CITY of ALBUQUERQUE
TWENTY SEVENTH COUNCIL
COUNCIL BILL NO. C/S O-26-17 ENACTMENT NO.
SPONSORED BY: Nichole Rogers, by request
ORDINANCE
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C/S Authorizing The Execution And Delivery Of A Water Project Fund Loan/Grant Agreement By And Between The New Mexico Finance Authority (“Finance Authority”) And The City Of Albuquerque (The “Borrower/Grantee”), Evidencing An Obligation Of The Borrower/Grantee To Utilize The Loan/Grant Amount Solely For A Water Storage, Conveyance And Delivery Project For Puerto Del Sol Golf Course In The Total Amount Of Three Million Dollars ($3,000,000), Including A Loan In The Amount Of Three Hundred Thousand Dollars ($300,000); Solely In The Manner Described In The Loan/Grant Agreement; Providing For The Pledge And Payment Of The Loan Amount And An Administrative Fee Solely From The Revenues Of The Tax Distributions Received By The Governmental Unit Pursuant To NMSA 1978, § 7-1-6.1, NMSA 1978, § 7-1-6.4, NMSA 1978, § 7-1-6.15, And NMSA 1978, § 7-9-4, As Amended; Certifying That The Loan/Grant Amount, Together With Other Funds Available To The Borrower/Grantee, Are Sufficient To Complete The Project; Approving The Form Of And Other Details Concerning The Loan/Grant Agreement; Ratifying Actions Heretofore Taken; Repealing All Action Inconsistent With This Resolution; And Authorizing The Taking Of Other Actions In Connection With The Execution And Delivery Of The Loan/Grant Agreement (Rogers, by request)
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AUTHORIZING THE EXECUTION AND DELIVERY OF A WATER PROJECT FUND LOAN/GRANT AGREEMENT BY AND BETWEEN THE NEW MEXICO FINANCE AUTHORITY (“FINANCE AUTHORITY”) AND THE CITY OF ALBUQUERQUE (THE “BORROWER/GRANTEE”), EVIDENCING AN OBLIGATION OF THE BORROWER/GRANTEE TO UTILIZE THE LOAN/GRANT AMOUNT SOLELY FOR a water storage, conveyance and delivery PROJECT for PUERTO DEL SOL golf course in the total amount of three million dollars ($3,000,000), including a loan in the aMount of three hundred thousand dollars ($300,000); SOLELY IN THE MANNER DESCRIBED IN THE LOAN/GRANT AGREEMENT; PROVIDING FOR THE PLEDGE AND PAYMENT OF THE LOAN AMOUNT AND AN ADMINISTRATIVE FEE SOLELY FROM THE revenues of the TAX DISTRIBUTIONS RECEIVED BY THE GOVERNMENTAL UNIT PURSUANT TO NMSA 1978, § 7-1-6.1, NMSA 1978, § 7-1-6.4, NMSA 1978, § 7-1-6.15, AND NMSA 1978, § 7-9-4, AS AMENDED; CERTIFYING THAT THE LOAN/GRANT AMOUNT, TOGETHER WITH OTHER FUNDS AVAILABLE TO THE BORROWER/GRANTEE, ARE SUFFICIENT TO COMPLETE THE PROJECT; APPROVING THE FORM OF AND OTHER DETAILS CONCERNING THE LOAN/GRANT AGREEMENT; RATIFYING ACTIONS HERETOFORE TAKEN; REPEALING ALL ACTION INCONSISTENT WITH THIS RESOLUTION; AND AUTHORIZING THE TAKING OF OTHER ACTIONS IN CONNECTION WITH THE EXECUTION AND DELIVERY OF THE LOAN/GRANT AGREEMENT.
Capitalized terms used in the following preambles have the same meaning as defined in this Ordinance unless the context requires otherwise.
