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Commission adopts final installment of 2022 general-obligation bonds
Summary
The Truth or Consequences City Commission unanimously adopted Ordinance No. 774 to issue the final $630,000 of bonds originally approved in November 2022, allocating about $190,000 for streets and $440,000 for water and wastewater projects.
The Truth or Consequences City Commission voted to adopt Ordinance No. 774, authorizing the fourth and final issuance from the November 2022 general-obligation bond authorization. The ordinance covers the sale of approximately $630,000 in remaining bonds, with roughly $190,000 designated for street work and $440,000 for the city’s water and wastewater system.
Chris Muirhead, bond counsel, told commissioners that the issuance follows the structure previously approved and that property taxes will be used to repay the debt. "This will be the 4th and final installment of your general obligation bonds that were approved in November 2022," Muirhead said, and he noted the city manager and mayor are delegated to accept pricing once the finance authority finalizes terms. Mark Fonzuela, the city's bond adviser, recommended approval and reminded the commission the sale must be completed by November 2026 under state timelines.
Commissioners opened a public hearing and had no proponents or opponents signed up. After a motion to adopt the ordinance the commission conducted a roll call; the clerk recorded ayes and the chair announced the motion carried. The city expects the bonds to close at the end of September so funds will be available to move forward on the identified projects.
