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
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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)
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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...
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