Hobbs Schools bond advisers say $20 million sale expected this summer; district aims to hold tax rate steady

Stifel Public Finance told the Hobbs Municipal Schools Board of Education on a bond-financing update that the district expects to price and sell an approximately $20,000,000 bond issue this summer to fund construction projects the voters previously authorized.

The presentation by Brad Angst of Stifel Public Finance outlined a timeline that would bring resolutions to the board in mid-June with pricing in late June to mid‑July and funding available about 30 days later after final approvals. "Tax rates will remain the same," Angst said when asked whether the sale would increase local property tax rates.

The advisory team said it has worked with district staff over several months and coordinated with the Public School Capital Outlay Council (PSCOC) on state matching funds. Angst said structuring will aim to limit interest costs while preserving a steady mill levy, and that the district will finalize taxable assessed valuations before locking in the sale.

Why it matters: the bond proceeds will supply the local share for voter‑approved construction projects, including school replacement and renovation work the district is preparing to begin. The sale’s timing and structure will determine interest costs and the schedule for issuing notices to proceed on major construction contracts.

Details and next steps: advisers said board resolutions related to the sale will return at the June board meeting and pricing could occur about a week after those resolutions. The team said that once the Attorney General and other approvals are complete, funds would be available roughly a month later to the district.

Board members asked for clarification about tax impacts and thanked the advisory team for designing the sale to hold the tax rate steady. No formal vote on bond issuance was taken at this meeting; the presentation was an informational update.