Albuquerque Journal (Albuquerque, NM)

City Hopes To Pay for Road, Water Improvements With State Loan.

Byline: Steve Shoup Journal Staff Writer

* Failure to sell $3 million in bonds prompts officials to seek financing elsewhere

As late as last week Rio Rancho was still hoping to sell bonds to finance road and water improvements in Unit 20 but now will seek a loan from the state.

The city is hoping to finance water, sewer and road construction in Special Assessment District 5, also known as Unit 20, which is north of Idalia and west of N.M. 528.

The city put a $3.085 million bond issue up for sale Feb. 28, but no one bid. City Finance Department director Richard Kristof said soon after the offering that he thought the investors may have been hesitant because the national economy is slowing and because cities and school districts in the state recently have sold a high number of bonds. …

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