El Paso City Council moves forward on use of $96 million in non-voter approved debt for projects

EL PASO, Texas -- The city of El Paso plans to issue nearly $100 million in certificates of obligation, a form of non-voter approved debt.

City Council voted 6-2 vote on Tuesday to approve publishing a notice to let taxpayers know the city intends to issue the debt later this year. City representatives Joe Molinar and Claudia Rodriguez were the two votes against moving forward.

You will soon be seeing the notice in newspapers announcing council will vote in August on whether to incur this debt.

The $96 million in certificates would help pay for projects like street repairs, part of the Mexican-American cultural center, parks, and many other large projects previously agreed upon by council or voters.

Chief Financial Officer Robert Cortinas said the city doesn't expect to sell the bonds and get the funding until the end of 2021. He added that now is a good time to issue bonds because interest rates are low.

This measure would add to the $2.1 billion in debt that the city is currently carrying.