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Board clears path for November bond question, education‑technology notes and tax‑rate maintenance
Summary
Trustees voted to approve a notice of sale for 2025 general obligation bonds, a resolution for education‑technology notes, a November 2025 election proclamation and tax‑rate maintenance, keeping the district’s current tax rate intact while planning a $150 million bond question.
The Santa Fe Public Schools board on Tuesday approved a set of resolutions to prepare for a November 2025 general obligation bond election and related financing for educational technology.
District financial advisers told the board the district’s assessed valuation has risen in recent years, creating capacity to pursue a new bond question. The district plans to ask voters for up to $150 million in general obligation bond authorization, to be issued over roughly four years as projects and cashflow require. The board also approved a resolution calling for issuance of education‑technology notes (ETNs) within the authority voters previously granted; the district historically sells about $11 million of ETNs per year.
RBC Capital Markets representative Eric Harrigan briefed trustees on the tax base growth the district has seen over the last several years and on a recommendation to sell remaining, previously authorized bonds and ETNs through the state treasurer to simplify timing and expand taxable options. Staff said that financing steps will maintain the district’s existing general obligation property tax rate of $4.28.
Board members approved four related items on voice votes: a notice of sale for 2025 general obligation bonds, a necessity resolution to acquire technology equipment, a proclamation establishing the November 4, 2025 election date for the bond and board member questions, and a tax maintenance resolution to preserve the district’s authorized mill levy structure.
Board members discussed timing and confirmed that approving the HB‑33 mill levy continuation will keep the district on a regular cycle for future bond elections. Financial staff said the district expects to set interest rates with the state treasurer in mid‑June and to close financing in late July, with funds available after closing.
Trustees approved the motions by voice vote with no roll‑call tallies recorded in the public transcript. Staff and the district’s bond counsel will prepare final sale documents and election materials for public notice.
