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Eagle Pass City Council approves plan to issue Certificate of Obligation

The Eagle Pass City Council approved a finance plan to issue out a notification of intent for Certificates Of Obligation (COO’s) not to exceed $32 million dollars for various proposed capital improvement projects.

During a city council meeting held Monday, August, 13 the Eagle Pass City Council heard a plan of action and information regarding the proposed issuance of a notification seeking this funds through a finance plan.

Representatives of Estrada, Hinojosa the city financial advisers gave a rundown of the Capital Improvement Projects being sought under the COB’s. “A portion of those projects are totaling about $27, 554,000. The total Capital Improvement Projects(CIP) cost is about $ 59,549,000. It looks like the council is considering issuing out about 50 % of the CIP projects or about $30,000,000 through COB’s.”

Estrada and Hinojosa presented the city with a finance plan as to where the city could get the funds to pay of the debt without looking at increasing taxes but use up freed up money from another debt that has been paid off.

The interest rate on this COB’s could be at 4 % if financed for 20 years with an interest and principal payment of $ 2,196,000.

The city is looking at 16 different projects which include Street Maintenance, Drainage Study, Sidewalks Maintenance, Emergency Communications, Hike/Bike Trail, Fire station # 2, Parks Upgrades and Shades, Downtown Public Restrooms, Sports Complex, Roof Repairs, New Public Works Building, HVAC Maintenance, Charging Stations WIFI, Solar Panels at ITC and Law Enforcement Training Facility

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