Commission plans to issue GO bonds

Bond total expected to not be more than $16 million

Bernalillo County commissioners have unanimously given the goahead to publish a notice of intent to issue general obligation bonds in an amount not exceeding $16 million.

Voters in the Nov. 8, 2016, election authorized the county to issue as much as $36.3 million in general obligation bonds.

Plans call for using the proceeds, expected to be available in August, to pay for $750,000 in library projects, $1.5 million in public safety, $850,000 for facilities and other county buildings, $1.8 million in parks and recreation projects, $8.1 million in transportation projects and $3 million in storm drainage and utilities projects.

Shirley Ragin, deputy county manager for finance, told commissioners that property tax revenue projections were adequate to fund the bond sale with no increase in the bond debt service tax rate.

The final maturity date on these bonds is Aug. 15, 2033.

County officials plan to bring up an agenda item for final adoption at the June 12 administrative meeting.

The competitive sale process will determine interest rates on the bonds. Commissioners are expected to receive final interest rates at the Aug. 28 meeting.

Including the issuance of these bonds, the county manages about $125.6 million in outstanding general obligation debt.