RIO RANCHO — The Rio Rancho Governing Body considered extending the issuance of $25 million in utility revenue bonds after fluctuations in the economy prevented the city from selling bonds sooner.
City staffers recommended the six-member body approve an ordinance to extend its utility revenue bonding cycle 120 days to give officials a new window of time to sell the bonds, which were previously approved by councilors in October.
“Unfortunately, the market wasn’t right, and our 120 days ran out, so we’re asking for reauthorization,” Stephanie Yara, director of financial services for the city of Rio Rancho, told councilors and Mayor Gregg Hull…