Santa Fe Mayor David Coss wants to take out bonds to buy the College of Santa Fe (and its debt), the New Mex says:

The bonds could be repaid with revenues from leasing the 100-acre campus off St. Michael's Drive to a private school or to state institutions, Coss said, but those details have not been worked out.

Of course, "those details" will be very, very important. But the plan makes a certain amount of sense, because the city has already taken out several industrial revenue bonds to CSF's benefit.