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Court approves order to issue Toll Bridge System Revenue Bonds to finance B & M Bridge purchase
Summary
After a financial briefing from advisor Dave Gordon, the court approved an order authorizing Cameron County Toll Bridge System Revenue Bonds Series 2026 to finance the $33,000,000 purchase of the B & M Bridge, with modeled improvements and a reserve fund included in projections.
Financial advisor Dave Gordon of Estrada Henajosa briefed the court on the county’s debt portfolio and the proposed financing to purchase the B & M Bridge. Gordon said the modeled purchase price is $33,000,000, with an additional $5,000,000 included for initial improvements and an estimated reserve fund of about $2,500,000. He told the court the modeled pro forma shows debt-service coverage of roughly six times in early years under conservative assumptions and said the proposed bridge revenue bonds would likely receive an A rating under current projections.
Following discussion and questions about presentation materials, Commissioner Lopez moved to approve the order authorizing issuance of the Toll Bridge System Revenue Bonds, Series 2026; Commissioner Benavides seconded and the motion carried by voice vote. The court also approved a resolution to publish a notice of intent to issue certificates of obligation tied to a USDA grant process. "We have the purchase price is 33,000,000," Gordon said during the briefing, summarizing the transaction parameters.
