numerous projects through funding opportunities due to
its outstanding financial outlook and credit rating and
overall revenues. In 2018 the City opted to
obtain $ 29,110,000 in funds for numerous projects
through a line of Certificates of Obligation, which
increased its principal debt to $ 60,995,000. The city is
scheduled to pay $ 14,593,239 (24%) in interest
on this transaction at the end of its maturity. The city will
have the ability to eventually refinance this debt and look
for a lower interest rate in the future.
The City has gone after numerous loan transactions
since 2010 and will pay approximately $ 23,220,014
in interest on the principal debt of $ 60,995,000.
The City of Eagle Pass's overall debt - including
interest - is $ 84,215,014 as of December 2018.
City officials have stated that this last batch of funds
(2018 CO Tax & Limited) sought by the city will be
paid through revenues from the Bridge system and will
not affect the property tax rate.