By Kevin Hendricks, The Paper.
Sandoval County commissioners have approved nearly $11.3 million in new bonds to buy landfill equipment and settle up land costs tied to the Project Ranger site, both coming in at lower interest rates than the county had budgeted for.
Commissioners adopted an ordinance authorizing up to $9.5 million in gross receipts tax and landfill revenue bonds, with the county actually borrowing about $9.02 million, according to bond counsel Daniel C. Opperman. The 10-year bonds, sold through the New Mexico Finance Authority, will finance new landfill equipment, including compactors, a motor grader and articulated trucks. The county’s financial advisor, Rob Burpo, said the equipment carries a longer-than-usual average lifespan — about 6.8 years — which is expected to keep the county from needing to borrow anywhere near the full $9.5 million again in the next equipment cycle. The rate priced at 3.22%, below the 4% the county had budgeted.
A second ordinance authorizes up to $2.3 million in gross receipts tax revenue bonds to reimburse the county’s lease accounts for a land purchase tied to Project Ranger, the hypersonic missile manufacturing facility under development in the county. Burpo said lease payments the county is now invoicing to Project Ranger are expected to exceed the new debt service, though those lease payments can’t be pledged as direct collateral for the bonds. That bond priced at 3.43% interest, also below the 4% budgeted.
Commissioners also approved English and Spanish ballot language for three general obligation bonds previously authorized for the November ballot:
- Libraries — $3.4 million: estimated cost of about $1.76 per year on a $300,000 home.
- Fire facilities — $9 million: funds a new fire department training facility, with the possibility of using any savings on other fire stations, including in Cuba, N.M. Estimated cost of about $3.53 per year on a $300,000 home.
- Bureau of Elections building — $22 million: funds a secure storage facility for voting machines, polling facilities and offices, planned on county-owned land near the Emergency Communication Center. Estimated first-year cost of about $6.09 on a $300,000 home, declining afterward.
County Attorney Michael Eshelman’s office reviewed the Spanish-language ballot translations prepared by Treasurer Jennifer Taylor’s office and returned them without changes, Burpo told commissioners. Commissioner Josh Jones said the county’s Bureau of Elections bond drew praise from both Democratic and Republican leadership at a recent meeting in Portales.