Rio Rancho council reauthorizes $25M utility bond, accepts clean FY2025 audit and expands early voting

Rio Rancho’s City Council on Feb. 14 authorized on first reading a reauthorization of $25,000,000 in water and wastewater utility revenue bonds and voted to accept a clean fiscal year 2025 audit, while city staff announced expanded early voting opportunities.

Mayor (unnamed) introduced Ordinance O‑1, which amends and restates ordinance number 26 (enactment 25‑21) to reauthorize issuance of $25,000,000 in utility revenue bonds, series 2026, to fund capital improvement projects in the water utility. Director Yara told the council the reauthorization was necessary because the prior approval had lapsed; the city intends to issue the bonds in two tranches and, if market conditions permit, refund prior bonds and loans to generate savings. “The $25,000,000 bond is for funding CIP projects for the water utility,” Director Yara said. He told the council the utilities capital improvement plan totals about $233,000,000 over the next five years.

The city estimated refinancing could yield up to $2,000,000 in savings over the next 20 years and said the refundings would follow the original maturities so they would not extend debt service or require rate increases. The ordinance includes an estimated all‑in interest rate of about 3.554 percent. During discussion the mayor praised staff stewardship and said refinancing would “save the taxpayers, between $1.5 and $2,000,000 in interest.” A motion to approve the ordinance on first reading carried on a roll call vote.

Council also considered Resolution R‑12, accepting the FY2025 audit performed by Hinkle and Landers LLC. Farley Benner, president of Hinkle and Landers, presented the firm’s results and said the audit issued a clean opinion on the financial statements and on compliance with federal awards. “Your financials were clean,” Benner said; he reported no findings in either the financial audit or the single audit of federal awards. The council voted to accept the audit.

In other business, the city manager reported expanded early voting beginning Saturday, Feb. 14, and running through Feb. 28, Tuesday through Saturday from 9 a.m. to 6 p.m., at sites including Broadmoor Senior Center, Loma Colorado Main Library, the Hub in Enchanted Hills, and a Southern Boulevard location at 2345 Southern Boulevard, Suite C2. Councilor List also recognized Rio Rancho Fire and Rescue: the city’s fire chief was selected for the Fire Service Executive Development Institute, one of 24 chiefs chosen from across the United States and Canada.

Votes at a glance: Ordinance O‑1 (first reading) — motion passed on roll call (all voting councilors present voted yes); Resolution R‑12 (accept FY2025 audit) — approved on roll call (all voting councilors present voted yes).

The council concluded the regularly scheduled agenda and adjourned.