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Deming lays groundwork for $2.5 million general obligation bond for streets and lighting
Summary
City bond counsel outlined steps for a proposed $2.5 million general obligation bond to fund street lights, alleys and street repairs. Council approved resolutions to consider a notice of sale and to submit an application to the New Mexico Finance Authority; city staff said voter approval was 72% and that the bond should not create new taxes.
City bond counsel and staff outlined the next steps on a proposed $2.5 million general obligation bond intended to fund street lights, alleys and streets.
Bond counsel Linda Melendrez and Nathan Valenzuela spoke to council about the scope and process. City Manager Aaron Sera told the council the bond had been approved by voters at 72% and said, “There shouldn't be any new taxes.” The council approved a resolution to consider authorization of notice of sale and a separate resolution to submit an application to the New Mexico Finance Authority; both motions passed on unanimous roll-call votes.
Minutes indicate this action begins the formal financing steps; council did not adopt an ordinance at the meeting and did not set specific sale dates or repayment terms on the record. The staff packet included a handout, and council members asked no recorded follow-up questions during the meeting.
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