Rio Rancho board approves $35M of voter-authorized general obligation bonds

The Rio Rancho Public Schools Board of Education on July 27 approved resolution 2026-003, authorizing the issuance of $35,000,000 in general obligation (GO) bonds previously approved by district voters. Superintendent Dr. Dodd introduced the item and financial advisor Eric Herrington of RBC Capital Markets presented the district’s assessed-valuation history, outstanding debt and the planned issuance schedule.

"This evening, we are requesting your consideration a resolution number 2026003, which authorizes the issuance of general obligation bonds previously approved by Rio Rancho Public Schools voters," Superintendent Dr. Dodd said. Eric Herrington told the board the district has seen significant tax-base growth and has retired debt quickly: "With this upcoming GO bond sale the resolution before you authorizes the issuance of $35,000,000 of that remaining authorization," he said, noting $32 million would come from the 2023 authorization and $3 million from the 2025 authorization.

Herrington said the plan and market schedule would allow the district to sell bonds in late September and close in October so funds are available for projects. He warned the board of current market volatility but said the district’s delegation authorization gives flexibility to accelerate or delay pricing. When asked about bonding capacity and the constitutional 6% limit, Herrington summarized the district’s position and noted the combined bonding level remained well below the cap.

Board member Michael Berry moved the resolution; it was seconded and approved by voice vote. The board’s action authorizes staff to proceed with the drafting of an official statement and to return in August to approve final documents before market pricing and sale.