Sandoval County Bond Question 1 - Library General Obligation Bonds
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 Sandoval County, New Mexico, be authorized to issue its general obligation bonds, in one series or more, in an aggregate principal amount not exceeding $3,400,000 for the purpose of planning, designing, upgrading, constructing, remodeling, furnishing, equipping, repairing and otherwise improving library facilities within Sandoval County, New Mexico, and purchasing books and other library resources for libraries within Sandoval County, New Mexico, said bonds to be payable from general (ad valorem) taxes, and to be issued and sold at such time or times and upon such terms and conditions as the Board of County Commissioners may determine and as permitted by law? [FOR/AGAINST]
