The Alamogordo Public Schools Board, acting in its advisory capacity for New Mexico State University‑Alamogordo, on March 19 approved two resolutions to apply for New Mexico Finance Authority financing and to issue $15 million in general obligation limited tax bonds (Series 2025) to fund campus projects.

NMSU‑Alamogordo campus leaders said the priority is replacing the campus Classroom Building (the "CB Building"), a 1968 structure rated in the campus assessment as failing and recommended for replacement. Tony (last name not provided), representing the campus, told the board the college will use bond proceeds to build a newer, code‑compliant classroom structure that can host growing CTE and nursing programs.

RBC Capital Markets estimated a debt‑service tax rate associated with the bonds of roughly $0.90 to $1.00 per $100 of assessed valuation; the New Mexico Finance Authority (NMFA) was expected to approve the loan application and for sale pricing to be set in mid‑April with closing in May. Eric Harrigan of RBC said preliminary interest rate expectations were in the 3.5%–4% range, subject to market conditions.

Modrall Sperling bond counsel Catherine McKinney (name in packet) reviewed the authorizing resolution and post‑issuance tax compliance procedures required for tax‑exempt bonds. The resolution delegates final sale execution to three officials within the NMSU‑Alamogordo governance structure within stated parameters (maximum 20‑year maturity and statutory interest limits).

The advisory board voted by roll call; all five board members present — President Cadwalader, Vice President Murphy, Secretary Danekas, Member Wright and Member McMurray — voted aye on both the application to NMFA and the authorizing resolution to issue the bonds. The board indicated the funds will be requisitioned from an escrow account and drawn down with invoice backup as projects proceed.

Campus representatives told the board some state funds have been secured for demolition and partial reconstruction but that the bond proceeds fill a larger need for a modern classroom building and program space.