Albuquerque Metropolitan Arroyo Flood Control Bonds (AMAFCA)
GENERAL OBLIGATION BOND QUESTIONSA bond represents money borrowed by a government to finance capital improvement projects. The bonds are called general obligation (GO) bonds because payment of the debt (principal plus interest) is a general obligation of the governmental entity issuing the bond. Voter approval of separate bond questions is a way to get general revenue for capital projects. GO bonds must be sold to investors within a specific time after voter approval. They must be fully spent on capital (bricks and mortar) projects or equipment, not on daily operations or maintenance. Bond money cannot be transferred from one category to another. Because old bonds are retired as new bonds are approved, bonds generally do not increase taxes.Ballot Language:Shall the Albuquerque Metropolitan Arroyo Flood Control Authority be authorized to issue its General Obligation Bonds in principal amount not exceeding $30,000,000 for the extension, betterment, alteration, reconstruction, repair and other improvements of the Authority’s Flood Control System? [FOR/AGAINST]
