City of Albuquerque
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File #: O-20-5   
Type: Ordinance Status: Enacted
File created: 3/16/2020 In control: City Council
Final action: 4/6/2020
Enactment date: 4/21/2020 Enactment #: O-2020-012
Title: F/S Authorizing The Issuance And Sale Of The City Of Albuquerque, New Mexico Tax Refunding Revenue Bonds In Four Series In An Aggregate Principal Amount Not To Exceed $145,000,000: (I) Gross Receipts Tax/Lodgers' Tax Refunding Revenue Bonds, Series 2020A In The Maximum Principal Amount Not To Exceed $58,000,000, (II) Gross Receipts Tax/Lodgers' Tax/Hospitality Fee Refunding Revenue Bonds, Series 2020B In The Maximum Principal Amount Not To Exceed $12,000,000, (III) Gross Receipts Tax Refunding Revenue Bonds, Series 2020C In The Maximum Principal Amount Not To Exceed $65,000,000, And (IV) Gross Receipts Tax/Stadium Revenues Refunding Revenue Bonds, Series 2020D In The Maximum Principal Amount Not To Exceed $10,000,000 For The Purpose Of (A) Financing The Cost Of Refunding Certain Of The City's Outstanding Gross Receipts Tax/Lodgers' Tax Revenue Bonds, And Certain Of The City's Outstanding Gross Receipts Tax Revenue Bonds; Providing For (I) The Payment Of The Series 2020A Bonds From Cert...
Attachments: 1. O-5, 2. O-5 Approved Floor Substitute.pdf, 3. FS O-5Enacted
Date Action ByActionResultAction Details
4/21/2020 City Clerk Published  Action details
4/10/2020 Mayor Signed by the Mayor  Action details
4/9/2020 City Council Sent to Mayor for Signature  Action details
4/6/2020 City Council Passed as SubstitutedPass Action details
4/6/2020 City Council SubstitutedPass Action details
3/16/2020 City Council Introduced  Action details
3/16/2020 President To be heard at the Council Meeting  Action details

CITY of ALBUQUERQUE

TWENTY FOURTH COUNCIL

 

COUNCIL BILL NO. F/S O-20-5                     ENACTMENT NO. ________________________

SPONSORED BY: COUNCILOR GIBSON

ORDINANCE

title

F/S Authorizing The Issuance And Sale Of The City Of Albuquerque, New Mexico Tax Refunding Revenue Bonds In Four Series In An Aggregate Principal Amount Not To Exceed $145,000,000: (I) Gross Receipts Tax/Lodgers’ Tax Refunding Revenue Bonds, Series 2020A In The Maximum Principal Amount Not To Exceed $58,000,000, (II) Gross Receipts Tax/Lodgers’ Tax/Hospitality Fee Refunding Revenue Bonds, Series 2020B In The Maximum Principal Amount Not To Exceed $12,000,000, (III) Gross Receipts Tax Refunding Revenue Bonds, Series 2020C In The Maximum Principal Amount Not To Exceed $65,000,000, And (IV) Gross Receipts Tax/Stadium Revenues Refunding Revenue Bonds, Series 2020D In The Maximum Principal Amount Not To Exceed $10,000,000 For The Purpose Of (A) Financing The Cost Of Refunding Certain Of The City’s Outstanding Gross Receipts Tax/Lodgers’ Tax Revenue Bonds, And Certain Of The City’s Outstanding Gross Receipts Tax Revenue Bonds; Providing For (I) The Payment Of The Series 2020A Bonds From Certain Gross Receipts Tax Revenues And Lodgers’ Tax Revenues, (II) The Payment Of The Series 2020B Bonds From Certain Gross Receipts Tax Revenues, Lodgers’ Tax Revenues And Hospitality Fee Revenues, (II) The Payment Of The Series 2020C Bonds From Certain Gross Receipts Tax Revenues, And (IV) The Payment Of The Series 2020D Bonds From Certain Gross Receipts Tax Revenues And Stadium Lease And Surcharge Revenues; Providing For The Collection Of Certain Lodgers’ Taxes, Certain Gross Receipts Taxes, Certain Hospitality Fee Revenues And Certain Stadium Lease And Surcharge Revenues; Approving The Delegation Of Authority To Make Certain Determinations Regarding The Sale Of The Series 2020 Bonds Pursuant To The Supplemental Public Securities Act (Gibson, by request)

