The Public School Capital Outlay Council last week awarded more than $229 million from proceeds of the state's supplemental severance tax bonds to 19 of New Mexico's 84 school districts to pay for school construction and improvements.
Revenues from severance taxes on oil, natural gas, and other mineral production support the debt that financed the school construction awards. The supplemental bonds issued by the New Mexico Board of Finance are rated Aa3 by Moody's Investors Service and A-plus by Standard & Poor's.
Rio Rancho Public School District No. 94 received $47 million - the largest amount awarded to any one school system - based on its need and the district's inability to raise that much locally. The district in the fast-growing area west of Albuquerque will build its second high school with the money.
Gallup-McKinley County School District No. 1 received $18.9 million for renovations and additions at middle schools and $22.3 million for a new middle school.
Albuquerque Municipal School District No. 12 received $25.7 million for a new high school and $5.6 million for renovation of an existing school.
