EL PASO, Texas – (KFOX14\/CBS4) \u2014 The El Paso City Council unanimously approved another round of funding tied to the city\u2019s voter-approved Community Progress Bond, including a $70 million issuance that city officials say will support major community projects while also creating opportunities to save money through refinancing and early debt payoff.<\/p>\n
The Community Progress Bond, approved by voters in 2022, dedicates $272 million toward improvements in three areas: streets, parks and renewable energy.<\/p>\n
The bond is estimated to cost taxpayers more than $60 a month over a 10-year span.<\/p>\n
RECOMMENDED: What to expect now that the $272 million bond was approved by voters<\/a><\/p>\n The projects funded through the bond include roadway repaving and extensions of Redd and Montwood, shade improvements at parks, and implementing green infrastructure.<\/p>\n City Council approved three items as part of the bond process.<\/p>\n One of those items authorizes issuing $70 million of the $272 million allotted for the projects. <\/p>\n The other two items focused on saving money, including an opportunity to pay off older bonds early and a chance for the city to refinance other bonds.<\/p>\n \u201cWe don’t always have an opportunity like this one. This is a pretty large refinancing or savings opportunity that we have in front of us,\u201d said Robert Cortinas, the city\u2019s chief financial officer and deputy city manager.<\/p>\n \u201cWe’re always looking at how we can not only take advantage of those situations but also look at how we can utilize paying off some debt early using some other tools that may be available to us.\u201d<\/p>\n Cortinas said the city can reissue some bonds at a lower interest rate.<\/p>\n \u201cWe have some bonds that we can take back out, sell those back, and issue at a lower interest rate,\u201d he said. <\/p>\n \u201cIt’s going to save about 13 million dollars and then on top of that, a smaller group of bonds that we’re actually going to pay off early. We have about 1.4 million dollars of bonds that we’re going to pay off about 13 years early and save over 400,000 dollars of interest. So again, three separate items, but as we’re issuing new debt, we’re always looking at how we can take advantage of generating some savings to help offset that impact.\u201d<\/p>\n Projects funded through the bond are expected to be completed within the 10-year timeframe.<\/p>\n FULL PRESENTATION<\/p>\n To learn more about the 2022 Community Progress Bond, click here.<\/a><\/p>\n RECOMMENDED: El Paso hosts community meeting on $19M road project in West El Paso<\/a><\/p>\n