GO Bond update meeting set Aug. 9

Chip Sealing
Chip sealing (Chronicle file photo)

The Village of Angel Fire is hosting a meeting to update the public on the progress of it General Obligation Bond 5:30 p.m. Wednesday (Aug. 9) at Village Hall, 3388 Mountain View Blvd.

Project Engineers and RBC Capital bond professionals will be at this meeting to discuss the progress of the various street, water and wastewater projects and answer questions from the public. The project includes an engineering study to give an overall view of system, wastewater plant and road upgrades. Construction will be managed by HDR and village staff will manage HDR. Most of the construction will be performed by experienced contractors along with village staff.

Individuals who are in need of auxiliary aids or services to attend this meeting should contact Village Clerk Terry Cordova at least 48 hours prior to the meeting. Call 575-377-3232.

In a September 2016 mail-in election, Angel Fire voters approved two separate bond measures totaling $4.5 million — $3 million for municipal street construction/repairs and $1.5 million for water and wastewater construction/repairs.

 

The funds will be used to start a 20-year master project that Village Finance Manager Bret Wier estimated could total $31.5 million over 20 years. The Village of Angel Fire has over 120 miles of roads, virtually all of which are in need of maintenance. Many will also need to be rebuilt as a result of 40 years of erosion and blading. In addition, much of the water and wastewater lines have exceeded their useful lives and are in need of significant improvements to meet today’s standards and demands.

A GO Bond is a common type of municipal bond used by cities as a low-interest financing tool that helps pay for much needed capital improvements. GO bonds must be used for capital projects. The issuer (in this case, the Village of Angel Fire) pledges part of the ad valorem tax rate from all assessable property within its jurisdiction to provide timely repayment of the debt.

There will be another election in three years to renew the program and issue a further $4.5 million with no new increase in taxes. This pattern of elections will occur every three years until the project is complete. If the voters disapprove at any election point, the program will end and taxes will revert back to current tax levels.

To learn more about this project, contact Bret Wier, Finance Manager for the Village of Angel Fire: 575-377-3232 or bwier@angelfirenm.gov.