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Ruidoso council approves $1.5 million water bond issuance to fund system improvements
Summary
Council approved Ordinance 2025-06 authorizing $1.5 million in General Obligation GeoBonds for water‑system production and distribution improvements; officials said the structure should not raise the mill levy and funds will be available following bid awards.
The Village of Ruidoso on Nov. 10 approved Ordinance 2025-06 to authorize the issuance of $1.5 million in General Obligation GeoBonds for improvements to the village water‑system production and distribution components.
A financial advisor from Hilltop Securities explained the bond will be structured over a 12‑year repayment schedule as part of a voter‑approved program that issues $1.5 million annually. He told the council the program is designed so that the new issuance is incorporated into existing debt service and should not increase the mill levy for taxpayers.
Council members asked for continued public communication about projects completed with bond proceeds so residents recognize improvements. Staff said the finance office expects to receive bids next week and award the winning bid on Nov. 24, with a projected closing around Dec. 17 when funds become available for the work.
The ordinance passed on roll call after a public‑hearing period produced no speakers for or against the issuance. Councilors and staff cited past success with the GeoBond program and noted the village has used matching funds to stack water‑trust and capital grants.
Next steps: staff will accept the winning bid once advertised bids are received and then close the bond financing to draw funds for water projects.
