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Jemez Valley Public Schools board approves resolutions to pursue $1.9M GO bonds and $800K education-technology notes
Summary
The Jemez Valley Public Schools board approved resolutions to seek sale of $1.9 million in general-obligation bonds and $800,000 in education-technology notes through the New Mexico Finance Authority, with a special meeting set for July 14 to adopt final terms and an expected closing Aug. 21.
The Jemez Valley Public Schools board voted to authorize submission of applications to the New Mexico Finance Authority to sell $1.9 million in general-obligation bonds and $800,000 in education-technology notes to fund facility maintenance, technology and the district’s master-plan priorities.
Katie Weidmister of RBC Capital Markets, who presented the financing plan, told the board, “My name is Katie Weidmister from the RBC Capital Markets,” and reviewed the district’s assessed valuation, tax-rate history and plan of finance. She said the district’s assessed valuation was sitting about $154 million and described a plan that would rely on the Finance Authority for issuance and aim to set interest rates on July 6, with a closing targeted for Aug. 21.
The presentation laid out reasons for the financing: local maintenance and legacy capital projects, IT infrastructure and flexibility to sequence the district’s bond authorization. The plan calls for ETNs with five-year maturities and GO bonds structured to decline in principal and interest by design to create future tax-rate capacity. Weidmister said the use of the New Mexico Finance Authority avoids the additional issuance costs and market-marketing requirements of a public sale for relatively small issues.
Superintendent (speaker 3) framed the request as part of the district’s master planning and maintenance priorities and asked for the board’s support, stressing that “as far as your constituency, there is no increase in their tax” tied to the plan as presented. The board approved the resolutions during a series of motions and roll-call confirmations; members then agreed to hold a short special meeting on July 14 to adopt final ETN and bond sale terms as required by state statute.
The board’s approval authorizes district staff and appointed representatives to proceed with application and sale documents and to return the final debt instruments for board approval at the special meeting. The funds are expected to be available after the scheduled Aug. 21 closing and will be used for capital projects and education-technology needs identified in the district’s master plan.
