Grant County commissioners received a report on the pricing of the county's general obligation bond sale on April 24, 2025, after the bonds were priced April 11. Luis Carrasco, bond counsel with Rodey Law Firm, told the commission the bonds were priced at par for $2,500,000 and that the true interest cost was 3.023182% per annum.

The pricing certificate attached to the April 11 sale sets the bonds to mature on Sept. 1 of each year beginning 2025, with a final maturity scheduled no later than Sept. 1, 2045, consistent with the parameters authorized by Ordinance O2501, Carrasco said. He told the board the bonds will be sold to the New Mexico Finance Authority in a negotiated sale "for their par amount" and that there was no original issue premium or underwriting discount. Carrasco said the cost of issuance was $75,000.

The county manager told commissioners the county structured the repayment "within the capacity that we have so that we don't increase property taxes." The bonds are secured by general ad valorem taxes "levied on all property within the county without limit as to rate and amount," Carrasco said.

Why it matters: the bonds fund County projects approved under Ordinance O2501 and will be repaid from the county's ad valorem tax capacity. The report back from the pricing officer is required by the Supplemental Public Securities Act whenever the governing body delegates pricing authority; the report was delivered in open session as required by that statute.

Board discussion was limited to clarifying questions about tax impacts and the bond terms. Commissioner Shelley asked whether repayment would be through property taxes and whether that necessarily meant taxes would rise; the county manager answered that the county structured the sale to remain within previously promised capacity and not raise property tax levels.

No separate commission vote approving the pricing certificate was recorded on the transcript; the presentation concluded and the commission moved on to other budget items.