EL PASO, Texas (KTSM) — The El Paso County Commissioners Court has directed staff to begin taking the first steps in issuing $52 million in certificates of obligation to address infrastructure needs, the County said Monday afternoon, Feb. 24.
The Court has directed staff to begin preparing a “notice of intent” to issue the certificates of obligation to address infrastructure improvements to enhance safety, quality of life and “resilience for communities” across the County.
The proposed debt issuance would be done without increasing the County’s debt service tax rate or increasing taxes, the County said.
The notice of intent is scheduled for approval at the March 17 County Commissioners Court meeting.
That initiates a state-mandated 45-day waiting period before the Commissioners Court can authorize the certificates of obligation, which is a way of issuing debt without requiring voter approval.
This comes after three of El Paso County’s five “capital improvement” bond questions were approved and two failed to pass during the Nov. 5 general election.
“This proposed debt issuance will allow the County to invest in essential public-purpose projects without increasing the County’s debt service tax rate or increasing taxes. These strategic investments reflect a fundamental commitment to ensuring that all residents, regardless of their zip code or economic status, have access to the basic necessities that define a just and equitable community,” the County said.
According to a news release from the County, $33.5 million would go toward safe and clean drinking water for colonias and rural areas of the County, $16 million for improving roadway safety and $2.5 million for improved flood control infrastructure.
“The issuance of COs provides a financing tool for local governments to address critical
infrastructure needs efficiently and without delay. Commissioners Court remains committed to
transparency and responsible fiscal management throughout this process,” the County said.
Read: Read More