WHEREAS, the Borrower/Grantee is a legally and regularly created, established, duly organized and existing municipal corporation under and pursuant to the laws of the State and more specifically, Article 10 Section 6 of the New Mexico Constitution, Municipal Home Rule, and the Municipal Code, NMSA 1978, §§ 3-1-1 through 3-66-11, as amended, is a qualifying entity under the Water Project Finance Act, and is qualified for financial assistance as determined by the Finance Authority and approved by the Water Trust Board pursuant to the Board Rules, the Policies and the Act; and
WHEREAS, pursuant to the Board Rules, the Water Trust Board has recommended the Project for funding as a Qualifying Project to the Legislature; and
WHEREAS, Chapter 35, Laws 2025, being House Bill 206, of the 2025 Regular New Mexico Legislative Session, authorized the funding of the Project from the Water Project Fund; and
WHEREAS, the Water Trust Board has recommended that the Finance Authority enter into and administer the Loan/Grant Agreement in order to finance the Project; and
WHEREAS, the Finance Authority approved on May 22, 2025, that the Borrower/Grantee receive financial assistance in the form of the Loan/Grant; and
WHEREAS, the Governing Body has determined and hereby determines that the Project may be financed with amounts granted and loaned pursuant to the Loan/Grant Agreement, that the Loan/Grant Amount, together with the Additional Funding Amounts and other moneys available to the Borrower/Grantee, are sufficient to complete the Project, and that it is in the best interest of the Borrower/Grantee and the constituent public it serves that the Loan/Grant Agreement be executed and delivered and that the funding of the Project take place by executing and delivering the Loan/Grant Agreement; and
WHEREAS, the Governing Body has determined that it may lawfully enter into the Loan/Grant Agreement, accept the Loan/Grant Amount and be bound to the obligations and by the restrictions thereunder; and
WHEREAS, the Governing Body has determined that it may lawfully pledge the Pledged Revenues for the payment of amounts due and enter into the Loan/Grant Agreement; and
WHEREAS, pursuant to NMSA 1978, § 7-9-4, as amended, the State collects gross receipts taxes from business locations within the Governmental Unit, and pursuant to NMSA 1978, § 7-1-6.1, NMSA 1978, § 7-1-6.4, and NMSA 1978, § 7-1-6.15, the State distributes each month to the Governmental Unit an amount equal to the product of the quotient of one and two hundred twenty-five thousandths percent (1.225%) divided by the gross receipts tax rate imposed by NMSA 1978, § 7-9-4 multiplied by the net receipts, from business locations within the Borrower/Grantee, subject to certain exceptions, which provides for the Pledged Revenues; and
WHEREAS, the Loan/Grant Agreement shall not constitute a general obligation of the Borrower/Grantee, the Water Trust Board or the Finance Authority or a debt or pledge of the full faith and credit of the Borrower/Grantee, the Water Trust Board, the Finance Authority or the State; and
WHEREAS, there have been presented to the Governing Body and there presently are on file with the City Clerk this Ordinance and the form of the Loan/Grant Agreement which is incorporated by reference and considered to be a part hereof; and
WHEREAS, the Governing Body hereby determines that the Additional Funding Amount is now available to the Borrower/Grantee to complete the Project; and
WHEREAS, the Borrower/Grantee has met or will meet prior to the first disbursement of any portion of the Loan/Grant Amount, the Conditions and readiness to proceed requirements established for the portion of the Loan/Grant Amount disbursed or caused to be disbursed by the Finance Authority, including but not limited to the requirements of Executive Order 2013-006; and
WHEREAS, all required authorizations, consents and approvals in connection with (i) the use of the Loan/Grant Amount for the purpose described, and according to the restrictions set forth, in the Loan/Grant Agreement; (ii) the availability of other moneys necessary and sufficient, together with the Loan/Grant Amount, to complete the Project; and (iii) the authorization, execution and delivery of the Loan/Grant Agreement which are required to have been obtained by the date of this Ordinance, have been obtained or are reasonably expected to be obtained.
