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Bernalillo County adopts parameters ordinance to issue up to $15.445M in taxable general-obligation bonds
Summary
The Bernalillo County Commission on March 11 adopted an ordinance authorizing sale of taxable general-obligation bonds not to exceed $15,445,000 to fund roads, storm drains, libraries, public housing, parks, public safety and fleet equipment; staff said notice and state approvals are in place and proceeds are expected in April.
Bernalillo County commissioners voted March 11 to adopt a parameters ordinance authorizing the issuance and sale of up to $15,445,000 in taxable general-obligation bonds to pay for a mix of capital projects including roads, storm drain work, library improvements, public housing, parks and recreation, public safety projects and fleet and heavy equipment.
Denise Benvitas, the county’s principal financial analyst, told commissioners the county published the required notice and received a bonding-capacity certificate from the state; final interest rates will be set after a short-term sale negotiated with the state treasurer, with proceeds expected in April and closing and final sale terms to be reported at a future meeting.
Why it matters: the county said proceeds will cover multiple capital priorities and that existing property-tax revenue projections support the sale without increasing the current bond-debt service rate. Benvitas said about $10 million of previously authorized road bonds will remain unsold after this issuance.
Commission action: the commission conducted a roll-call vote at the meeting and approved the ordinance; no public comments were submitted for the item.
What’s next: staff will finalize sale details with the state treasurer and report final interest rates and sale terms at the next administrative meeting after closing.
