College Foundations Fund Bond Campaign

New Mexico – The private fundraising arms of New Mexico colleges and universities have contributed more than $270,000 to a political committee pushing for voter approval of property tax-backed bonds to finance higher education capital improvements.

Taxes will increase nearly $10 a year for each $100,000 in assessed property value if voters approve $155 million for projects at colleges, universities and special schools such as the New Mexico School for the Blind and Visually Handicapped.

A committee in support of the bonds has raised about $304,000 and spent nearly $247,000, according to campaign finance reports.

Foundations affiliated with colleges, universities and other schools provided almost 90 percent of the committee's contributions.

Copyright 2010 The Associated Press.