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San Antonio staff outline debt management plan and options to preserve bond capacity
Summary
City financial leaders reviewed the debt management plan, reported lower bond capacity tied to falling property values and discussed options including stormwater revenue bonds, timing and frequency of bond elections, and airport financing for the terminal development program.
San Antonio officials on Aug. 27 reviewed the city's debt management plan, saying lower property values have reduced near-term capacity for general obligation bonds and prompting staff to recommend options such as adjusting the timing and structure of future bond programs and exploring the city's stormwater revenue bonds as a supplemental funding source.
Troy Elliott, the city's chief financial officer, told the City Council that the debt management plan describes what debt the city has outstanding, what it has issued and "how we're gonna pay for that debt over time." He said property-tax-backed debt (general obligation bonds, certificates of obligation and tax notes) totals roughly $2.6 billion and that the city's overall outstanding debt is about $3.6 billion.
Why it matters: The debt plan determines how much the city can ask voters to approve for large capital programs. Elliott said an important lever is the city's debt service tax rate, which the council has held at 21 cents per…
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