City approves loan refunding

Port Isabel-South Padre Press

Loans, trash and tires topped talks at a special meeting of the Port Isabel City Commission Wednesday.

With three members present, the Commission unanimously approved a plan to refund a $2.5 million loan. The Texas Leverage Loan was taken out on behalf of the City by the Port Isabel Economic Development Corporation (EDC) with a variable rate, City Manager Jared Hockema explained. “Right now, it’s 3.75 percent, but it’s going to be raised again next month,” he said.

The city manager said he was optimistic the loan could be refunded at a fixed rate of approximately 3 percent. “The EDC went out and hired a bond counsel and financial advisor to work on that, but of course, you all need to approve the contract,” Hockema said.

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