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County hears 2026 finance plan and municipal bond update as advisers point to refunding savings
Summary
County staff and municipal advisers outlined a draft 2026 finance plan tied to voter‑approved general obligation bonds and possible refundings, estimating roughly $26M in new bond issuance this year, pairing a $15M refunding to capture around $764,000 net present‑value savings and aiming for a June sale with July close.
El Paso County officials on April 13 received an update from municipal advisers Stifel on market conditions, debt‑portfolio options and a draft plan to issue the next tranche of voter‑approved general obligation bonds.
Nancy Roachcha and Brad Angst of Stifel told the Commissioner's Court that municipal markets remain functioning despite geopolitical volatility and that 30‑year muni rates were still under 5% at the time of the briefing. Advisers proposed combining a refunding of callable 2016 bonds (to lock savings) with a new‑money issuance to fund projects approved by voters in 2024.
Brad Angst summarized the proposed structure: an approximately $40 million transaction pairing about $15 million of refunding with $25–$26 million of new money for park and building projects that voters authorized. Stifel's modeling showed a potential net present‑value savings of about $764,000 (roughly 4.9%) on selected maturities, if market conditions hold. The firm recommended a front‑loaded debt service structure to steady the county’s tax‑rate impact and reduce overall interest costs.
County staff said no action was requested the day of the briefing; the court was being briefed to set parameters ahead of final authorization expected in the coming weeks. Stifel said they were targeting an early June sale date and a July closing. Staff emphasized the county’s goal of preserving a steady debt‑service tax rate while matching bond timing to projected project cash‑needs.
What commissioners asked: Several members pressed on timing and the choice to issue a smaller tranche this year (about $26 million) rather than drawing more proceeds now; staff said carrying unspent bond proceeds would raise interest carrying costs and that the county is at internal capacity to manage ongoing projects without enlarging the program this year.
Next steps: County staff will return with a proposed bond order and parameters for authorization. If the court approves the plan later, the county expects to proceed with credit‑rating discussions, offering documents and a June sale.
