CERTIFICATES OF OBLIGATION
You don't get to vote on Certificates of Obligation.
You just get to pay the bill.
El Paso City Council has issued the most Certificates of Obligation in Texas.
While 21 of Texas 30 cities have higher per capita CO debt, El Paso leads the state's top 30 municipal issuers of Certificates of Obligation with $541 million outstanding according to the Texas Bond Review Board.
Certificates of Obligation are non-voter approved debt typically issued for infrastructure, streets or parks. In other words, you don't get to approve them…but you do have to pay for them.
Since Jan 2022 City Council added another $200 million in debt through approval of COs. This November another $346 million from the Hospital District and $399 million “Community Progress” bond from the City are being discussed.
El Paso has the second highest residential property rate among the 50 largest cities in America.
With the new Certificate of Obligation debt being considered we may rise to number one!