Bernalillo County will host two webinars Monday to discuss its 2024 general obligation bond proposal with community members.
General obligation bonds are one source of revenue the county uses for capital projects (usually building or renovating something), said Kathy Korte, the county’s chief of government affairs. Other sources include grants from the New Mexico Legislature, the county’s general fund, and state and federal grants.
The county is preparing to bring bond questions to voters in the Nov. 5 general election.
Where would the money go?
The proposed $40.5 million package has six categories of projects, which voters will be asked to approve:
- Libraries ($1.5 million in projects, specifically ongoing materials acquisition).
- Public safety facilities, fleet, and county buildings ($11.2 million, including $7.875 million for updates and renovations to existing buildings and $1 million for courthouse expansion).
- Parks and recreation ($10.9 million, including $2.5 million for the next phase of the Mesa Del Sol Regional Recreation Complex).
- Transportation ($11.4 million, including $9.5 million for road and trail projects).
- Storm drainage and utilities ($4.4 million, including $820,000 for storm drain lift station replacement & upgrades).
- Public housing ($1.1 million, including $700,000 for improvements to the Seybold Village and El Centro Familiar housing complexes).
The process
Every two years, the capital improvement plan team works with county departments to evaluate funding needs for roads, parks, community centers, libraries, water and sewer infrastructure, public safety buildings and other big-ticket items.
When a bond measure passes, the bonds are sold to bond investors, who are paid back with interest when the bonds mature.
Korte said Bernalillo County maintains a triple-A bond rating — the highest — with the three major rating companies. A higher rating means the county pays less interest on the bond debt.
In 2022, voters approved bond measures for road and transit improvements, fire stations, library materials, water drainage and utility infrastructure and other upgrades.
Long-term planning
County leaders are also proposing a six-year capital improvement plan containing 70 projects with a total cost of $626.8 million. Of that total, $249.3 million has already been secured.
The plan also helps identify the top priority projects the county will advocate for during each New Mexico legislative session. The state Department of Finance and Administration asks local governments to identify and prioritize their capital outlay needs each summer.