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AUTHORIZING THE ISSUANCE AND SALE OF THE CITY OF ALBUQUERQUE, NEW MEXICO TAX REFUNDING REVENUE BONDS IN FOUR SERIES IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $145,000,000: (I) GROSS RECEIPTS TAX/LODGERS’ TAX REFUNDING REVENUE BONDS, SERIES 2020A IN THE MAXIMUM PRINCIPAL AMOUNT NOT TO EXCEED $58,000,000, (II) GROSS RECEIPTS TAX/LODGERS’ TAX/HOSPITALITY FEE REFUNDING REVENUE BONDS, SERIES 2020B IN THE MAXIMUM PRINCIPAL AMOUNT NOT TO EXCEED $12,000,000, (III) GROSS RECEIPTS TAX REFUNDING REVENUE BONDS, SERIES 2020C IN THE MAXIMUM PRINCIPAL AMOUNT NOT TO EXCEED $65,000,000, AND (IV) GROSS RECEIPTS TAX/STADIUM REVENUES REFUNDING REVENUE BONDS, SERIES 2020D IN THE MAXIMUM PRINCIPAL AMOUNT NOT TO EXCEED $10,000,000 FOR THE PURPOSE OF (A) FINANCING THE COST OF REFUNDING CERTAIN OF THE CITY’S OUTSTANDING GROSS RECEIPTS TAX/LODGERS’ TAX REVENUE BONDS, AND CERTAIN OF THE CITY’S OUTSTANDING GROSS RECEIPTS TAX REVENUE BONDS; PROVIDING FOR (i) THE PAYMENT OF THE SERIES 2020A BONDS FROM CERTAIN GROSS RECEIPTS TAX REVENUES AND LODGERS’ TAX REVENUES, (ii) THE PAYMENT OF THE SERIES 2020B BONDS FROM CERTAIN GROSS RECEIPTS TAX REVENUES, LODGERS’ TAX REVENUES AND HOSPITALITY FEE REVENUES, (ii) THE PAYMENT OF THE SERIES 2020C BONDS FROM CERTAIN GROSS RECEIPTS TAX REVENUES, AND (iv) THE PAYMENT OF THE SERIES 2020D BONDS FROM CERTAIN GROSS RECEIPTS TAX REVENUES AND STADIUM LEASE AND SURCHARGE REVENUES; PROVIDING FOR THE COLLECTION OF CERTAIN LODGERS’ TAXES, CERTAIN GROSS RECEIPTS TAXES, CERTAIN HOSPITALITY FEE REVENUES AND CERTAIN STADIUM LEASE AND SURCHARGE REVENUES; APPROVING THE DELEGATION OF AUTHORITY TO MAKE CERTAIN DETERMINATIONS REGARDING THE SALE OF THE SERIES 2020 BONDS PURSUANT TO THE SUPPLEMENTAL PUBLIC SECURITIES ACT; PROVIDING FOR THE TERMS AND OTHER DETAILS CONCERNING THE SERIES 2020 BONDS; PROVIDING FOR CERTAIN DOCUMENTS PERTAINING TO THE SERIES 2020 BONDS; RATIFYING ACTION PREVIOUSLY TAKEN; REPEALING ALL ACTIONS INCONSISTENT WITH THIS ORDINANCE; AUTHORIZING THE TAKING OF OTHER ACTIONS IN CONNECTION WITH THE ISSUE AND SALE OF THE SERIES 2020 BONDS.

Capitalized terms used in the following preambles are defined in Section 1 of this Bond Ordinance, unless the context requires otherwise.

