Timing Financially Right for GO Bond Election 2018
“The time is right for a General Obligation (GO) bond election!” said City Manager Stuart C. Ed. “The City is in strong financial health, and its long-term GO Bond rating by Moody’s is Aa2, the highest bond rating achieved by any municipality in the State of New Mexico,” Ed said. The Government Finance Officers Association (GFOA) also recently awarded the City of Las Cruces its Distinguished Budget Presentation Award for outstanding financial planning excellence.
“We listened to the community and understand that the need is now for a new animal shelter, fire station #3, new sports courts and sports fields and recreational trails,” Ed said. “GO Bond financing is the way to get this done now, rather than waiting years to accumulate the needed funds and at a higher cost than today’s dollars. It’s like buying a house, most people finance to get into a new home, they don’t hold off until they’ve saved the cost of the house because in that scenario, it will likely never happen,” Ed said.
According to Erik Harrigan, managing director with RBC Capital Markets, LLC, a global investment bank providing services in banking, finance and capital markets, “The City of Las Cruces has been a good financial steward of taxpayer money. GO Bond debt is the least expensive way to finance City capital needs.”
The following table shows the yearly impact to a typical homeowner should voters approve a $35.6 million GO Bond that funds all proposed projects.
Yearly Cost to a Typical Homeowner
FULL VALUE ASSESSED VALUE* 2.1 MILLS
$100,000 $33,333 $70
$125,000 $41,667 $87
$150,000 $50,000 $105
$175,000 $58,333 $122
$200,000 $66,667 $140
$225,000 $75,000 $157
$250,000 $83,333 $175
*Tax at 1/3 market valuation Median Home Value
Four general obligation bond questions and six proposed charter amendments are on the ballot. All the ballot questions and election information is available at clcbond.org.
Approximately 60,000 registered voters in Las Cruces are eligible to vote in this election. Completed ballots, mailed-in or hand-delivered, are due at the Doña Ana County Clerk’s office by 7 p.m. on Tuesday, Aug. 21, 2018. For questions about the mail-ballot election, call the county clerk’s office at 575/647-7428.