Local voters last week overwhelmingly approved a $125 million bond package for Albuquerque Municipal School District No. 12 that will largely fund West Side school construction and gave the Albuquerque Technical Vocational Institute approval to issue $60 million in bonds for land purchases and four new academic buildings.
The TVI bond issue will not require a property tax increase. Voters agreed to finance the bonds with the existing tax allotted to the vocational institute, totaling $27.50 a year for a $150,000 home.
The vocational school will use about $17.5 million for a facility at its main campus to house a library, computer labs, classrooms, and offices; $17.5 million for a building at the west campus to house classrooms, a bookstore, and other services; and about $9 million for maintenance and infrastructure costs at existing campuses.
The Albuquerque school district will use its bond proceeds to complete the first phase of a new high school, build a new elementary school, and start design work on a new high school. The district's current share of the property tax - which will not increase - is $2.162 per $1,000 of net taxable value, or $9.01 per month for a $150,000 home.
