The Texas Transportation Commission on Oct. 29 approved a loan of up to $15 million for the City of Eagle Pass to reconstruct and extend Patsy Winn Boulevard, according to the city and commission records. The loan comes from the State Infrastructure Bank, a revolving fund run by the Texas Department of Transportation that lends to local governments for road projects. The city said the commission approved it unanimously. City Manager Homero Balderas and city staff attended the meeting.
According to the commission's minute order, the money can be used for construction and utility relocation. The approved terms include an interest rate of 2.11%, a term of up to 10 years, and up to two years before repayment begins. Repayment is secured by a pledge of the city's property tax revenues. The commission waived the preliminary approval step that normally applies to loans over $10 million.
The city said in a Thursday announcement that the investment is an important step toward improving connectivity and supporting the community's growth. According to TxDOT's presentation, the bank's available cash balance will drop from about $189.8 million to about $174.8 million after the loan.