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City staff outline debt‑service outlook, refunding opportunities and plan to free TRZ‑9 reserves
Summary
City finance staff and municipal advisors presented a multi‑year debt plan, discussed refunding scenarios and recommended using debt‑service reserves to retire Tax Increment Reinvestment Zone 9 obligations to free restricted revenue.
City of El Paso finance staff and municipal advisors briefed the Financial Oversight and Audit Committee on the city’s debt‑service outlook, refunding opportunities and proposals to repurpose restricted tax‑increment revenue.
Robert Cortinas, presenting for the finance office, said the presentation followed the five‑year forecast and focused on debt‑management policy limits, current debt composition, callable opportunities and planned new issuances tied to the 2019 public‑safety and 2022 community progress bonds. “One of the big things we’ve really focused on is maintaining our double‑A bond rating and minimizing borrowing cost,” Cortinas said.
Maria Urbina, managing director with Hilltop Securities, the city’s municipal advisor, described refunding options. She said the city could…
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