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Rio Rancho approves $25 million utility bond ordinance as resident raises alarm over $4 million injection well
Summary
The City of Rio Rancho approved an ordinance authorizing up to $25 million in utility revenue bonds and potential refundings; a public commenter warned about a $4 million injection‑well line item and sought more advisory oversight, while the mayor defended the city's recharge program and said the refinancing could save about $1.95 million.
The Rio Rancho governing body voted to approve an ordinance authorizing the issuance of city utility revenue bonds of up to $25,000,000 and to permit targeted refundings intended to lower debt service costs.
Deputy Director Melissa Spangler presented the second reading of ordinance O1, saying the measure "amend[s] ordinance number 26" to allow the timing of a roughly $25,000,000 bond issuance and to establish parameters for possible refundings. She said the bonds would be issued "in an aggregate principal amount not to exceed 25,000,000" with an estimated all‑in interest cost…
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