City of Brownsville City Commission approves $31 Million Certificate of Obligation Issuance at its regularly scheduled City Commission Meeting held on Tuesday, June 20, 2023. This financial move is designed to address road projects and key infrastructure needs within the City.
The upcoming issuance, which consists of $31 million in funds, will be allocated towards several strategic development projects. Of the total amount, $12.5 million is earmarked for road projects. In combination with the 2024 Operating Budget, nearly $15 million will be dedicated towards roads over the next 12 months.
In addition to road projects, the proceeds from the issuance will be utilized as matching funds for the development and infrastructure of the award-winning Gladys Porter Zoo. The issuance will also finance the replacement of aging Technology Network System switches to improve the efficiency of the City’s on-going traffic synchronization project. Moreover, the funds will be instrumental in the restoration of City-owned historic buildings.
“We are moving Brownsville forward to not only improve the current infrastructure, but to enable growth into the future as well,” said John Cowen, Jr., Brownsville City Mayor.
“Key economic development growth over the last few years has increased property tax valuations, which has allowed full-cycle reinvestment back into the City without increasing debt rates,” said Helen Ramirez, AICP, Brownsville City Manager. “Citizens have been patiently waiting for road improvements. We are grateful for the leadership of our Mayor and City Commissioners for approving the largest C.O. issuance in recent years to further improve infrastructure, economic development, and quality of life throughout the City.”
The issuance of the sale of the Certificates of Obligation will require approximately 45 days to complete.
This effort reflects the City of Brownsville's commitment to improving traffic conditions, tourism, and economic development for its residents and creating a solid foundation for future growth and development.