CITY of ALBUQUERQUE
NINETEENTH COUNCIL
COUNCIL BILL NO.
R-11-296 ENACTMENT NO. _
SPONSORED BY: Dan Lewis, Don Harris, Brad Winter
RESOLUTION
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Reserving Three Million Dollars ($3,000,000) Within The Sales Tax Refunding Debt Service Fund (405) To Provide Bonding Capacity For The City's Cash Match For Paseo Del Norte/I-25 Interchange Improvements (Lewis, Harris, Winter)
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RESERVING THREE MILLION DOLLARS ($3,000,000) WITHIN THE SALES TAX REFUNDING DEBT SERVICE FUND (405) TO PROVIDE BONDING CAPACITY FOR THE CITY'S CASH MATCH FOR PASEO DEL NORTE/I-25 INTERCHANGE IMPROVEMENTS.
WHEREAS, the City Council approved in F/S R-11-204 a transfer of $3 million in recurring revenue to the Sales Tax Refunding Debt Service Fund (405); and
WHEREAS, these funds were to be utilized to provide bonding capacity for a capital investment plan pending voter approval; and
WHEREAS, the City voters did not approve the capital investment plan as proposed in the October 4, 2011 election; and
WHEREAS, the City has a need for critical transportation improvements in the Paseo del Norte/I-25 Interchange to mitigate traffic congestion; and
WHEREAS, there is potential funding available from State, Federal and other sources for the Paseo del Norte/I-25 Interchange; and
WHEREAS, current engineering estimates indicate Phase 1 of the Paseo del Norte/I-25 Interchange project, which would include new ramps, flyover(s) and unobstructed traffic lanes has been estimated to cost approximately $90 million; and
WHEREAS, completion of Phase I of the Paseo del Norte/I-25 Interchange project will greatly mitigate traffic congestion and has been repeatedly recognized as the foremost transportation improvement project for the City of Albuquerque.
BE IT RESOLVED BY THE COUNCIL, THE GOVERNING BODY OF THE CITY OF ALBUQUERQUE:
Section 1. That three million dollars ($3,000,000) in the Sales Tax Refunding Debt Service Fund (405) is hereby reserve...
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