BE IT ordained BY THE COUNCIL, THE GOVERNING BODY OF CITY OF ALBUQUERQUE:
SECTION 1. DEFINITIONS. As used in this Ordinance, the following terms shall, for all purposes, have the meanings herein specified, unless the context clearly requires otherwise (such meanings to be equally applicable to both the singular and the plural forms of the terms defined); and, any term not defined herein shall have the definition given it by the Loan/Grant Agreement:
“ACH Authorization” means the authorization for direct payment to the Finance Authority by ACH made by the Borrower/Grantee on the form required by the bank or other entity at which the account is held, from which the Pledged Revenues will be paid.
“Act” means the general laws of the State, particularly the Water Project Finance Act, NMSA 1978, §§ 72-4A-1 through 72-4A-11, and enactments of the Governing Body relating to the Loan/Grant Agreement, including this Ordinance, all as amended and supplemented.
“Additional Funding Amounts” means the amounts, stated in the Loan Agreement to be provided by the Borrower/Grantee which include the total value of the Soft Match or Hard Match (each as defined in Section 4.2 of the Policies) which, in combination with the Loan/Grant Amount and other moneys available to the Borrower/Grantee, are sufficient to complete the Project and to provide matching funds required to complete the Project.
“Administrative Fee” or “Administrative Fee Component” means an amount equal to one-quarter of one percent (0.25%) per annum of the unpaid principal balance of the Loan Amount, taking into account both payments made by the Borrower/Grantee and hardship waivers of payments granted to the Borrower/Grantee pursuant to Section 5.1(a)(iii) of the Loan/Grant Agreement.
“Authorized Officers” means any one or more of the Mayor, Chief Administrative Officer, Chief Financial Advisor, Director of Department of Finance and Administrative Services, Treasurer and City Clerk of the Borrower/Grantee.
“Board Rules” means Review and Eligibility of Proposed Water Projects, New Mexico Water Trust Board, 19.25.10 NMAC.
“Borrower/Grantee” means the City of Albuquerque in Bernalillo County, New Mexico.
“Closing Date” means the date of execution and delivery of the Loan/Grant Agreement by the Borrower/Grantee and the Finance Authority.
“Completion Date” means the date of final payment of the cost of the Project.
“Conditions” has the meaning given to that term in the Loan/Grant Agreement.
“Eligible Fiscal Agent Fees” has the meaning given to that term in the Loan/Grant Agreement.
“Eligible Items” means eligible Project costs for which grants and loans may be made pursuant to NMSA 1978, § 72-4A-7(C), as amended, of the Act, the Board Rules and applicable Policies, and includes, without limitation, Eligible Legal Costs and Eligible Fiscal Agent Fees.
“Eligible Legal Costs” has the meaning given to that term in the Loan/Grant Agreement.
“Finance Authority” means the New Mexico Finance Authority.
“Generally Accepted Accounting Principles” means the officially established accounting principles applicable to the Borrower/Grantee consisting of the statements, determinations and other official pronouncements of the Government Accounting Standards Board, Financial Accounting Standards Board, Federal Accounting Standards Board or other principle-setting body acceptable to the Lender/Grantor establishing accounting principles applicable to the Borrower/Grantee.
“Governing Body” means the duly organized City Council of the Borrower/Grantee, or any successor governing body of the Borrower/Grantee.
“Grant” or “Grant Amount” means the amount provided to the Borrower/Grantee as a grant pursuant to the Loan/Grant Agreement for the purpose of funding the Project, and shall not equal more than $2,700,000.
“Herein,” “hereby,” “hereunder,” “hereof,” “hereinabove” and “hereafter” refer to this entire Ordinance and not solely to the particular section or paragraph of this Ordinance in which such word is used.
“Loan” or “Loan Amount” means the amount provided to the Borrower/Grantee as a loan pursuant to the Loan/Grant Agreement for the purpose of funding the Project, in the maximum amount of $300,000.
