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Officials brief commission on plan to sell remaining general obligation bond tranches
Summary
A consultant briefed the Truth or Consequences commission on remaining general obligation bond capacity and proposed timing to start the next bond sale process; no final bond sale action was taken at the meeting.
A bond advisor briefed the Truth or Consequences City Commission on the city's voter‑approved general obligation bond program and recommended returning with final documents to begin the next tranche of sales.
The presenter, identifying himself as Dwight Head, reviewed the 2022 bond questions voters approved for transportation and water improvements and said assessed values have risen to about $125 million, increasing the city's bonding capacity. He described options to sell two additional tranches — roughly $790,000 next and $630,000 at a later date — to complete a $3 million program, and said state processes set the property tax mill rate and that the local government division supported the city's recommended rate of 3.5 mills. Head said staff will return in a few weeks with bond attorney materials to begin the sale process; the commission did not take final action at this meeting and asked staff to bring the formal documents later.
