Truth or Consequences adopts $3 million GO bond plan; city to issue third series

The Truth or Consequences City Commission voted unanimously to give final adoption to Ordinance 772, allowing the city to issue the third series of voter-approved general obligation bonds from a 2022 $3 million package.

Chris Murehead of the city's financial advisor team described the program as a four-year issuance plan tied to the 2022 voter authorization. "This will be the third issuance of the four—$3 million approved in the 2022 election," Murehead said, summarizing the original voter-approved split of about $1 million for streets and roads and $2 million for water and wastewater improvements.

Staff and the city’s advisors said the program is structured so the debt-service mill levy remains steady: earlier series maturities will drop off as new series step in, which is intended to avoid increasing property taxes for residents. Finance staff gave an on-the-record estimate that the current debt-service mill levy produces roughly $432,000 under 2025 assessed values.

The ordinance sets a $790,000 parameter for the series being authorized tonight; if approved by the New Mexico Finance Authority and priced as described, the mayor would be authorized to sign a pricing certificate to accept final terms. Commissioners voted to approve final adoption and to authorize the appropriate city representative to execute necessary documents.

Next steps: staff will bring final pricing and financing terms back to the commission as the New Mexico Finance Authority and markets set the final structure, and the city expects proceeds to fund projects identified in its capital improvement plan.