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Council approves refunding and defeasance moves to free $4.3M for general fund, finish Eastside Sports Complex work
Summary
The City Council approved a bond refunding ordinance and a related defeasance resolution Wednesday aimed at reducing debt service costs and freeing roughly $4.3 million in TIRZ revenue for the general fund and Eastside Sports Complex completion.
The El Paso City Council approved two related measures aimed at lowering the city’s debt burden and freeing restricted redevelopment funds.
At the first reading (item 42) council delegated authority to the city manager and pricing officers to proceed with a general obligation refunding issuance (aggregate principal not to exceed $285 million) intended to refinance callable 2015 and 2016 certificates of obligation and general obligation obligations to capture debt service savings. City Finance staff estimated net present value savings around $4.6 million and projected a borrowing true interest cost well below the council’s maximum threshold; staff sought delegated authority…
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