The bond renewal for Silver Schools will be on the ballot in February.
At right, Silver School Board members and Harrison Schmitt Elementary Principal, Leslie Ormand in back center, listen to a report on the bond issue.
Photos and article by Margaret Hopper
Attempting to inform and sell the community on the need for passing the Silver Schools bond issue in February, John Carter, interim superintendent, and all five school board members were present at Harrison Schmitt Elementary School Wednesday evening. A number of Schmitt teachers and principal Leslie Ormand were also in attendance.
Photo of Mark Valenzuela of G.K. Baum, at left, talking to those present.
Carter introduced the two G K Baum investment firm agents, Mark Valenzuela, who has been at board meetings giving information over the summer and fall, and Clint Elkins, who is newer with the firm, but who has past experience with schools, funding and their financial issues.
Valenzuela reviewed the major points he has been making; the bonding capacity is figured on assessed valuation, because property owners who pay taxes are the ones who will pay off any bonded indebtedness. Every voter in the district will be allowed to vote on the issue, but it is property owners who pay. Also, there is some present bonding that will finally be retired next year.
As bonds have been retiring, now is the time to consider new bonding; by replacing the retired bonds with new ones, he said, the district can keep the taxes at the same level, and property owners would not feel a surge. Also, with interest rates at the present lows, and the support New Mexico gives as a state, better rates should be available, perhaps three percent or under.
Another point the speakers made was that not all the bonding would be made in a single year; if the bond issue was for $20 million, the district could likely borrow five million the first year, and similar amounts over the next three years, until the entire amount was issued, but that had to happen over a four-year period, not longer. This phasing-in would reduce the interest payments in the beginning; they couldnG