“Loan/Grant” or “Loan/Grant Amount” means the amount partially provided to the Borrower/Grantee as the Grant Amount and partially borrowed by the Borrower/Grantee as the Loan Amount pursuant to a Loan/Grant Agreement for the purpose of funding the Project, and shall not equal more than $3,000,000.
“Loan/Grant Agreement” means the Water Project Fund Loan/Grant Agreement entered into by and between the Borrower/Grantee and the Finance Authority as authorized by this Ordinance.
“NMAC” means the New Mexico Administrative Code.
“NMSA 1978” means the New Mexico Statutes Annotated, 1978 Compilation, as amended and supplemented from time to time.
“Ordinance” means this Ordinance as it may be supplemented or amended from time to time.
“Pledged Revenues” means (i) the amounts of money derived from the State gross receipts tax imposed by the State of New Mexico on all persons engaging in business in New Mexico, levied pursuant to NMSA 1978, § 7-9-4, which (a) are distributed monthly by the State Taxation and Revenue Department of New Mexico to the Borrower/Grantee as authorized by NMSA 1978, § 7-1-6.1, NMSA 1978, § 7-1-6.4 and NMSA 1978, § 7-1-6.15, and (b) which distributions are to equal the product of (i) the quotient of 1.225% divided by the New Mexico gross receipts tax rate imposed by NMSA 1978, § 7-9-4, and (ii) such taxes paid by taxpayers, pursuant to such statutes, attributable to business locations within the municipal boundaries of the Borrower/Grantee, for the month for which the distribution is made, subject to any increase or decrease made pursuant to NMSA 1978, § 7-1-6.15, and after any disbursements for tax audits, refunds, payments of interest and administrative costs, pledged to the payment of the Loan Amount and Administrative Fees pursuant to this Ordinance and the Loan/Grant Agreement and described in the Term Sheet.
“Project” means the project described on the Term Sheet.
“Project Account” means the book account established by the Finance Authority in the name of the Borrower/Grantee for purposes of tracking expenditure of the Loan/Grant Amount by the Borrower/Grantee to pay for the costs of each Project, as shown in the Term Sheet for the Project, which account shall be kept separate and apart from all other accounts of the Finance Authority.
“Qualifying Water Project” means a water project for (i) storage, conveyance or delivery of water to end-users; (ii) implementation of the federal Endangered Species Act of 1973 collaborative programs; (iii) restoration and management of watersheds; (iv) flood prevention or (v) water conservation or recycling, treatment or reuse of water as provided by law; and which has been approved by the state legislature pursuant to NMSA 1978, § 72-4A-9(B), as amended.
“State” means the State of New Mexico.
“Term Sheet” means Exhibit “A” attached to the Loan/Grant Agreement for the Project.
“Useful Life” means the structural and material design life of the Project, including planning and design features, as required by the Act and the Board Rules.
“Water Project Fund” means the fund of the same name created pursuant to the Act and held and administered by the Finance Authority.
“Water Trust Board” or “WTB” means the water trust board created and established pursuant to the Act.
SECTION 2. RATIFICATION. All action heretofore taken (not inconsistent with the provisions of this Ordinance) by the Borrower/Grantee and officers of the Borrower/Grantee directed toward the acquisition and completion of the Project, the pledge of the Pledged Revenues to payment of amounts due under the Loan/Grant Agreement, and the execution and delivery of the Loan/Grant Agreement shall be, and the same hereby is, ratified, approved and confirmed.
SECTION 3. AUTHORIZATION OF THE PROJECT AND THE LOAN/GRANT AGREEMENT. The acquisition and completion of the Project and the method of funding the Project through execution and delivery of the Loan/Grant Agreement and the other documents related to the transaction are hereby authorized and ordered. The Project is for the benefit and use of the Borrower/Grantee and the public whom it serves.
