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Commission approves NMFA bond application and authorizes injunction; consent agenda and agenda approved
Summary
At its Feb. 27 regular meeting the Grant County Board of Commissioners approved submitting an application to the New Mexico Finance Authority for general obligation bond financing, approved the consent agenda, approved the meeting agenda and authorized county officials to seek an injunction related to Rodeo Road following an executive session.
The Grant County Board of Commissioners on Feb. 27 voted to move forward with applying to the New Mexico Finance Authority (NMFA) to sell part of the general obligation bonds voters approved in 2022 and, following a closed executive session, authorized the county manager and county attorney to petition for an injunction concerning Rodeo Road.
Commissioners first approved the meeting agenda and later the consent agenda by voice vote. The board then voted to submit an application to NMFA seeking $2,500,000 from the $4,000,000 voter-approved public facilities authorization, and to authorize county officials to take legal action on Rodeo Road after returning from executive session.
Why it matters: The bond application is the formal first step in selling voter-approved general obligation debt to finance public facility projects without raising the county property tax rate. The injunction authorization signals the county intends to pursue immediate legal relief tied to an item discussed in executive session.
Key votes and outcomes
- Approval of meeting agenda: motion made and seconded; voice vote, motion carried.
- Approval of consent agenda (including certification that an earlier executive session on Feb. 13 involved only permitted matters): motion made and seconded; voice vote, motion carried.
- Resolution to submit application to New Mexico Finance Authority (NMFA) for up to $2,500,000 to fund public facilities (related to voter-approved 2022 GO bond authorization): motion to approve made and seconded; voice vote, motion carried.
- Authorization to county manager and county attorney to petition an injunction for Rodeo Road (action coming out of executive session): motion made and seconded; voice vote, motion carried.
What the board said: During discussion of the bond application, Mark Belentweiler of Bosque Advisors told commissioners the voters in November 2022 approved $8 million in general obligation bonds (split $4 million for public facilities and $4 million for roads). Belentweiler said the county plans to issue $2.5 million from the public-facilities portion now, leaving $1.5 million of that authorization for later sale, and that the county will structure repayment so property tax rates do not increase.
Next steps: Staff said the NMFA application process will take roughly three months; the county expects to return with the formal financing resolution next month and to close financing around mid-May so construction and contracting can proceed for planned public facility work.
No further details were released in public minutes about the subject of the executive session that produced the injunction authorization.
