City of Albuquerque
File #: R-11-296   
Type: Resolution Status: Enacted and Published
File created: 10/5/2011 In control: City Council
Final action: 10/17/2011
Enactment date: 11/8/2011 Enactment #: R-2011-115
Title: 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)
Sponsors: Dan Lewis, Don Harris, Brad Winter
Attachments: 1. R-296.pdf, 2. R-296final.pdf, 3. R-296Enacted.pdf
Date Action ByActionResultAction Details
11/8/2011 City Clerk Published  Action details
11/3/2011 Mayor Signed by the Mayor  Action details
10/25/2011 City Council Sent to Mayor for Signature  Action details
10/17/2011 City Council AmendedFail Action details
10/17/2011 City Council PostponeFail Action details
10/17/2011 City Council AmendedFail Action details
10/17/2011 City Council Do PassPass Action details
10/5/2011 City Council Introduced  Action details
10/5/2011 President To be heard at the Council Meeting  Action details
CITY of ALBUQUERQUE
NINETEENTH COUNCIL
 
 
COUNCIL BILL NO.     R-11-296              ENACTMENT NO.                                     _  
 
SPONSORED BY:  Dan Lewis, Don Harris, Brad Winter
 
RESOLUTION
t
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)
b
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 reserved pending 2012 State legislative action to be used for bonding capacity for a possible City of Albuquerque match at a minimum of $25 million dollars, and up to $50 million dollars, for the Paseo del Norte/I-25 Interchange project.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
X:\SHARE\Legislation\Nineteen\R-296final.doc