SECTION 4. FINDINGS. The Governing Body hereby declares that it has considered all relevant information and data and hereby makes the following findings:
A. The Project is needed to meet the needs of the Borrower/Grantee and the public whom it serves.
B. Moneys available and on hand for the Project from all sources other than the Loan/Grant are not sufficient to defray the cost of acquiring and completing the Project but, together with the Loan/Grant Amount, are sufficient to complete the Project.
C. The Project and the execution and delivery of the Loan/Grant Agreement pursuant to the Act to provide funds for the financing of the Project are necessary, convenient and in furtherance of the governmental purposes of the Borrower/Grantee, and in the interest of the public health, safety, and welfare of the constituent public served by the Borrower/Grantee.
D. The Borrower/Grantee will acquire and complete the Project with the proceeds of the Loan/Grant, the Additional Funding Amounts and other amounts available to the Borrower/Grantee, and except as otherwise expressly provided by the Loan/Grant Agreement, will utilize, operate and maintain the Project for the duration of their Useful Life, as required by NMSA 1978, § 72-4A-7(A)(1), as amended.
E. Together with the Loan/Grant Amount, and other amounts available to the Borrower/Grantee, the Additional Funding Amounts are now available to the Borrower/Grantee, and in combination with the Loan/Grant Amount, will be sufficient to complete the Project.
F. The Finance Authority shall maintain on behalf of the Borrower/Grantee a separate Project Account for the Project as a book account only on behalf of the Borrower/Grantee and financial records in accordance with Generally Accepted Accounting Principles during the construction or implementation of the Project.
G. The Borrower/Grantee has acquired title to or easements or rights-of-way on the real property upon which the Project is being constructed or located as provided in the Loan/Grant Agreement.
SECTION 5. LOAN/GRANT AGREEMENT-AUTHORIZATION AND DETAIL.
A. Authorization. This Ordinance has been adopted by the affirmative vote of at least three-fourths of all of the members of the Governing Body. For the purpose of protecting the public health, conserving the property, and protecting the general welfare and prosperity of the constituent public served by the Borrower/Grantee and acquiring and completing the Project, it is hereby declared necessary that the Borrower/Grantee execute and deliver the Loan/Grant Agreement evidencing the Borrower/Grantee’s acceptance of the Grant Amount of Two Million Seven Hundred Thousand Dollars ($2,700,000), and a Loan Amount of Three Hundred Thousand Dollars ($300,000), to be utilized solely for Eligible Items necessary to complete the Project, and solely in the manner and according to the restrictions set forth in the Loan/Grant Agreement, the execution and delivery of which is hereby authorized. The Borrower/Grantee shall use the Loan/Grant Amount to finance the acquisition and completion of the Project.
B. Detail. The Loan/Grant Agreement shall be in substantially the form of the Loan/Grant Agreement presented at the meeting of the Governing Body at which this Ordinance was adopted. The Grant Amount and Loan Amount shall be those set forth in Section 5(A) of this Ordinance. Interest on the Loan Amount shall be zero percent (0%) per annum of the unpaid principal balance of the Loan Amount, and the Administrative Fee shall be one-quarter of one percent (0.25%) per annum of the unpaid principal balance of the Loan Amount, taking into account both payments made by the Borrower/Grantee and hardship waivers of payments granted to the Borrower/Grantee.
SECTION 6. APPROVAL OF LOAN/GRANT AGREEMENT. The form of the Loan/Grant Agreement as presented at the meeting of the Governing Body at which this Ordinance was adopted, is hereby approved. Authorized Officers are hereby individually authorized to execute, acknowledge and deliver the Loan/Grant Agreement with such changes, insertions and omissions as may be approved by such individual Authorized Officers, and the City Clerk is hereby authorized to attest the Loan/Grant Agreement. The execution of the Loan/Grant Agreement shall be conclusive evidence of such approval.
SECTION 7. SECURITY. The Loan Amount and Administrative Fees shall be solely secured by the pledge of the Pledged Revenues herein made and as set forth in the Loan/Grant Agreement.
