Bond advisor: Taos has voter capacity to fund projects but must update facilities master plan and move quickly on calendar
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Summary
A Stifel bond advisor told the board Taos’ assessed valuation supports substantial bonding capacity (roughly $72.5 million after outstanding debt) and recommended updating the facilities master plan, engaging the public and considering a November election or later option tied to mill‑levy waiver discussions.
A municipal bond advisor working with the district summarized assessed valuation, legal bonding limits and timeline options for voter‑approved general obligation bonds.
Key figures presented: - The district’s 2024 assessed valuation was reported at about $1.4 billion; New Mexico permits up to 6% of assessed valuation in general obligation bonds, producing an authorized ceiling of roughly $88.3 million. - After subtracting outstanding debt (about $15.5 million), the advisor said the district’s available voter authorization is about $72.5 million.
What the advisor recommended: - Update the district facilities master plan. PSFA cost‑share programs typically require a current facilities master plan for waiver and capital eligibility; the district should apply to PSFA for partial reimbursement of master‑plan costs and begin the study immediately (the advisor estimated a 9–12 month planning timeline). - Consider the election calendar: a November bond question gives the district time to conduct community engagement and present clear project lists. Approving a November 2025 ballot placement would require early summer board action to meet the clerk’s calendar. - Consider the mill‑levy waiver strategy: if the state adopts a lower waiver threshold (discussion reported in the meeting), the district could seek more state participation in capital projects but must act before waiver program windows close.
Why it matters: Timely board decisions, a current facilities master plan and a planned community outreach effort increase the likelihood that voters will support bond questions and reduce the district’s out‑of‑pocket construction costs through state waivers.