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Board approves capital and bond items, delegates procurement negotiations and receives investment and bonding updates
Summary
At its Feb. 17 meeting the State Board of Finance approved UNM capital spending for a new Facilities Services building, authorized NMHU bond refunding contingent on issuance parameters, approved a GSD change order for the New Mexico Literary Institute, delegated authority to enter procurement negotiations with JP Morgan, and received multiple informational reports on bonding sources and the State Treasurer’s investment portfolio.
The State Board of Finance took a series of approvals and informational actions Feb. 17 and received staff briefings on bond and investment matters.
Capital and bond approvals: The board unanimously approved the University of New Mexico’s request to construct an 11,300-gross-square-foot Facilities Services Building at 1613 University Boulevard NE, funded by a 2025 general appropriation and expected to begin construction in March 2026. The board also approved a contingent request by New Mexico Highlands University to issue up to $16 million of System Revenue Refunding Bonds, Series 2026, with staff directing that issuance parameters be confirmed before closing.
GSD requested a change order (Change Order #1) to the Jaynes Corporation contract for construction of the New Mexico Literary Institute for an additional $11,559,987 (bringing the contract total to $38,182,107) to cover four alternates and meet an 11-month completion target. Member Michael S. Sanchez moved for contingent approval upon receipt of the fully executed change order and the board approved the request.
Procurement and custody services: After reviewing the RFP evaluation, staff recommended JP Morgan as the finalist offeror for the state’s Institutional Custody Services contract (RFP No. 26-341-4000-00003). Treasurer Montoya moved that the board authorize staff to enter contract negotiations with JP Morgan and that the Board Director and Treasurer’s Office work together on finalizing the contract; the board approved the motion unanimously.
Informational updates: Bond counsel reported on the final terms for General Obligation Bonds, Series 2026 (final par $63,825,000; true interest cost 2.277%; purchaser JP Morgan). The State Treasurer’s Office reported approximately $19 billion in managed assets at Dec. 31, 2025, with income up $188 million for the quarter; staff also presented FY26 bonding sources and uses, noting estimated GO capacity of $392.5 million and other long-term issuance estimates. The General Services Department reported capital-project financial status and emergency fund balances.
Votes at a glance: The transcript records motions and approvals across the meeting (agenda and consent agenda approvals; minutes approval as amended with Treasurer Montoya abstaining; approvals of multiple APS leases contingent on lease revisions; UNM capital expenditure approval; NMHU refunding approval with issuance parameter contingency; approval of Housing NM bond cap allocation; GSD change order approval; delegation to enter negotiations with JP Morgan). The board recorded no failed motions at the meeting.
