Wednesday, July 23, 2008

Los Lunas Schools sell $6.5 million in bonds

Kenn Rodriguez News-Bulletin Staff Writer; krodriguez@news-bulletin.com

Los Lunas The Los Lunas School Board has unanimously approved the sale of $6.5 million in general obligation bonds.

The board voted 5-0 on July 15 to approve the sales, which will take place in October and will help finance additions at Bosque Farms and Peralta elementary schools.

The board approved the sale after hearing a report from Kevin Powers, of the district's bond underwriters, Dain Rauscher.

Powers said the district was able to sell the $6.5 million in bonds rather than the planned $6 million because of an 8.2 percent increase in the valuation of the village of Los Lunas, which he said was made in 2007, before the recent economic downturn.

District Superintendent Walt Gibson said being able to sell $6.5 million in bonds was somewhat of an unexpected boon to the district. He anticipated being able to sell more bonds in the next bond cycle, despite the recent downturn in the national economy.

"The available money that we anticipate for the upcoming year, beginning when we sell the bonds and get the money in October, is about $7.5 million," he said. "As you saw from the projections, we'll probably be able to sell another $7.5 million. But we'll be in the range of $14 to 15 million over the next two years."

He said a surplus of $1 million would come from the sale of the $6.5 million but that would be taken up by construction at Sundance Elementary School in Huning Ranch.

"(The $1 million) is anticipating that we're not going to finish paying out on Sundance until probably January of next year," he explained.

Gibson said the district has already interviewed six architectural firms in anticipation of awarding contracts for design work at Bosque Farms and Peralta elementary schools as well as Katherine Gallegos Elementary. Gibson said the district hopes to have recommendations on the firms for the school board for its Aug. 12 meeting.

"We'll specify to the projects, which is why it's important that the board approve the phasing of the projects," he said.

Gibson said he anticipated construction at Bosque Farms would begin next summer with construction at Peralta to commence in the summer of 2010.

In other business, the board unanimously approved the purchase of data and voice wiring and network electronics from Sound and Signal Systems of Albuquerque as well as the awarding of invitations to bid for the New Mexico Department of Transportation Coop Paving Program.

The program, which includes matching funds from NM-DOT, will be used for drainage improvement project at Los Lunas Middle School as well as remaining sealing projects at Los Lunas High School and Los Lunas Middle School.

The board also approved a contract to print student behavior handbooks by Bare Bones Graphics Inc. of Albuquerque for $19,733. Board member Christopher Martinez, who is the president of Bare Bones Graphics, abstained from voting.

The board also approved a memorandum of understanding with the Roy School Municipal School that allows the district to register and receive distance learning educational instruction from the Roy Municipal School District's Mesa Online Academy. The board approval was part of its consent items for the meeting.

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