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Rio Rancho schools authorize $28 million bond sale to fund projects, keep tax rate steady
Summary
The Rio Rancho Public Schools board authorized issuing $28 million in bonds voters approved in 2023 and moved to maintain the district's existing debt-service tax rate at $8.54. Officials said proceeds would close around Oct. 1 and be used for construction and facility projects.
The Rio Rancho Public Schools Board of Education on July 14 authorized the issuance of $28 million in general obligation bonds voters approved in 2023 and asked state officials to set the district's debt-service property tax rate at $8.54.
Board members approved a delegation resolution that lets the superintendent and the finance director finalize bond terms within limits set by the board. "The issuance of these bonds will continue to maintain that tax rate," Eric Hagen of RBC Capital Markets told the board during a presentation on the district's finance plan.
Why it matters: The district said proceeds will fund unfinished construction and facility projects that have been harder to complete amid higher construction costs. Bond counsel Catherine McKinney of Modrall…
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