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The Sandoval County Commission approved two resolutions that will provide funds in the amount of $100,000 for leases regarding “Project Ranger” at the Oct. 8 meeting.

According to Rob Burpo, county investment advisor, the funds will be used to purchase four exploration leases held by third parties on State Land Office properties the county currently leases for economic development purposes. Funds will come from existing reserves and be repaid by the end of Fiscal Year 2026 from financings due to close by June 1, 2026.

“Basically, if you approve these resolutions this evening, the county will purchase leases with the assistance of the State Land Office. The State Land Office is going to help you prepare the documents, and then you will basically abandon the leases so that there will be no exploration opportunities on (those sections),” Burpo said.

He said the county has the money to make the purchases and the money will return to the treasury when they do a reading of the existing bond and other projects.

He reassured the commissioners that the amount of money to purchase those sections won’t change.

The commissioners unanimously, with the exception of Jordan Juarez who was out sick, approved two resolutions that made the funding possible.