voters approved is the 1849 Park and sports complex, trail development, Weiss Lane, E. Pflugerville Parkway, Heatherwilde Boulevard, Rowe Lane and Pecan Street.

A full list of voter-approved projects to be funded can be viewed by clicking here.

At the council meeting, council members detailed the new projects to be funded via $9.3 million in bond proceeds:

• Phase I of planned improvements to the animal shelter totaling $1.6 million;

• $1.76 million in parks projects to include Gilleland Pool house construction and restroom renovation Bohls house renovations Pfluger Park restroom construction;

• Police CAD/RMS software system at $1.1 million;

• Another $1.5 million in street projects to include enhancements to SH 45 Frontage Road design, traffic signals at Heatherwilde and Grand Avenue Parkway/Heatherwilde and Cheyenne Valley Drive/Black Locust/Heatherwilde/and Heatherwilde and Pfennig Lane;

• Public Works Crew building construction at a cost of $1.5 million;

• Land acquisition coffers totaling $1.5 million.

Concurrently, council members approved refunding of $24 million of existing debt in order to take advantage of favorable market conditions, a spokesperson said. The city is expected to save an average of $274,000 annually on the public debt, or a gross savings of just under $5 million (roughly $4.65 million) over the 17-year life of the bonds.

"With the city’s current bond rating reflecting the strong financial condition and long-term growth potential of Pflugerville, the city secured competitive interest rates by refunding bonds at 2.7 percent which is a savings from a previous interest rate of 5 percent," assistant city manager Lauri Gillam said in a prepared statement. "Since a bond can only be called once, the city looked for an optimal time. With recognized savings, the city opted to refund some current debt at a significant savings.”