General Obligation Bond Questions

G.O. Bond Ballot Questions


"Shall the City of Rio Rancho issue up to $10,600,000 of general obligation bonds, to be repaid from property taxes, for the purpose of designing, constructing, repairing, preserving, rehabilitating, enhancing, and otherwise improving roads and underlying utility infrastructure?"

    • For general obligation road bonds ❑
    • Against general obligation road bonds ❑

      *All of the City’s registered voters are eligible to vote on the bond question.


"Shall the City of Rio Rancho issue up to $4,200,000 of general obligation bonds, to be repaid from property taxes, for the purpose of designing, constructing, repairing, preserving, rehabilitating, enhancing and otherwise improving public safety facilities and repairing, replacing or otherwise improving public safety vehicles, apparatus, and equipment?"

    • For general obligation public safety bonds ❑
    • Against general obligation public safety bonds ❑

      *All of the City’s registered voters are eligible to vote on the bond question.


"Shall the City of Rio Rancho issue up to $1,200,000 of general obligation bonds, to be repaid from property taxes, for the purpose of designing, constructing, renovating, acquiring, rehabilitating, improving, and equipping public quality of life facilities in the City?"

    • For general obligation quality of life facilities bonds ❑
    • Against general obligation quality of life facilities bonds ❑

      *All of the City’s registered voters are eligible to vote on the bond question.




G.O. Bond Information

Roads

What is proposed is a bond question in the amount of $10,600,000 to be used for designing, constructing, repairing, preserving, rehabilitating, enhancing and otherwise improving roads and underlying utility infrastructure. Approximately $9,280,000 is estimated to be available for projects after accounting for the required 1% for the Arts, bond issuance costs, and contingency. Rio Rancho's street system requires increased investment/funding (preventative maintenance, rehabilitation, reconstruction, etc.). The road need exceeds the recurring resources currently available to municipal government. 

Road Bond






Public Safety

What is proposed is a bond question in the amount of $4,200,000 to be used for designing, constructing, repairing, preserving, rehabilitating, enhancing and otherwise improving public safety facilities and repairing, replacing or otherwise improving public safety vehicles, apparatuses, and equipment. Approximately $3,885,000 is estimated to be available for projects after accounting for the required 1% for the Arts, bond issuance costs, and contingency. Current and recurring revenue sources are not keeping pace with municipal government’s needs for vehicle and apparatus replacement as well as facility improvements in relation to its public safety departments (Police and Fire & Rescue). 

Public Safety Bond



Quality of Life Facilities

What is proposed is a bond question in the amount of $1,200,000 to be used for designing, constructing, renovating, acquiring, rehabilitating, improving, and equipping public quality of life facilities. Approximately $1,068,000 is estimated to be available for projects after accounting for the required 1% for the Arts, bond issuance costs, and contingency costs. Additional resources are needed for parks and recreation and library services in order to address identified needs and maintain the quality of highly desirable community services. 

Quality of Life Bond



What are General Obligation Bonds?

Based on property tax value estimates, a total of $16,000,000 in bond questions will be on the March 5, 2024 ballot. If approved by voters, these funds would be used for roads, public safety, and quality-of-life facilities. 

Doing so leaves the Municipal Debt Service Tax Rate unchanged meaning there will be no property tax increase. 

If the bonds question are not approved by voters, the corresponding property tax rate decrease would initially equate to a reduction of approximately $88.98 for a property/home with a total appraised value of $300,000.  

The City's long-range planning documents factor in continued use of bonds and maintaining a regular bonding cycle (every two years) to address identified needs. Bonding provides a predictable source of funds that is considered the most secure form of municipal debt, is the most cost-efficient form of borrowing, and has favorable terms with no additional security or reserve funds required.

The Delma M. Petrullo Art in Public Places Local Ordinance requires that one (1) percent of the proceeds of each General Obligation Bond issuance shall be dedicated for works of permanent public art that enhance the environment of the City.