Capitan School Bond Election
$22,000,000 - August 15, 2017
   For Less Than 500 Students in the Entire School (K-12)!   

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      Bond Overview
 Link to documents & detail pages below: 
Property Tax Increases?   
      What Will the Bond be Used For?
How Many Students Will Benefit?
Can Residents Afford the New Debt?
Prior Bonds
Bond Limits, Structuring & Expenses  
Voting Dates & Eligibility
Capitan School District Boundaries
Bond Proclamation
School Board Links
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Debt Limits and Structuring

 Historical Assessed Valuation and Bonding Capacity

The sum of all general obligation school district bonds are limited to a maximum of 6% of the taxable value of properties in the district.

Charted information below shows that the:

  • Taxable value of properties in the Capitan Municipal School District is currently $407,936,506;
  • Total limit on school district general obligation bonds is $24,476,190 (6%);
  • Current outstanding School District general obligation bonds are $4,965,000 (2103 construction bond and 2015 technology bond);
  • New bonds, today, would be limited to an additional $19,511,190; and
  • Taxable value of properties is increasing each year.

Note: In 2020, total bond balances will exceed 90% of the District's current legal borrowing limit.

(For clearer viewing, click on the image below to open a higher resolution PDF file.)
 Tax Impact and Bond Issuance Schedule

The Mill Levy (for the currently outstanding general obligation bonds (2103 construction bond and 2015 technology bond) is 1.171. The proposed increase in Mill Levy for the series of proposed bonds, totaling $22,000,000, is advertised at 2.32, which is structured to limit the combined Mill Levy to 3.5, for repayment of current and the new series of bonds, through 2040. Updated projections now show there will be years where the total Mill Levy will exceed the 3.5 target.

The August 15th ballot proposes to authorize up to $22,000,000 in bonds for the Capitan Municipal School District, but the full amount will not be borrowed all at one time. The issuance schedule proposes to issue the $22,000,000 in bonds in the following 4 increments:

  • August 2017:  $ 5,000,000,
  • August 2018:  $ 5,000,000,
  • August 2019:  $ 6,000,000,
  • August 2020:  $ 6,000,000.

Each increment is scheduled to be repaid over a 20-year period, with the 2020 issuance scheduled to be paid off in 2040.

(For clearer viewing, click on the image above to open a higher resolution PDF file.)
 Bond Fees and Expenses

For each of the 4 bond increments, between $75,000 and $80,000 in fees and expenses will be paid. These amounts will be paid either from a higher rate on the bond or from the bond proceeds (or a combination of both).

Not only does this $300,000 (at minimum) not pay for ANY education for our children, it completely leaves Lincoln County.

Documents provided by:
  John D. Archuleta, Senior Vice President
George K. Baum & Company
6565 Americas Parkway NE, Suite 860
Albuquerque, NM 87110
Fax: 505-872-2733