City of Albuquerque - File #: R-14-126

• File #: R-14-126
• Type: Resolution
• Status: Enacted
• File created: 10/6/2014
• In control: City Council
• Final action: 11/17/2014
• Enactment date: 12/4/2014
• Enactment #: R-2014-100
• Title: F/S Declaring The City Council's Intent To Issue $36 Million Of Gross Receipts Tax Revenue Bonds For The Purpose Of Funding Capital Projects As Determined By The City Council (Pe?a, Lewis)

Date	Action By	Action	Result
12/4/2014	City Clerk	Published
12/3/2014	Mayor	Signed by the Mayor
11/26/2014	City Council	Sent to Mayor for Signature
11/17/2014	City Council	Passed as Substituted, as Amended	Pass
11/17/2014	City Council	Amended	Pass
11/17/2014	City Council	Substituted	Pass
11/3/2014	City Council	Motion	Pass
10/6/2014	City Council	Received and Referred
10/6/2014	President	Referred

CITY of ALBUQUERQUE
TWENTY-FIRST COUNCIL


COUNCIL BILL NO. F/S R-14-126 ENACTMENT NO. ________________________

SPONSORED BY: Klarissa Pe?a and Dan Lewis


RESOLUTION
title
F/S Declaring The City Council's Intent To Issue $36 Million Of Gross Receipts Tax Revenue Bonds For The Purpose Of Funding Capital Projects As Determined By The City Council (Pe?a, Lewis)
body
DECLARING THE CITY COUNCIL'S INTENT TO ISSUE $36 MILLION OF GROSS RECEIPTS TAX REVENUE BONDS FOR THE PURPOSE OF FUNDING CAPITAL PROJECTS AS DETERMINED BY THE CITY COUNCIL.
WHEREAS, the City Council, through C/S R-14-47, appropriated funds for the operation of the government of the City of Albuquerque for fiscal year 2015; and
WHEREAS, the fiscal year 2015 appropriations included a transfer of $2,600,000 to the Sales Tax Refunding Debt Service Fund (405) which was designated "for the service of debt for the anticipated bond issue of approximately $30 million for critical capital infrastructure for economic development projects"; and
WHEREAS, C/S R-14-47 further specified that "in the event that the infrastructure is not required for any particular manufacturing economic development project, bond proceeds will be used to provide funding for other capital projects ... as determined by the City Council"; and
WHEREAS, on September 4, 2014, Tesla Motors Inc. announced that it had chosen Reno, Nevada as the site for its electric battery "gigafactory", and therefore, the anticipated bond issue is no longer required for critical capital infrastructure for any particular manufacturing economic development project; and
WHEREAS, there is a need for capital improvements that promote City-wide economic development, and the Council has determined that the following priority capital projects should be funded.
BE IT RESOLVED BY THE COUNCIL, THE GOVERNING BODY OF THE CITY OF ALBUQUERQUE:
SECTION 1. That it is the intent of the Council to issue $36 million of Gross Receipts Tax...