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Del Rio council approves financing package and principal-forgiveness agreement for water upgrades
Summary
The Del Rio City Council unanimously approved a principal-forgiveness agreement for a lead service line replacement program and three ordinances authorizing certificates of obligation totaling $17,858,580 to fund water system improvements, with one ordinance amended to set the final amount at $17,003,580.
The Del Rio City Council on Jan. 13 unanimously approved a resolution and three ordinances to finance water system improvements, including a principal-forgiveness agreement for a lead service line replacement program and certificates of obligation sold to state entities.
Tony Jaso, bond counsel, provided a brief but detailed presentation on the city’s general obligation debt profile before the council voted on the bond measures. Councilman J. P. Sanchez moved approval of two of the ordinances and led the motion to approve the largest issuance; Councilman James DeReus and Councilman…
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