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Board authorizes up to $5 million in general obligation bonds, authorizes NMFA application
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Summary
The Moriarty-Edgewood School District board voted to authorize the sale of up to $5 million in voter-approved general obligation bonds and approved submission of the financing application to the New Mexico Finance Authority; board members approved both resolutions by roll call.
The Moriarty-Edgewood School District Board of Education voted to authorize the issuance and sale of up to $5,000,000 in general obligation bonds and separately approved submitting a completed application for financing and project approval to the New Mexico Finance Authority.
Kaylee Weinriskerch of RBC Capital Markets, the district's financial adviser, told the board the district’s assessed valuation grew nearly 5% in tax year 2025 and that recent constitutional amendments expanding veteran exemptions have materially affected taxable value. “In total, your 5-year average growth rate is now sitting at about 5-and-a-half percent,” Weinriskerch said, adding that the district’s current plan is to sell $5,000,000 each year over four years under a $20,000,000 authorization approved by voters.
Chris Muirhead, who reviewed the draft resolution, described the structure the resolutions put in place: a pledge of property taxes, a 10-year maturity for the bonds and delegation to the superintendent to accept final pricing. “The resolution in front of you basically just puts into motion everything Kaylee went through,” Muirhead said.
The board moved and approved the first resolution authorizing the sale of up to $5,000,000 (Series 2026) to fund capital improvements. A second motion to authorize submission of the district’s completed application to the New Mexico Finance Authority also carried on a roll-call vote. Recorded board roll calls listed Jeff Lawson, Wendy Burns, Albert Jones, Penny Young and Linda Hudson among those voting in favor on the bond authorization.
Board members heard that the district currently has roughly $15.4 million outstanding in prior issuances and that New Mexico law limits district bonding to a percentage of assessed valuation; Weinriskerch said that legal capacity information was included in the presentation and that the district’s plan is designed to maintain the current debt-service tax rate. Final pricing was scheduled to be set June 8, with closing expected July 10, when funds would become available for voter-authorized projects.
The resolutions outline the legal documents required, including the form of publication and a paying agent/registrar agreement already in place with BOKF. The board did not change tax-rate assumptions in voting to proceed; advisers said the plan would not increase the current debt-service tax rate but would rely on the district’s assessed-value growth.
The board approved both actions and directed staff to complete the application and accept pricing when the superintendent is presented with final terms at a future meeting.
