During a meeting held on Tuesday, March 30, the City Council comprised off Mayor Luis Sifuentes, Council members Rolando Salinas, Billy Davis, Elias Diaz, and Yolanda Ramon were presented with the overall plan behind the notice of intention and, if moved on, the sale of such Certificates of Obligation (COB).

The funds generated from the sale of the COB's would be in an amount not to exceed $28,000,000 pursuant to the provisions of the Certificate of Obligation Act of 1971, as amended, Local Government Code, Section 271.041 through 271.063, for the purpose of paying contractual obligations of the City to be incurred for making  permanent public improvements and for other public purposes, to-wit (1) construction, improvement, renovation of the International Bridge, (2) construction of a facility for the City's Public Works Department (3) construction of a gymnasium, (4) improvements and renovation of City Hall, (5) improvement and equipment of city parks and buildings, and purchase of land for park purposes, and (6) the payment of professional services related to the construction and financing of the aforementioned projects.

The Certificates of Obligation would have no impact on the City's INS Tax Rate.

Prior to the issuance of the Certificates, the City Council is required to publish notice of its intention to issue the Certificates in a newspaper of general circulation in the City.  Such notice stating the time and place the City Council tentatively proposes to pass the ordinance authorizing the issuance of the Certificates, (i) the maximum amount proposed to be issued, (iii) the purpose for which the Certificates are to be issued, (iv) and the manner in which the City Council proposed to pay the Certificates.

The Eagle Pass City Council voted in favor of publishing the notice of intention of possibly going out after $28,000,000 in Certificates of Obligation.