CITY of ALBUQUERQUE
TWENTIETH COUNCIL
COUNCIL BILL NO. F/S R-12-22 ENACTMENT NO. ______________________
SPONSORED BY: Sanchez, Lewis, Winter
RESOLUTION
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F/S Amending The Scope Of The Reserve Within The Sales Tax Refunding Debt Service Fund (405) To Strengthen The City's Commitment To Funding The Paseo Del Norte/I-25 Interchange Improvement Project (Sanchez, Lewis, Winter)
b
AMENDING THE SCOPE OF THE RESERVE WITHIN THE SALES TAX REFUNDING DEBT SERVICE FUND (405) TO STRENGTHEN THE CITY'S COMMITMENT TO FUNDING THE PASEO DEL NORTE/I-25 INTERCHANGE IMPROVEMENT PROJECT.
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, R-11-296 (Enactment No. R-2011-115) reserved these funds "pending 2012 State legislative action to be used for a possible City of Albuquerque match" (emphasis added) for the Paseo del Norte/I-25 Interchange project; and
WHEREAS, the City Council desires to strengthen that reserve language to ensure that the funding will be used for the Paseo del Norte/I-25 Interchange project.
BE IT RESOLVED BY THE COUNCIL, THE GOVERNING BODY OF THE CITY OF ALBUQUERQUE:
Section 1. That Section 1 of R-11-296, Enactment No. R-2011-115, is hereby amended to read as follows:
"Section 1. That three million dollars ($3,000,000) in the Sales Tax Refunding Debt Service Fund (405) is hereby reserved to be used to provide cash or bond funding of $50 million for the Paseo del Norte/I-25 Interchange project."
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