Friday, 20 July 2012 10:29
EDINBURG — The Hidalgo County Regional Mobility Authority asked the Hidalgo County Commissioners Court during a July 17 workshop if it would consider letting it use $10 in vehicle registration fees for the next 30 years so it could sell bonds to develop the southern tollway, which would connect the international bridges to Expressway 83.
HCRMA financial advisor, Richard Ramirez, with First Southwest, told the commission that the vehicle registration fees would be used to purchase existing right of ways and to help the HCRMA pay off its existing bank line, allowing it to move forward with the development of SH 365 and the International Bridge Trade Corridor.
“The contemplated structure is to issue $30 million as soon as possible, with your approval, and $27 million the following year for a total of $57 million. It’s a 30-year structure for the development, and initially some of the construction,” he said. “The county’s financial support would be to provide credit assistance, but not to do anything other than to use your credit.”