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San Juan approves certificates of obligation and refunding bonds to fund projects and ease utility strain
Summary
The commission approved two financing items: new-money certificates of obligation (about $2.7 million) and a refunding of roughly $6 million of existing debt. Financial advisers recommended a 15-year fixed Lone Star bid for new money and a Frost bid for the refunding to reduce near-term pressure on the tax rate and utility fund.
The City of San Juan moved forward with two financing measures aimed at funding capital projects and refinancing existing debt.
Financial advisor Bobby Veria (Estrada & Estrada) told the commission the city offered two competitive solicitations in recent weeks: new-money certificates of obligation of roughly $2.7 million and a refunding of approximately $6 million of outstanding debt.…
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