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Council hears presentation on voter‑approved $25 million general obligation improvement bonds; process items moved forward
Summary
Councilors discussed an ordinance authorizing sale of up to $25 million in tax‑exempt general obligation improvement bonds to fund voter‑approved roadwork. The ordinance delegates sale authority to city officials and approves financing documents; sponsors said the measure implements the bonds voters approved.
The Santa Fe City Council considered bill 2025‑14, an ordinance authorizing issuance and sale of up to $25 million in tax‑exempt general obligation improvement bonds to pay for roadwork approved by voters.
Sponsor remarks described the ordinance as the legal instrument for marketing and selling bonds already approved by voters; the draft ordinance delegates authority to the mayor, city manager and finance director to finalize sale terms, choose between competitive or negotiated sale, and approve final bond details in an award certificate. The ordinance also approves the form of a registrar and paying agent engagement and related financing documents.
Council discussion was brief. The sponsor said the ordinance “speaks for itself” as the implementation step following voter approval; no public comment or extended debate on bond structure was recorded. The council moved to proceed with the ordinance as drafted.
Ending: The ordinance moves the bond sale process forward by authorizing staff to complete bond sale arrangements and execute necessary financing documents; the actual sale and final terms will be set by delegated officials and returned as required by law.
