Regional
11:21 am
Tue December 10, 2013

New Mexico Has $600 Million For Capital Improvements

Credit Office of the Governor

New Mexico will have about $600 million available next year to finance capital improvement projects.

Officials in Gov. Susana Martinez's administration told the Legislative Finance Committee on Monday that nearly $167 million will be available from general obligation bonds, which must be approved by voters.

The Legislature typically finances capital improvements at colleges, senior citizen centers and libraries with proceeds from the bonds backed by property taxes.

An additional $185 million can be spent on new capital improvements with money from bonds supported by severance taxes.

Other bond proceeds will provide $175 million for public school projects.

Nearly $29 million in financing must go water projects and $28 million for infrastructure improvements on tribal lands and in colonias, which are poor communities usually near the border with Mexico.

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