Written by Kathy Olivarez and Jim Brunson Friday, 12 July 2013 00:00
Representatives of the Hidalgo County Regional Mobility Authority (HCRMA) were in Hidalgo County Commissioners Court again on Tuesday, July 9, to obtain approval of an agreement that will allow the RMA to levy bonds for the planned development of the Hidalgo County Loop. The agreement approved by county commissioners Tuesday, pledges the county’s $10 vehicle registration fee to be used to retire the RMA bonds.
HCRMA Executive Director Pilar Rodriguez later explained that the RMA plans to issue $60 million in bonds. The debt would be issued over a 30-year payback period. Commissioners were told, based on the 2013 Capital Improvement Plan figures, from $90 to $100 million of debt could be issued over the next few years. While the details of the bond issuance are not finalized, Rodriguez hopes to fund the bonds by the fourth quarter of this year.
The money would first be used to retire a $12 million debt from a line of credit with First National Bank. The bond proceeds will primarily be used for project development costs and construction of SH 365, which will connect the Anzalduas Bridge with the Pharr Bridge. Bond monies will also be allocated for the International Bridge Trade Corridor (IBTC) and a reserve fund for the RMA.