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Sandoval County moves GO bond financing to New Mexico Finance Authority after bank changes terms
Summary
Sandoval County financial staff told the Board of County Commissioners on Monday that a local bank last month altered terms on negotiated general-obligation (GO) bond financings, prompting the county to seek funding instead through the New Mexico Finance Authority.
Sandoval County financial staff told the Board of County Commissioners on Monday that a local bank last month altered terms on negotiated general-obligation (GO) bond financings, prompting the county to seek funding instead through the New Mexico Finance Authority.
Rob Burpo, the county financial advisor, said Century Bank — the lender the county had worked with since 2017 — notified staff one week before the scheduled closing that it would “increase the interest rate and triple the fees” and in effect make the transaction a taxable-equivalent loan. “We felt it was in the best interest of the county to forego further work with them…
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