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THE LEAGUE OF WOMEN VOTERS |
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GENERAL OBLIGATION BONDSA bond represents a debt for money borrowed by a government to finance capital improvement projects. The government promises to repay the amount borrowed, plus interest, over a period of time. The bonds are called "General Obligation" bonds because payment of the debt service (principal plus interest) is a general obligation of the governmental entity issuing the bond, in this case the state and its property owners. Therefore, the bonds are backed by the full faith and credit of the State of New Mexico. General obligation bonds are payable from property taxes levied on all property in the state that is subject to project taxation. According to the Board of Finance Division of the Department of Finance and Administration, the specific amount of property taxes collected is attributable to a number of factors, including the amount of the bond issue, other general obligation bonds paid off or maturing, the date of issuance, the actual interest rate obtained on the bond sale, and the issuance costs. The 2008 New Mexico legislature passed the 2008 Capital Projects General Obligation Bond Act detailing projects that would be funded by these bonds. No bonds will be issued or sold under the act until the state's registered voters have voted upon and approved the bonds. Each bond is voted upon separately. Bond Issue 1: Senior Citizen Facility ImprovementsSHALL THE STATE BE AUTHORIZED TO ISSUE GENERAL OBLIGATION BONDS IN AN AMOUNT NOT TO EXCEED FOURTEEN MILLION SEVEN HUNDRED TWENTY-FIVE THOUSAND DOLLARS ($14,725,000) TO MAKE CAPITAL EXPENDITURES FOR CERTAIN SENIOR CITIZEN FACILITY IMPROVEMENTS, CONSTRUCTION AND EQUIPMENT ACQUISITION PROJECTS AND PROVIDE FOR A GENERAL PROPERTY TAX IMPOSITION AND LEVY FOR THE PAYMENT OF PRINCIPAL OF, INTEREST ON AND EXPENSES INCURRED IN CONNECTION WITH THE ISSUANCE OF THE BONDS AND THE COLLECTION OF THE TAX AS PERMITTED BY LAW? Bond Issue 1 asks for voter approval to issue general obligation bonds in an amount not to exceed $14,725,000 for senior citizen facility improvement, construction, and equipment acquisition, as authorized by the 2008 Capital Projects General Obligation Bond Act. This bond issue includes funding for several Rio Arriba, Sandoval and Santa Fe projects. Return to top of pageBond Issue 2: Library AcquisitionsSHALL THE STATE BE AUTHORIZED TO ISSUE GENERAL OBLIGATION BONDS IN AN AMOUNT NOT TO EXCEED ELEVEN MILLION NINETEEN THOUSAND DOLLARS ($11,019,000) TO MAKE CAPITAL EXPENDITURES FOR ACADEMIC, PUBLIC AND TRIBAL LIBRARY ACQUISITIONS AND PROVIDE FOR A GENERAL PROPERTY TAX IMPOSITION AND LEVY FOR THE PAYMENT OF PRINCIPAL OF, INTEREST ON AND EXPENSES INCURRED IN CONNECTION WITH THE ISSUANCE OF THE BONDS AND THE COLLECTION OF THE TAX AS PERMITTED BY LAW? The following projects have been specifically designated for funding by the sale of Bond Issue 2 to acquire library books, equipment, and library resources:
Bond Issue 3: Health Facility ImprovementsSHALL THE STATE BE AUTHORIZED TO ISSUE GENERAL OBLIGATION BONDS IN AN AMOUNT NOT TO EXCEED FIFTY-SEVEN MILLION NINE HUNDRED TWENTY-FIVE THOUSAND DOLLARS ($57,925,000) TO MAKE CAPITAL EXPENDITURES FOR CANCER RESEARCH AND TREATMENT FACILITIES, OTHER STATEWIDE AND REGIONAL HEALTH FACILITIES, EDUCATIONAL FACILITIES FOR STATEWIDE DENTAL SERVICES AND PUBLIC HEALTH AND BEHAVIORAL HEALTH FACILITIES AND PROVIDE FOR A GENERAL PROJECT TAX IMPOSITION AND LEVY FOR THE PAYMENT OF PRINCIPAL OF, INTEREST ON AND EXPENSES INCURRED IN CONNECTION WITH THE ISSUANCE OF THE BONDS AND THE COLLECTION OF THE TAX AS PERMITTED BY LAW? This bond issue includes $2 million for a regional health services facility in Rio Arriba County. Return to top of pageBond Issue 4: Higher Education and Special Schools Improvements and AcquisitionsSHALL THE STATE BE AUTHORIZED TO ISSUE GENERAL OBLIGATION BONDS IN AN AMOUNT NOT TO EXCEED ONE HUNDRED FORTY MILLION ONE HUNDRED THIRTY-THREE THOUSAND DOLLARS ($140,133,000) TO MAKE CAPITAL EXPENDITURES FOR CERTAIN HIGHER EDUCATIONAL AND SPECIAL SCHOOLS CAPITAL IMPROVEMENTS AND ACQUISITIONS AND PROVIDE FOR A GENERAL PROPERTY TAX IMPOSITION AND LEVY FOR THE PAYMENT OF PRINCIPAL OF, INTEREST ON AND EXPENSES INCURRED IN CONNECTION WITH THE ISSUANCE OF THE BONDS AND THE COLLECTION OF THE TAX AS PERMITTED BY LAW? The following projects in north-central New Mexico are included in funding by the sale of Bond Issue 4:
Los Alamos County Regional Transit Gross Receipts TaxSHALL THERE BE IMPOSED A COUNTY REGIONAL TRANSIT GROSS RECEIPTS TAX AT A RATE OF ONE-EIGHTH OF ONE PERCENT (1/8%) TO FINANCE THE OPERATIONAL COSTS AND CAPITAL EXPENDITURES OF PASSENGER TRANSPORTATION IN THE NORTH CENTRAL REGIONAL TRANSIT DISTRICT? The County of Los Alamos is a member of the North Central Regional Transit District (NCRTD). The NCRTD provides public transportation within the Counties of Santa Fe, Rio Arriba, Taos, and Los Alamos. The NCRTD Board of Directors passed a resolution asking that each of the counties within the district seek voter approval of a one-eighth of one percent (0.125%) gross receipts tax to fund operational and capital expenditures for passenger transportation in the North Central Regional Transit District. The Los Alamos County Council passed an ordinance in June 2008 placing the question on the ballot for the general election in November. If a majority of the voters within the entire transit district passes the tax, the gross receipts tax will become effective July 1, 2009, in each of the four counties included in the district. Atomic City Transit, Los Alamos County's local bus service, is eligible to receive funding through the NCRTD GRT. If the measure passes, the County estimates that the total GRT generated in the County will be $1,921,228. It expects that $1,279,725 will be returned to Los Alamos County to support Atomic City Transit capital expenditures and future route and service expansion. Return to top of page |