General.
A General Obligation Bond is a government bond (loan) that is authorized by the voters; the bond is repaid (principal and interest) from assessments against real and personal property in the County. Assessments are apportioned amount [among] property owners according to the assessed value of property. Property owners pay a proportional share of the principal and interest on the bonds each year the bonds are outstanding. Payments are collected by the Treasurer along with the property tax.

Liberal Interpretation.
This Section, being necessary for the health, safety and general welfare of the County and its inhabitants, shall be liberally construed to effect the purposes of NMSA 1978, §§ 4-49-1 through 4-49-21 (as amended).

Cumulative Authority for Issuance of a General Obligation Bond.

Cumulative Authority.
This Section is adopted pursuant to the authority of NMSA 1978, §§ 4-49-1 through 4-49-21 (as amended), and shall be deemed to provide an additional and alternative method for providing public capital improvements such as courthouses, jails, bridges, hospitals, public libraries, facilities for county fairs, cultural facilities, purchasing books or other library resources, building juvenile detention homes, athletic facilities, parking structures, administrative facilities, facilities for housing equipment, repairing equipment and servicing equipment and sewerage facilities, constructing or repairing public roads and for construction and acquisition of water, sewer or sanitary landfill systems and airports. This Section is adopted to implement the provisions of the SGMP and other sections of the SLDC and shall not be regarded as in derogation of any powers now existing.

Creation of a County General Obligation Bond.
General Obligation Bonds are authorized by Ordinance of the Board of County Commissioners. At the time of enacting the bond ordinance, the Board shall call for an election on whether the ordinance should become effective. Anyone registered to vote in the County at the time the election is held, including persons living within the limits of a municipality and persons who do not own property, may vote on approval of the bond.

Limitation.
A County General Obligation Bond may not be used for any items that are not authorized by Law. General obligation bonds are for capital infrastructure specified by Law and shall not be used for maintenance or for private property.

Issuing Authority.
A County General Obligation Bond is issued by the Board of County Commissioners after approval by the voters.

Financial Terms of General Obligation Bonds.
The interest rate paid on a general obligation bond depends on the County’s bond rating and on market conditions; general obligation bonds are often repaid on very favorable terms as compared to conventional financing. Santa Fe County’s bond rating is among the highest in the State of New Mexico, and interest paid to investors on obligations is very reasonable (low). Bonds are desirable because the interest paid is free from federal income tax under the Internal Revenue Code. Bonds are generally repaid over fifteen to twenty years, but can be repaid over thirty years if necessary, with different maturities.