CITY of ALBUQUERQUE
TWENTY SIXTH COUNCIL
COUNCIL BILL NO. R-25-157 ENACTMENT NO. ________________________
SPONSORED BY: Ren?e Grout
RESOLUTION
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Placing A Reserve On The Proceeds Of The City Of Albuquerque, New Mexico Short-Term Lodgers' Tax Improvement Revenue Bonds, Taxable Series 2025, And Requiring Council Approval Of A Detailed Spending Plan Prior To The Expenditure Of Funds (Grout)
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PLACING A RESERVE ON THE PROCEEDS OF THE CITY OF ALBUQUERQUE, NEW MEXICO SHORT-TERM LODGERS' TAX IMPROVEMENT REVENUE BONDS, TAXABLE SERIES 2025, AND REQUIRING COUNCIL APPROVAL OF A DETAILED SPENDING PLAN PRIOR TO THE EXPENDITURE OF FUNDS.
WHEREAS, the City Council has adopted an ordinance authorizing the issuance and sale of the City of Albuquerque, New Mexico Short-Term Lodgers' Tax Improvement Revenue Bonds, Taxable Series 2025, in an amount not to exceed $1,000,000; and
WHEREAS, the proceeds of the Series 2025 Bonds are intended to fund a broadly stated scope of "studying, designing, developing, constructing, reconstructing, rehabilitating, renovating, modernizing, signing, enhancing and otherwise improving tourist-related facilities and attractions located within the City," without identification of specific projects, locations, or beneficiaries; and
WHEREAS, the term of the Series 2025 Bonds is one day-from June 30, 2025 to July 1, 2025-making the timing and purpose of the expenditure critical to public transparency and fiscal oversight; and
WHEREAS, the City Council retains authority over the appropriation and expenditure of City funds and finds that the lack of specificity in the project scope requires legislative intervention to ensure that public dollars are spent in a manner consistent with the City's priorities and values.
BE IT RESOLVED BY THE COUNCIL, THE GOVERNING BODY OF THE CITY OF ALBUQUERQUE:
SECTION 1. All proceeds of the City of Albuquerque, New Mexico Short-Term Lodgers' Tax Improvement Revenue Bonds, Taxable Serie...
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