City to borrow $161 million to pay for street, park and public safety improvements

El Paso City Council Tuesday authorized the City to borrow $161.3 million for street, park and public safety improvements.

Council’s actions will allow the City to issue $161.3 million in general obligation bonds and certificates of obligation, debt not approved by voters.

“We are being financially responsible by only issuing debt when we need it,” said City of El Paso Chief Financial Officer Robert Cortinas. “It has been almost three years since we last issued long-term debt. We are strategic in our timing and size of the issuances to minimize the impact on our tax rate and taxpayers.”

In a news release, the City said Council’s move allowed it to refinance existing debt and save taxpayers $2.3 million with a better interest rate.

By borrowing more money, the City plans to buy new public safety vehicles and improve facilities. It also plans to install new signs at intersections, make improvements at the old Cohen stadium site, create new restrooms for San Jacinto Plaza and improve neighborhood water parks.