Interest rates for county GO bonds shared at meeting

BERNALILLO — The interest rates for two general obligation bond projects in the county were shared Feb. 12 during a regular commission meeting.

A couple of ordinances authorized funds for the Animal Shelter Project at $7.5 million and Fire Department and EMS telecommunications and water projects within the county at $5 million.

 The bond's issues will be closed on Feb. 13, according to the agenda item cover page. The New Mexico Finance Authority was the lender, and the county is required to present the interest rates as well as the cost of issuance associated with each bond.

Financial Advisor Rob Burpo said the bonds were voted on in the November 2024 election by taxpayers.

"We issued two of the bonds last year for the telecommunication system and some public works projects. We knew, though, that the next two projects, which were for the animal shelter and for the second half of the EMS and fire in multiple regions, were not going to be needed right away, and so we looked at postponing them for a year to possibly get lower interest rates and also save the taxpayers some money," he said.

The cell tower dispatch project is a 20-year loan, he said, and it had a net interest rate of 3.85%. The animal resource center had a similar interest rate.

"When we presented this to you in June of 2024, we use a 4.25 % interest rate. With our calculations, and that's what we went to the public with so they would know the impact they would have on their interest rates," he said.

The projected total debt was $18,804,958, and the actual total debt came out to $18,326,759.

With the year delay and a lower interest rate, Burpo said, taxpayers saved $958,199.