Rio Rancho Public School District No. 94, NM - Unlimited Tax Obligations (NM SD Enhancement Program) Rating Report

Rating Summary

The long-term rating reflects the inherent strength of the Rio Rancho Public School District No. 94’s (the “District’s”) unlimited ad valorem tax pledge; strong State support and oversight; the healthy growth in the District’s assessed value, which is largely residential; and favorable area demographics, including healthy population growth and per capita income levels for the City of Rio Rancho that exceed the State averages. Counterbalancing these strengths is the District’s declining enrollment and low level of general fund reserves, though a significant portion is unassigned.

Proceeds of the General Obligation (G.O.) School Bonds, Series 2026 Bonds (the “Bonds”) will be used to fund renovations and upgrades to various District high schools and a middle school, acquire property to construct future schools, and pay the costs of issuance.

G.O. Bonds, including the Bonds, are a general obligation of the District, payable from ad valorem taxes that are levied against…