The League of Women Voters of New Mexico
Voters' Guide to the 2012 Election
last revised 10.11.2012
last revised 10.11.2012
General obligation bonds allow the state to borrow money to finance capital improvement projects. The principal and interest on the bonds are paid out of property taxes. The specific amount of property taxes collected in a given year is attributable to a number of factors, including the amount of debt service required for existing general obligation bonds, the projected debt service required for the new bond issue, the latest assessed valuation of net taxable property, cash balances in bond debt service accounts, the date of issuance, and the actual interest rate obtained on the bond sale.
Based on current projections, the State Board of Finance estimates that the three bonds will generate a maximum of $140.2 million at the current State property tax mill levy rate of 1.36 mills. If all three bonds are approved by the voters in November 2012, the average cost to the owner of a property worth $100,000 over a 10-year period will stay at a flat rate of $8.04 per year. Of that $8.04 average cost per year,
If any of the bonds are not approved, the State property tax mill rate could decline slightly.
from www.sos.state.nm.us/Voter_Information/Ballot_Bond_Questions.aspx
The ballots used at the 2012 general election shall contain substantially the following language:
"The 2012 Capital Projects General Obligation Bond Act authorizes the issuance and sale of senior citizen facility improvement, construction and equipment acquisition bonds. Shall the state be authorized to issue general obligation bonds in an amount not to exceed ten million three hundred thirty-five thousand dollars ($10,335,000) to make capital expenditures for certain senior citizen facility improvement, construction and equipment acquisition projects and provide for a general property tax imposition and levy for the payment of principal of, interest 8 on and expenses incurred in connection with the issuance of the bonds and the collection of the tax as permitted by law?
"The 2012 Capital Projects General Obligation Bond Act authorizes the issuance and sale of library acquisition and construction bonds. Shall the state be authorized to issue general obligation bonds in an amount not to exceed nine million eight hundred thirty thousand dollars ($9,830,000) to make capital expenditures for academic, public school, tribal and public library resource acquisitions and construction and provide for a general property tax imposition and levy for the payment of principal of, interest on and expenses incurred in connection with the issuance of the bonds and the collection of the tax as permitted by law?
"The 2012 Capital Projects General Obligation Bond Act authorizes the issuance and sale of higher education and special schools capital improvement and acquisition bonds. Shall the state be authorized to issue general obligation bonds in an amount not to exceed one hundred twenty million dollars ($120,000,000) to make capital expenditures for certain higher education and special school capital improvements and acquisitions and provide for a general property tax imposition and levy for the payment of principal of, interest on and expenses incurred in connection with the issuance of the bonds and the collection of the tax as permitted by law?
(To read the PDF files, you can download a free copy of Adobe Acrobat Reader:)