Proposed GO Bond on November Ballot
This November, Mora voters can expect to see a General Obligation (GO) Bond on their ballots. If passed, this bond would ensure the completion of the Mora County Administrative Complex with no tax increases. Continue reading for more information on general obligation bonds and the bond that will be on the ballot this November.
A GO Bond is a common type of municipal bond used by Mora and other counties throughout New Mexico and the United States. The issuer pledges a part of the ad valorem tax rate from all assessable property within its jurisdiction to provide timely repayment of the debt. Counties typically use GO Bonds because it is a low-interest financing tool that helps pay for much needed capital improvements. GO Bonds must be used for capital projects, such as roads, parks, bridges, equipment, and community buildings.
The question that will be proposed on the ballot this November is as follows: “Shall Mora County, New Mexico, be authorized to issue its general obligation bonds, in one series or more, in an aggregate principal amount not exceeding $3,500,000 for the purpose of designing, building, improving, furnishing, and equipping a County administrative facility, said bonds to be payable from general (ad valorem) taxes to be issued sold at such time or times, upon such terms and conditions as the Board of County Commissioners may determine and as permitted by law?"
So, what does this all mean for Mora? If the bond is passed, the measures will ensure the completion of the Mora County Administrative Complex. After completion of the building, all county staff will be moved into the complex, and there will be space for other government agencies to occupy the complex. The bond will also save taxpayer dollars by eliminating the need for maintenance and utilities in the existing portable buildings, which will be removed, improving the appearance of the community. It is important to note that the bond will not increase property taxes. The current bond is costing the average property owner in Mora County $7.00 per month. Approval of this bond will not increase that amount. For more information on this bond, attend one of the various community meetings or contact county manager Joy Ansley (see attached flyers), and please vote on November 3rd!