El Paso County commissioners explore options for issuing voter-approved bonds
El Paso County Commissioners are weighing the options when it comes to the voter-approved bond funding for the Capital Improvement Bond.
El Paso County voters approved three of the five bond project propositions, which totaled $155,025,000 in bond funds.
The proposed bond totaled over $300 million, with the county already having a plan for the debt issuance before the November 5 election.
The original plan to issue the bond had two key dates, spring 2025 and spring 2027.
With voters only approving about half the bond proposal, El Paso County Commissioners have new options when it comes to issuing the debt to taxpayers.
County administrators presented options to commissioners on Tuesday during a special session.
Commissioners will consider both bond funding routes.
Option one is a single issuance of the approved $155,025,000 million in the spring of 2025.
Jose Landeros, the County Director of Strategic Development, explained to commissioners that if they decide to take that route, 80 percent of the funding would have to be spent in three years.
Landeros added, "So that we can ensure that we are in, we're adhering to all federal rules about, related to the issuance of tax-exempt debt."
The second option to commissioners is a divided bond issuance.
If the county chooses that option, $52,365,000 million would be issued in spring 2025.
The breakdown of the money would be:
The rest of the bond funding, $102,660,000 would then be issued in spring 2027.
The impact on El Paso taxpayers will depend on the value of their homes.
A separate presentation on the agenda showed a breakdown:
El Paso County Commissioners will continue to consider what route to take during the upcoming Commissioners Court Meeting on November 18.
