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Socorro City Council authorizes staff to prepare $15 million certificate of obligation notice of intent
Summary
After hearing a finance presentation, the council voted to direct staff to bring a notice of intent for a $15 million certificate of obligation to the next meeting to fund local match requirements, streets, parks and equipment. The motion passed by voice vote; staff had warned a larger $29 million issuance could exceed the city's near-term capacity to spend proceeds.
The Socorro City Council voted Jan. 15 to authorize staff to prepare a notice of intent for a $15 million certificate of obligation, a step that would allow the city to pursue borrowing to pay for infrastructure and capital improvements including local matches for grant-funded projects.
Theo Cabrera, the city's external CPA, told the council the city has spent roughly $27.5 million on major infrastructure since 2019 and that, as of Sept. 30, 2025, the general fund held about $4.9 million in cash. Cabrera said the city’s minimum reserve policy requires roughly $2.7 million and…
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