Board approves preliminary statement for $28 million Series 2025 bonds
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Summary
The Rio Rancho board approved the preliminary official statement for a Series 2025 bond sale with a par amount listed at $28 million; RBC Capital Markets presented the document and staff said closing is scheduled for Oct. 1 and detailed standard disclosures and risk factors.
The Rio Rancho Public Schools Board of Education on Aug. 11 approved the preliminary official statement (POS) for the Series 2025 bond issuance, which staff presented as an anticipated par amount of $28,000,000. RBC Capital Markets representative Kaylee Weinerskovich reviewed the POS, explaining it will be posted Sept. 2 for marketing and noting a proposed Oct. 1 closing and Aug. 1 payment dates for debt service. The document includes standard disclosure sections: sources and uses, debt and financial ratios (using the district’s preliminary 2025 assessed valuation), tax collections and major taxpayers, and an updated demographic and economic appendix. Weinerskovich said the POS includes a new risk-factors section covering items such as climate-related risks, cybersecurity and public-health emergencies; bond counsel reviewed tax-exemption language. The draft also notes authorization for the bonds derives from the district’s 2023 election. Board members received the explanation and asked clarifying questions. The motion to approve the Series 2025 preliminary official statement was made by Jeff Morgan and seconded by Gary Tripp; the board approved it by voice vote.