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El Paso County sells $45M in bonds; officials outline capital projects and procurement schedule
Summary
County staff reported a June 1 negotiated sale placing $45 million in bonds (about $26 million for voter-approved improvements), improved borrowing costs and bond‑rating affirmations; procurement plans for animal shelter CMAR, San Felipe OHV park and shelter bundles were previewed.
El Paso County on June 18 updated the Commissioner's Court on the status of its capital improvement bond program following a successful bond sale and a series of project milestones.
Christian Martinez, chief aide for county administration, told the court the negotiated sale on June 1 placed $45 million of bonds into the market — about $26 million of which will fund voter‑authorized capital improvement projects — and that strong investor demand (59 unique orders totaling $225 million) helped reduce the county’s borrowing cost to an average of roughly 3.43 percent. Martinez said Moody’s assigned an Aa2 rating and Fitch an AA+, and staff calculated a net present‑value savings of about $1 million on the refunding portion of the sale.
Why it matters: the sale unlocks a second tranche of funds for capital projects the county has prioritized, enabling procurement and construction steps on parks, the medical examiner’s facility and other voter‑backed items.
Procurement and near‑term project steps were described by purchasing agent Karen Davidson. She said the commissioner's court will see an award recommendation for a construction manager at risk (CMAR) for the county animal shelter on the June 29 agenda, and that the San Felipe Off‑Highway Vehicle Park project is moving through a two‑phase structure: a grant‑funded first phase (restrooms; bids due July 16) and a bond‑funded second phase to be advertised in the fall. Davidson also previewed shelter bundle procurements targeted for July and the onboarding of a CMAR on other park projects.
Staff noted that a significant portion of the first issuance funds are already spent or encumbered and that county staff will coordinate the flow of the second tranche to project managers by early July. The court heard no objections and no binding procurement votes were taken in open session during the update.
— This article draws on the court presentation and public remarks by county finance, auditor and purchasing staff; formal contracts and award items will appear on future court agendas for approval.