SECTION 8. DISPOSITION OF PROCEEDS: COMPLETION OF THE PROJECT.
A. Project Account. The Borrower/Grantee hereby consents to creation of the Project Account by the Finance Authority for the Project. Until the Completion Date, the amount of the Loan/Grant credited to the Project Account shall be used and paid out solely for Eligible Items necessary to acquire and complete the Project in compliance with applicable law and the provisions of the Loan/Grant Agreement.
B. Completion of the Project. The Borrower/Grantee shall proceed to complete the Project with all due diligence. Upon the Completion Date, the Borrower/Grantee shall execute a certificate stating that completion of and payment for each Project has been completed. Following the Completion Date or the earlier expiration of the time allowed for disbursement of Loan/Grant funds as provided in the Loan/Grant Agreement, any balance remaining in the Project Account for the Project shall be transferred and deposited into the Water Project Fund or otherwise distributed as provided in the Loan/Grant Agreement.
C. Finance Authority Not Responsible. Borrower/Grantee shall apply the funds derived from the Loan/Grant Agreement as provided therein, and in particular Article VII of the Loan/Grant Agreement. The Finance Authority shall not in any manner be responsible for the application or disposal by the Borrower/Grantee or by its officers of the funds derived from the Loan/Grant Agreement or of any other funds held by or made available to the Borrower/Grantee in connection with the Project. The Finance Authority shall not be liable for the refusal or failure of any other agency of the State to transfer any portion of the Loan/Grant Amount in its possession, custody and control to the Finance Authority for disbursement to the Borrower/Grantee, or to honor any request for such transfer or disbursement of the Loan/Grant Amount.
SECTION 9. PAYMENT OF LOAN AMOUNT AND ACH AUTHORIZATION. Pursuant to the Loan/Grant Agreement, the Borrower/Grantee shall pay the Loan Amount and Administrative Fees directly from the Pledged Revenues to the Finance Authority as provided in the Loan/Grant Agreement in an amount sufficient to pay principal and other amounts due under the Loan/Grant Agreement and to cure any deficiencies in the payment of the Loan Amount or other amounts due under the Loan/Grant Agreement. The Borrower/Grantee hereby consents to the creation of an ACH authorization agreement for the purpose of making regular electronic payments of the Loan Amount and Administrative Fees.
SECTION 10. SUBORDINATE LIEN ON PLEDGED REVENUES. Pursuant to the Loan/Grant Agreement, the Loan/Grant Agreement constitutes an irrevocable subordinate lien (but not an exclusive subordinate lien) upon the Pledged Revenues to the extent of the Loan Amount and the Administrative Fees, the priority of which is consistent with that shown on the Term Sheet.
SECTION 11. AUTHORIZED OFFICERS. Authorized Officers are hereby individually authorized and directed to execute and deliver any and all papers, instruments, opinions, affidavits and other documents and to do and cause to be done any and all acts and things necessary or proper for carrying out this Ordinance, the Loan/Grant Agreement and all other transactions contemplated hereby and thereby. Authorized Officers are hereby individually authorized to do all acts and things required of them by this Ordinance and the Loan/Grant Agreement for the full, punctual and complete performance of all the terms, covenants and agreements contained in this Ordinance and the Loan/Grant Agreement including but not limited to, the execution and delivery of closing documents in connection with the execution and delivery of the Loan/Grant Agreement.
SECTION 12. AMENDMENT OF ORDINANCE. This Ordinance after its adoption may be amended without receipt by the Borrower/Grantee of any additional consideration, but only with the prior written consent of the Finance Authority.
SECTION 13. ORDINANCE IRREPEALABLE. After the Loan/Grant Agreement has been executed and delivered, this Ordinance shall be and remain irrepealable until all obligations due under the Loan/Grant Agreement shall be fully discharged, as herein provided.
