EL PASO, Texas (KTSM) — The El Paso County Commissioners Court is scheduled to take the next step in possibly issuing $54 million in certificates of obligation.
Commissioners Court originally directed staff to begin preparing a “notice of intent” to issue $52 million in certificates of obligation — a type of debt that does not need voter approval — at its Feb. 24 meeting. The total price tag is now listed as $54 million.
Monday, March 17, county commissioners will revisit the issue and possibly authorize staff to continue moving forward. This would trigger a 45-day waiting period before the County could authorize the certificates of obligation.
“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 for residents – a result of the County paying off old debt and fiscally responsible money management in prior years,” the County said.
Previously, the County said it was considering using the certificates of obligation or COs to expand water and sewer services to the tune of $33.5 million, use an additional $2.5 million for flood control infrastructure and use another $16 million for roadway safety. The County has added another $2 million for heating and cooling modernization at the Youth Services Center.
“These investments ensure that all residents, regardless of their zip code or economic status, have access to basic necessities,” the County said.
If approved, the Commissioners Court would consider the sale of the certificates of obligation at its May 5 meeting.
The Commissioners Court is scheduled to meet at 9:30 a.m. Monday, March 17 on the third floor of the County Courthouse, 500 E. San Antonio.
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