|
|
Article: New Mexico bonds for two prisons will help alleviate overcrowding.
- Article from:
- The Bond Buyer
- Article date:
- October 3, 1995
- Author:
CopyrightCOPYRIGHT 1995 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
New Mexico officials have finalized a three-bond-issue financing plan to build two new state prisons, officials said yesterday.
Financing for the $140 million dollar project will be realized through a state-local bond program. Proceeds from both severance tax bonds and gross receipt tax bonds will be used to fund the construction of prisons in Hobbs, N.M., and Santa Rosa, N.M., to bring the state into compliance with a federal court order to relieve overcrowding.
The largest portion of bonds, about $67 million, will be issued through Lee County and through Hobbs, according to James Jimenez, deputy secretary at the New Mexico Department of Finance and ...