Voters in Lincoln County last week braved a snowstorm to approve $14 million of general obligation bonds for Ruidoso Municipal School District 3. Fewer than 10% of eligible voters participated in the election, where the measure passed by a 4-to-1 margin.
Projects to be financed with the bond proceeds were identified last year in a facilities master plan developed by a committee that included school officials and parents of students in the district. School trustees adopted the plan in October 2010.
Bond proceeds will provide $4 million to renovate high school science classrooms and laboratories, $3 million to complete the district’s middle school, $1.5 million for drainage projects, and $1.2 million for technology upgrades. Other projects include roof replacements, stadium upgrades, and maintenance efforts.
The district’s $29 million of outstanding GO debt is rated A3 by Moody’s Investors Service. The debt is enhanced to Aa2 with coverage by New Mexico’s school bond program.
The district serves the tourist and retirement areas of Ruidoso and Ruidoso Downs in the central part of the state.
