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Council approves $16 million general-obligation bond ordinance
Summary
On second reading council approved Ordinance 7 to authorize issuance and sale of $16,000,000 in tax-exempt general obligation improvement bonds (series 2024); staff said a competitive sale is expected June 18 with a projected closing July 16.
The governing body approved Ordinance 7 on second reading, authorizing the issuance and sale of City of Rio Rancho tax-exempt general obligation improvement bonds, series 2024, in a principal amount of $16,000,000.
Financial Services staff told the council the ordinance establishes sale parameters, maximum interest rate limits and authorizes the mayor, city manager and financial staff to execute sale documents. "We expect to go to a competitive sale on June 18 and the projected closing date of the bonds is July 16," staff said.
The ordinance implements voter-approved bond questions from last March (road improvements, public safety and quality-of-life projects), and staff recommended adoption. The council moved, seconded and voted to adopt the ordinance on second reading; Miss Davis announced the roll call results and the chair declared the ordinance passed.
