Special meeting called for issuance of water bonds
Public hearing set for Monday for authorization to issue bonds for water system improvements
- No tax increase needed, advisers say
Ruidoso Mayor Tom Battin called a special meeting of the Village Council for 10 a.m., Monday, to conduct a public hearing to adopt an ordinance authorizing the issuance of $1.5 million in general obligation bonds for the improvement of the village water system.
Councilors will meet in chambers at the Village of Ruidoso Administrative Center, 313 Cree Meadows Drive.
The bond proceeds will be used to “improve and/or extend the production and distribution components of the village’s water system.”
Property taxes are pledged to the repayment of the debt. However, the program is structured by financial advisers of the village in a rotation of payoff of previous water system bonds and issuance of new bonds in a manner that means no tax increase is required. Voters approved issuance of the new bonds earlier this year.