EL PASO, Texas (KTSM) – On Monday, the El Paso County Commissioner’s Court approved the usage of $59 million in certificates of obligation. The CO bonds which are non-voter approved debt, will fund projects that are related as emergency public safety funds.
It was passed after a 4-1 vote as Commissioner Sergio Coronado voted for the bonds. He adds how he felt that if these projects continue to get delayed, it would be costly to be taxpayers.
“It’s only going to cost us more every delay we have it just ends up costing the taxpayers more money because of higher interest rates higher materials costs and higher labor costs.” said Coronado.
One of the major projects included in this bond proposal is the repairs needed for the Juvenile Detention Facility. The roof is in poor condition and if not repaired soon the facility risks losing its accreditation.
Chief of the El Paso County Juvenile Probation Department Rosie Medina said that in the past employees had to move the kids out of their rooms and into a different area due to heavy rain.
“When it rains, we have to relocate the youth from their rooms and place them elsewhere in our facility to ensure that the ceiling tiles do not collapse on them because of the weight of the rain that’s coming into our building.” said Medina.
Commissioner Iliana Holguin was the only one to vote no for the CO bonds because she feels that they should be reserved for emergency projects. She explained that there are alternative funding options for these projects.
She also worries about the high interest rates with the bonds as now the county will have to finance for years.
“Even though were only borrowing 59 million in certificate of obligation, by the end when you take in all of the interest well be paying 100 million in interest, so 41 million in interest to finance 59 million in certificates of obligation.”
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