Rio Rancho board approves $3 million education‑technology note to refresh devices and networks

The Rio Rancho Public Schools Board of Education voted Aug. 24 to approve award resolution 26‑004 authorizing the district to issue a $3,000,000 taxable education‑technology note to finance replacement student and staff devices, network and cybersecurity infrastructure and related technology equipment.

Superintendent Dr. Dodd introduced the item and thanked bond counsel and the underwriter for their work. Eric Herring of RBC Capital Markets described the financing as a one‑year note placed through the New Mexico State Treasurer's Office, maturing Aug. 1, 2027, with semiannual interest payments. "This is the final approval," Herring said, adding the district's preliminary assessed valuation growth reduced the estimated ETN tax rate to $0.75 and the underwriter quoted an interest rate of 4.75%, with closing scheduled Oct. 6.

Catherine McKinney, serving as bond counsel, said the award resolution approves the form of the lease‑purchase arrangement with the State Treasurer's Office, the note purchase agreement, the maturity structure and a list of the technology expected to be financed. McKinney noted that, if the board moves forward, proceeds would be available on Oct. 6 for expenditure.

Board member Barry moved to approve the resolution; Vice President Mueller seconded. The board approved the motion by voice vote with no recorded opposition.

What this means: the district will spread the cost of a technology refresh over multiple years rather than paying the full amount in a single operating budget year. The proceeds are earmarked for devices, network and cybersecurity work; the board did not specify a department implementation timeline at the meeting.