Talon News - Good Local News

By Pilar Owens
TALON 

BONDS RAISE $$ BUT NOT TAXES

 

November 2, 2018

BLOOMFIELD LIBRARY DIRECTOR PEGGY LOYD.

BONDS RAISE $$ BUT NOT TAXES

Photos and story by Pilar Owens, TALON

Do you know what a bond is? With the approaching November 6th General Election, veteran and newbie voters alike should understand what they are voting for.

The way a bond works is simple enough: A government sells a bond to an investor. This gives the government money to use for projects. They repay the investor the amount of the bond (principal) plus interest. Usually the government uses tax money to repay bonds. For the General Obligation (GO) Bonds on New Mexico's ballot this month, the state has opted to use property tax to pay off the bonds. Governor Maritinez chose to leave tax rates alone, so property tax will stay at the current rate.

Local and state governments often have to ask the public's permission before they spend certain amounts of money or go into debt. So on ballots this month are four General Obligation (GO) Bonds New Mexicans can either vote for or against. Bond Question B is for libraries.

"This particular bond is for everybody," said Peggy Loyd, Bloomfield Library Director. New Mexico has earmarked $12,750,000 from GO Bond B sales to go to public, academic, school and tribal libraries in the state. Of that amount,$27,331.82 goes to Aztec Public Library and $31,747.45 goes to Bloomfield Public Library.

Loyd explained the funds must be used for tangible items for public use at the library. When the library receives the bond money sometime in 2019, they'll be able to buy ebooks, hard copy books, furniture, electronic encyclopedias and other similar items. "We don't waste money," said Loyd, "I think librarians have been very careful about spending public funds."

To those opposed to passing the bond, Loyd would say, "They need to think about the future of our state and the importance of keeping the public informed."

 

Reader Comments
(0)

 
 

Powered by ROAR Online Publication Software from Lions Light Corporation
© Copyright 2018