CITY of ALBUQUERQUE
TWENTY SIXTH COUNCIL
COUNCIL BILL NO. O-25-87 ENACTMENT NO. ________________________
SPONSORED BY: Joaqu?n Baca and Dan Lewis, by request
ORDINANCE
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Authorizing The Issuance And Sale Of The City Of Albuquerque, New Mexico Taxable Industrial Revenue Bond (Sawmill Bellamah Properties Project) In Three Series In The Maximum Principal Amount Of $227,500,000 To Provide Funds To Acquire, Construct, Equip, And Improve Three Interrelated Components Within The Sawmill District: (I) The $76,300,000 Sawmill Hotel With An Anticipated 115 Guestrooms, 10 Suites, Restaurants, And Conference/Meeting Space; (II) The $70,400,000 Chaco Residences With An Anticipated 107 Extended Stay Guestrooms, Including 8 Suites, Wellness Areas, Restaurants And Conference Facilities; And (III) The $80,800,000 Sawmill Mixed Use Development With An Anticipated 140 Apartments With Entertainment Venues, Restaurants And Retail Space; Authorizing The Execution And Delivery Of Indentures, Lease Agreements, Bond Purchase Agreements, Bonds, And Other Documents In Connection With Each Series Of Bonds; Making Certain Determinations And Findings Relating To The Bonds And The Project; Ratifying Certain Actions Taken Previously; And Repealing All Actions Inconsistent With This Ordinance (Baca and Lewis, by request)
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WHEREAS, the City of Albuquerque (the "City") is a legally and regularly created, established, organized, and existing municipal corporation of the State of New Mexico (the "State"); and
WHEREAS, pursuant to Sections 3-32-1 through 3-32-16, New Mexico Statutes Annotated, 1978 Compilation, as amended (the "Act"), the City is authorized to acquire industrial revenue projects located within the corporate limits of the municipality for the purpose of promoting industry and trade by inducing commercial enterprises to locate or expand in the State of New Mexico; and
WHEREAS, pursuant to the Act, the City is authorized to issue revenue bonds fo...
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