El Paso County approves US$59 million in debt issuance for infrastructure improvements
EL PASO, TX – The El Paso County Commissioners Court of El Paso County, Texas, approved the issuance of US$59 million in improvement and infrastructure projects.
The meeting proposed to adopt an order authorizing the issuance of interest-bearing certificates of obligation, in one or more series, in an amount not to exceed $59 million to pay all or a portion of the County’s contractual debts incurred in connection with the acquisition, construction, renovation, remodeling, remodeling, enlargement, expansion and/or equipping of park facilities.
Such obligations include without limitation land acquisition, feasibility studies, park improvements, recreational and sports facilities, landscaping, irrigation, drainage, drainage, lighting, benches, pavilions, trails, pedestrian paths, public restrooms, recreation centers, baseball fields, softball fields, parking lots and related infrastructure.
Also, added to the obligations are County courts, sub-courts and court annexes; sheriff’s department and public safety facilities, jails, juvenile detention centers or court facilities, and any facilities that are physically attached to the facilities described in this clause; streets, roads, highways, sidewalks and alleys, including bridges and intersections, street resurfacing, landscaping, lighting, signage, traffic safety and operational improvements, sewers and related storm drainage and utility relocations.
The County reported that the certificates also include the construction, improvement, renovation and equipping of the County Airport in Fabens Texas, the acquisition of land in connection therewith; telecommunications, wireless communications, information technology systems, applications, hardware or software for the facilities described above; and the payment of legal, fiscal and engineering fees in connection with these projects.
The maximum interest rate on the certificates may not exceed the statutory maximum, the maturity date of the certificates will be September 30, 2047, and the estimated combined principal and interest necessary to pay promptly and in full the certificates to be authorized amounts to $100,605,408.90.
The current amount of all outstanding debt obligations of the County is $163,171,830.00. The combined current amount and interest required to timely pay all debt obligations in full amounts to $193,477,922.94.
The County proposed that payment of said certificates of obligation be made by the levy and collection of taxes in the County, as provided by law, and by the pledge of surplus County parking lot revenues remaining after payment of all parking lot operation and maintenance expenses.