RIO RANCHO — The Rio Rancho Governing Body gave the city the green light on Thursday to extend the period to issue $25 million in utility revenue bonds after staffers said shifts in the economy prevented them from selling bonds sooner.
The six-member governing body approved an ordinance authorizing the extended timeframe, following on a required first reading of the measure Feb. 12.
The decision will extend the city’s utility revenue bonding cycle 120 days to give officials a new window of time to sell the bonds. Councilors approved the same window in October, but time ran out due to fluctuations in the economy, Stephanie Yara, director of financial services for the city of Rio Rancho, said at the time…