The Rio Rancho City Council will consider authorizing up to $25 million in revenue bonds to finance improvements to the city’s water and wastewater system when it meets Thursday.
The bonds, designated as the Water and Wastewater System Improvement Revenue Bonds Series 2026, would be repaid solely through revenues generated by the utility system rather than through property taxes or other general funds.
The ordinance scheduled for second reading would allow city officials — including the mayor, city manager and finance director — to finalize specific terms, including interest rates, maturity dates and redemption features. Bond proceeds would fund system improvements, potential insurance policies and issuance costs.
Under the proposed parameters, the bonds cannot exceed a 12% interest rate and must mature by May 15, 2057. The underwriter’s discount is capped at 1% of the total bond amount.
The council will also hold a first reading of amendments to the city’s subdivision code affecting platting procedures and design standards. A public hearing is scheduled on updates to the Development Process Manual, which governs infrastructure requirements for new development.
Thursday’s meeting begins at 6 p.m. in the Council Chambers at 3200 Civic Center Circle NE. Residents wishing to speak on agenda items must register with the city clerk at least 15 minutes before the meeting starts.
The meeting will be available via Zoom and livestreamed on the city’s website.