EPWWS general manager Jorge Barrera presented the Council with information regarding the final portion of revenue bond sales being used in the Water Works Capital Improvement $50 million dollar project.
The interest on the sale of the bonds is set in the amount of $2,259,459 at 0.92 interest % with fixed rate for 30 years, and an annual payment of $577,000.
By using the Water Development Board program the EPWWS is saving close to $6.5 million dollars as compared to selling the bonds in the open market.
The Eagle Pass City Council approved the ordinance request.
The bonds being sold are part of a Texas Water Development Board loan approved in 2016 in the amount of $44,000,000 for water system improvements.
Since then the EPWWS has obtained at least two bonds, one in 2016 and in 2018, for the EPWWS Capital Improvement Projects which are currently ongoing.