New Mexico OKs Bond Sales For Capital Projects

New Mexico – SANTA FE, N.M. (KRWG) The state Board of Finance says it is netting a nearly historic low rate on bonds to finance almost $51 million in capital improvements across New Mexico.

The board on Tuesday accepted bids from JP Morgan Securities that provide for a "true interest cost" of 1.68 percent on state bonds backed by severance tax revenues.

The bonds will pay for projects approved during a special legislative session in September. Included are senior citizen projects across New Mexico as well as upgrades to state prisons, a nursing care unit for Alzheimer's patients at the New Mexico State Veterans' Home in Truth or Consequences and construction of a long-term care center at New Mexico Behavioral Health Institute in Las Vegas.

Copyright 2011 The Associated Press. KRWG