001presidential values do. Slide two has a constitutional amendment update. So last November, voters approved constitutional. The first essentially just why did the property tax exemption for disabled veterans? In the past, a disabled veteran has to be 100% disabled in order to qualify for 100% property tax exemption. Constitutional amendment one changes it so that now disabled veterans can qualify for property tax exemption at the rate that they are saving by. So now a veteran who is 90% disabled can now qualify for 90% property tax exemption. You know a veteran who is only 30% disabled property tax exemption so on and so forth. You know constitutional amendment two is a little bit more straightforward. All that did was increase the property tax exemption for all veterans regardless of their disability from $4,000 up to $10,000. So slide
002three does an analysis of how these new constitutional amendments might impact the district's assess valuation. So at the table at the top, it is our current assessed valuation in 2024. You know, first we start with the district's full value. Uh that is a total of $93.3 million. But once they go through all these different exemptions like head of council, you know, 266,000 for veterans, 268,000 for disabled veterans, and 11.9 million of other exemptions. You know, the district's total net taxable value comes at 80,852,000. You know, the second table at the bottom, it really shows the potential impact, you know, once these exemptions take place. So looking at the veteran exemption, the anticipated that jump from 266,000 up to 666,000. And then your disabled driver exemption has jumped from 268,000 up to 631,000. So in total,
003we think that this will impact your set valuation by about $760,000 or by about 1%. Um this drop in your assess valuation is this very um conservative projections. You know, we don't think it'll be quite as much as 1% of your AP. We think the impact will start next year and continue through tax year 2026. It really just depends on, you know, how many veterans file for the exemption, how many even know file for the exemption and for that disability, you know, what percent of disability that veteran gets. Um there's a lot of variables we're not tracking analysis, which is why we use very conservative figures uh for this potential impact. So looking at the district's district tax rates on slide four, the district has an operational tax rate in place along with an SB9.
004For your debt service tax rate, it has been a blend of both ETN and GEO bonds. But overall, your total debt service combined tax rate has been sitting at $9.99 historically. So that's the total residential tax rate since that $12.15. You know, it for the resolution tonight, that resolution to maintain a mil levy, all that really resolution really does is state that for tax year 2024, you know, the debt service tax rate is $9.99 and it is the intention and the goal of the board, the tax rates would be $9.99 again and had to 2025. You know what? I'll go ahead and I'll pull up that resolution, too. Are you able to see my screen of the resolution? Yep. So, as I talked about, you know, for tax 2024, the district's tax $9.99 and it
005again says resolution of religious state credit intention and the desire of the boards that the objective tax to the issuance or changing of existing bonds be maintained at $9.99. I've done a copy of that. >> Um, I just want to note that this resolution doesn't guarantee what the district's tax rate will be next year. It's really just stating our goal and our intentions for it to be the same as as it always has been. Continuing on, we'll jump over to the current outstanding debt. The district has $4,71,000 general obligation bonds outstandings, all of which sold with the New Mexico Finance Authority. those score advisers are always looking for potential refinancing opportunities. But seeing how the outstanding coupon on your bonds range from, you know, just 3.7% only to, you know, 0.03%. You know, there aren't
006any feasible refinancing opportunities at this moment. But that's something that we'll continue to keep an eye out for, especially as the Fed is starting to prepare to potentially cut interest rates throughout 2026. So maybe hopefully we'll see some refinancings down the line. So slide six is just the district's overall dead management. So for election timing, you know, we don't need to go out anytime soon. You know, we renewed our SP9 um back in 2021. Since that's good for six years, we won't need to renew that until 2027. The last time we went out to voters for geo bond was back in 2023 for $1.2 million. We sold 600,000 of that authorization last year. You know, we're scheduled to sell the remaining $600,000 of authorization in 2027, but we can be flexible on that timeline depending
007on your guys' needs. We just need to make sure to sell that authorization before November of 2027. Now, at the moment, the election that we're projecting for that 2027 amount is $2,200,000. That is based on your assessed valuation. Now, if your assessed valuation grows, you know, that 2027 election, that will increase. But if you do see your assessed valuation shrink, you know that 2027 election amount will also uh decline for tax rate setting. As I mentioned, the district historically is has blend of both go and tax rates. So that your overall service tax rate needs to be around $10. You know, this past year, we set your ETN debt service tax rate at $150 and the rest of the tax rate of $885 was set towards the geo bonds. you know, that $1.15 tax rate
008is really designed to be able to issue a $425,000 ETN every five years. So, in 2026, we'll sell a $425,000 ETN and then again in 2031, we'll be able to sell another $425,000 ETN, you know, so on and so forth. Overall though, our plan, our goal is to continue to make your tax rate, you know, at that $10 rate. You know, lastly on this page, you have the district's legal bonding capacity. You know, based off of your 2024 AV, the district can issue up to 4.8 million at any given time. Since we have 4.7 already outstanding at this moment, we only have 130,000 of remaining legal capacity to issue. But as a reminder, you know, we're about to pay off about $800,000 um um principal this upcoming August. So, we'll have the capacity for that
009$600,000 issuance in 2027. And then the last slide I have here is just an overall election timing. So, again, I got to voters in 2027. We're projecting an amount of $2.2 million. As I mentioned too, SP9 is last year in 2021. Since that authorization is good for six years, you know, we don't need to review that until 2027. You know, I do have a market update in the back, but I'll stop there since, you know, we're not selling bonds at the moment. Um, see if anyone has any questions for me about the district wider plan finance or about the millenn resolution that's in front of you tonight. >> Good. >> Okay. >> Thank you. I think we're good. >> Thank you. Well, I appreciate you uh taking the time to be with me today. you
010know, should you have any questions either tonight without approval or at any time, you know, feel free to give me a call um to me or any of my colleagues, you know, or the district advisor throughout the year. >> Thank you very much. >> Thank you. Have a good rest of your meeting. >> She does a good job. That'll be down at the bottom. >> Okay. >> Now, it's just meet and greet with the So, those of you here, two of you, uh, we have our new administrators. So, we have high school principal, Miss Jamila Miller. And I'm going to say this on on camera. Are we still going? I think we're good to wait till the actual You can turn us off for the We're not going to start the act. You can't start
011from six anyways.