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Corrales council authorizes NMFA application to pursue $1.6 million in bonds; sale not yet finalized
Summary
The Village of Corrales authorized staff to submit an application to the New Mexico Finance Authority to pursue approximately $1.6 million in bonds—$800,000 for fire projects and $800,000 for road and flood management—saying the plan should not increase residents' property tax rates; final terms return to the council after NMFA review.
The Corrales Village Council on a recorded motion authorized staff to submit an application to the New Mexico Finance Authority (NMFA) seeking roughly $1.6 million in general obligation financing to fund voter‑approved projects.
Bond adviser Nick Kane of Stifel Public Finance told the council the village's assessed valuation is about $612 million, placing the village's statutory bonding capacity (4 percent) at roughly $24.5 million; tonight's request would use $1.6 million of that previously authorized amount. Kane said the sale is intended to fit the 2023 bond authorization and that under the proposed financing plan there would be no increase to the debt‑service mill levy for residents.
The resolution introduced by bond counsel Dan Opperman and staff authorizes submission of an NMFA application and expresses the village's intent to issue debt in the approximate aggregate amount of $1,600,000 to finance capital expenditures, split in the application into two $800,000 allocations (fire‑related…
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