General Obligation Bonds Ballot Measure (Memo)

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Date: August 4, 2026
To: Governing Body
From: Sam Burnett, Public Works Department Director
Monica Maestas, Finance Department Director
Via: Brian Moya, City Manager
Andrea Phillips, Deputy City Manager
RE: Proposed 2026 General Obligation Bond Program
EXECUTIVE SUMMARY:
The proposed resolution requests that the following four ballot questions be submitted to City of Santa Fe
voters during the November 3, 2026, General Election:
General Obligation Street, Sidewalk, and Pedestrian Accessibility Bonds
Shall the City of Santa Fe issue up to $11,250,000 in general obligation bonds, to be repaid from property
taxes, to plan, design, construct, equip, reconstruct, rehabilitate, preserve, repair, replace, and improve
streets, sidewalks, curb ramps, pedestrian and bicycle routes, and related infrastructure within the City?
For General Obligation Street, Sidewalk, and Pedestrian Accessibility Bonds ☐
Against General Obligation Street, Sidewalk, and Pedestrian Accessibility Bonds ☐
General Obligation Municipal Recreation Complex Soccer Valley Bonds
Shall the City of Santa Fe issue up to $4,500,000 in general obligation bonds, to be repaid from property
taxes, to plan, design, construct, equip, furnish, improve, and expand athletic fields and related public
recreational facilities and infrastructure at the Municipal Recreation Complex Soccer Valley?
For General Obligation Municipal Recreation Complex Soccer Valley Bonds ☐
Against General Obligation Municipal Recreation Complex Soccer Valley Bonds ☐
General Obligation Southwest Activity Node (SWAN) Park Improvement Bonds
Shall the City of Santa Fe issue up to $4,250,000 general obligation bonds, to be repaid from property taxes,
to plan, design, construct, equip, furnish, and improve a splash pad and related public recreational facilities
and infrastructure at SWAN Park?
For General Obligation SWAN Park Improvement Bonds ☐JOHN BURNETT

Against General Obligation SWAN Park Improvement Bonds ☐
General Obligation Midtown Capital Improvement Bonds
Shall the City of Santa Fe issue up to $5,000,000 in general obligation bonds, to be repaid from property
taxes, to plan, design, prepare, demolish, construct, reconstruct, renovate, equip, furnish, manage, and
improve public facilities, infrastructure, public spaces, and other City-owned assets at the Midtown
property?
For General Obligation Midtown Capital Improvement Bonds ☐
Against General Obligation Midtown Capital Improvement Bonds ☐
The proposed resolution would authorize up to $25,000,000 in General Obligation Bonds, to be repaid
through property taxes as authorized by New Mexico law, through four separate ballot questions that allow
voters to consider each proposed investment independently.
Pursuant to NMSA 1978, Section 3-30-6, before general obligation bonds are issued, the City “shall submit
a vote of the qualified electors of the municipality the question of issuing the bonds”. Furthermore, pursuant
to NMSA 1978, Section 1-16-3, the City is required to “file a resolution proposing the ballot question” with
the County Clerk, not less than seventy (70) days before the election at which the ballot question is proposed
to be submitted to voters, which in this case would be no later than August 25, 2026.
Unlike the City's 2024 General Obligation Bond, which focused solely on roadway rehabilitation, this
proposal provides voters with four separate ballot questions addressing transportation infrastructure,
recreation, parks, and public facilities. Each question stands independently, allowing voters to approve or
reject each investment on its own merits.
PROJECT DESCRIPTIONS
Street, Sidewalk, and Pedestrian Accessibility Improvements ($11.25 Million)
Funding would support the full project cycle for the rehabilitation, repair, or replacement of streets,
sidewalks, curb ramps, pedestrian routes, and related transportation infrastructure throughout the City.
Approximately $10 million would be dedicated to roadway preservation, rehabilitation, and replacement,
while approximately $1.25 million would support sidewalk, accessibility, and pedestrian improvements.
Projects would be prioritized based on pavement condition, public safety, Americans with Disabilities Act
(“ADA”) compliance, traffic volumes, and emergency response needs.
Municipal Recreation Complex Soccer Valley ($4.5 Million)
Funding would advance improvements at the Municipal Recreation Complex Soccer Valley, including
athletic fields and related public recreational facilities and infrastructure. The proposed bond funding
represents a portion of the City's broader phased investment strategy and would leverage previously secured
public and private funding to advance construction of the next phase of improvements.

Southwest Activity Node (SWAN) Park Improvements ($4.25 Million)
Funding would support construction of a splash pad and related public recreational improvements at SWAN
Park.
These improvements continue implementation of the City's long-term vision for SWAN Park by expanding
recreational amenities and improving neighborhood access to family-oriented park facilities.
Midtown Capital Improvements ($5.0 Million)
Funding would support site preparation, demolition, construction, renovation, infrastructure improvements,
and management of City-owned assets at the Midtown property.
These investments will provide the flexibility necessary to prepare the site for future public facilities,
infrastructure, and redevelopment opportunities while preserving the City's ability to respond to changing
community needs over time.
FINANCIAL IMPACT
The proposed resolution authorizes placement of the four bond questions on the November 3, 2026 General
Election ballot and does not itself issue debt or require the immediate expenditure of funds.
Preliminary analysis prepared by the City’s financial adviser estimates that a bond issuance providing $25
million in project proceeds would require approximately $37.9 million in total debt service through 2046.
The analysis assumes an effective interest rate of 4.11% and estimates average annual debt service of
approximately $1.98 million. Annual payments are projected to range from approximately $1.41 million to
$2.83 million, with most years requiring approximately $1.97 million to $1.99 million.
The estimated average property-tax impact of the full $25 million bond program is approximately 0.2413
mills. The analysis is preliminary and subject to change based on final taxable assessed valuation, interest
rates, issuance timing, market conditions, and the final financing structure.
The analysis identifies the estimated debt-service and property-tax impacts but does not establish the City’s
total legal or practical bonding capacity before or after the proposed issuance.
RECOMMENDATION
Staff recommends approval of the attached resolution placing the four General Obligation Bond questions
before City voters during the November 3, 2026 General Election.
ATTACHMENTS:
Resolution
FIR
Memo Attachment A - Proposed 2026 General Obligation Bond Program
Memo Attachment B - Proposed 2026 General Obligation Bond Program
Memo Attachment C - Proposed 2026 General Obligation Bond Program
Memo Attachment D - Proposed 2026 General Obligation Bond Program