SECTION 14. SEVERABILITY CLAUSE. If any section, paragraph, clause or provision of this Ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this Ordinance.
SECTION 15. REPEALER CLAUSE. All bylaws, orders, ordinances, resolutions, or parts thereof, inconsistent herewith are hereby repealed to the extent only of such inconsistency. This repealer shall not be construed to revive any bylaw, order, resolution or ordinance, or part thereof, heretofore repealed.
SECTION 16. EFFECTIVE DATE. Upon due adoption of this Ordinance, it shall be recorded in the book of the Borrower/Grantee kept for that purpose, authenticated by the signatures of the Mayor and City Clerk of the Borrower/Grantee, and this Ordinance shall be in full force and effect thereafter, in accordance with law; provided, however, that if recording is not required for the effectiveness of this Ordinance, this Ordinance shall be effective upon adoption of this Ordinance by the Governing Body.
SECTION 17. GENERAL SUMMARY FOR PUBLICATION. Pursuant to the general laws of the State, the title and a general summary of the subject matter contained in this Ordinance shall be published in substantially the following form:
[Form of Notice of Adoption of Ordinance for Publication]
CITY OF ALBUQUERQUE, Bernalillo COUNTY, NEW MEXICO
Notice of Adoption of Ordinance
Notice is hereby given of the title and of a general summary of the subject matter contained in Ordinance No. C/S O-26-17, duly adopted and approved by the City Council of City of Albuquerque on April 20, 2026. A complete copy of the Ordinance is available for public inspection during normal and regular business hours in the office of the City Clerk, at Plaza del Sol, 600 2nd NW, 7th floor, Albuquerque, New Mexico 87102.
The title of the Ordinance is:
ORDINANCE
AUTHORIZING THE EXECUTION AND DELIVERY OF A WATER PROJECT FUND LOAN/GRANT AGREEMENT BY AND BETWEEN THE NEW MEXICO FINANCE AUTHORITY (“FINANCE AUTHORITY”) AND THE CITY OF ALBUQUERQUE (THE “BORROWER/GRANTEE”), EVIDENCING AN OBLIGATION OF THE BORROWER/GRANTEE TO UTILIZE THE LOAN/GRANT AMOUNT SOLELY FOR a water storage, conveyance and delivery PROJECT for PUERTO DEL SOL golf course in the total amount of three million dollars ($3,000,000), including a loan in the aMount of three hundred thousand dollars ($300,000); SOLELY IN THE MANNER DESCRIBED IN THE LOAN/GRANT AGREEMENT; PROVIDING FOR THE PLEDGE AND PAYMENT OF THE LOAN AMOUNT AND AN ADMINISTRATIVE FEE SOLELY FROM THE revenues of the TAX DISTRIBUTIONS RECEIVED BY THE GOVERNMENTAL UNIT PURSUANT TO NMSA 1978, § 7-1-6.1, NMSA 1978, § 7-1-6.4, NMSA 1978, § 7-1-6.15, AND NMSA 1978, § 7-9-4, AS AMENDED; CERTIFYING THAT THE LOAN/GRANT AMOUNT, TOGETHER WITH OTHER FUNDS AVAILABLE TO THE BORROWER/GRANTEE, ARE SUFFICIENT TO COMPLETE THE PROJECT; APPROVING THE FORM OF AND OTHER DETAILS CONCERNING THE LOAN/GRANT AGREEMENT; RATIFYING ACTIONS HERETOFORE TAKEN; REPEALING ALL ACTION INCONSISTENT WITH THIS RESOLUTION; AND AUTHORIZING THE TAKING OF OTHER ACTIONS IN CONNECTION WITH THE EXECUTION AND DELIVERY OF THE LOAN/GRANT AGREEMENT.
A general summary of the subject matter of the Ordinance is contained in its title. This notice constitutes compliance with NMSA 1978, § 6-14-6, as amended.
[End of Form of Notice of Adoption for Publication]
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