WHEREAS, the City is a legally and regularly created, established, organized and existing municipal corporation under the general laws of the State and its home rule charter; and

WHEREAS, the City has Home Rule Powers; and

WHEREAS, the Series 2011A Bonds, Series 2014A Bonds and Series 2016 Bonds are secured by the State-Shared Gross Receipts Tax Revenues and the Pledged Lodgers’ Tax Revenues; and

WHEREAS, the Series 2011B Bonds, Series 2013 Bonds and Series 2015A Bonds are secured by the State-Shared Gross Receipts Tax Revenues; and

WHEREAS, the Series 2011A Bonds are also secured by Pledged Hospitality Fee Revenues; and

WHEREAS, the Series 2011B Bonds are also secured by Pledged Stadium Lease Revenues and Pledged Surcharge Revenues; and

WHEREAS, pursuant to Sections 3-38-1 et seq., NMSA 1978 and City Ordinance Enactment No. 68-1984, the City has imposed the Lodgers’ Tax on revenues on lodging within the City or persons furnishing such lodging; and

WHEREAS, pursuant to Section 3-38A-1 et seq. NMSA 1978 and Sixteenth Council Bill No. O-04-17, Enactment No. O-2004-19, the City has imposed a hospitality fee on gross taxable rent paid from lodging within the City; and

WHEREAS, pursuant to Section 7-9-4 NMSA 1978, the State imposes a gross receipts tax on persons engaging in business in the State, and pursuant to Section 7-1-6.1 NMSA 1978, the City receives monthly distributions from the New Mexico Taxation and Revenue Department of a portion (currently 1.225% of the taxable gross receipts reported for the City for the month for which such remittance is made) of such gross receipts taxes; and

WHEREAS, pursuant to Sections 7-1-6.1 NMSA 1978 and Section 7-1-6.46, the City receives monthly distributions from the New Mexico Taxation and Revenue Department in lieu of gross receipts tax revenue that the City would have received but for the deductions provided by Sections 7-9-92 and 7-9-93 NMSA 1978; and

WHEREAS, the City has previously sold and delivered Tax Obligations of which there remain Outstanding on the date of adoption of the Bond Ordinance the following aggregate principal amounts:

Series                     Amount Outstanding

Series 2004B Bonds                     $25,190,000

Series 2011A Bonds                     $10,410,000

Series 2011B Bonds                     $7,565,000

Series 2013 Bonds                     $33,980,000

Series 2014A Bonds                     $36,015,000

Series 2015A Bonds                     $34,735,000

Series 2015B Bonds                     $5,290,000

Series 2015C Bonds                     $1,695,000

Series 2016 Bonds                     $23,050,000

Series 2016B Bonds                     $8,430,000

Series 2016C Bonds                     $15,665,000

Series 2019A Bonds                     $33,830,000

Series 2019B Bonds                     $8,745,000

WHEREAS, except for the Tax Obligations listed above, on the date of adoption of this Bond Ordinance, no portion of the State-Shared Gross Receipts Tax Revenues has been pledged to the payment of any other Tax Obligations; and

WHEREAS, the City has previously sold and delivered Lodgers’ Tax Obligations of which there remain Outstanding on the date of adoption of the Bond Ordinance the Series 2004B Bonds, the Series 2011A Bonds, the Series 2014A Bonds, the Series 2016 Bonds and the Series 2019A Bonds in the aggregate principal amounts set forth above; and

WHEREAS, except for the Lodgers’ Tax Obligations listed above, on the date of adoption of this Bond Ordinance, no portion of the Pledged Lodgers’ Tax Revenues has been pledged to the payment of any other Lodgers’ Tax Obligations; and

WHEREAS, the City desires to issue and sell the Series 2020 Bonds in an aggregate principal amount not to exceed $145,000,000 to pay the cost and expenses of the Refunding Project; and

WHEREAS, the Series 2020A Bonds shall be secured by a first (but not an exclusive first) lien on the Pledged Lodgers’ Tax Revenues on a parity with the lien on Pledged Lodgers’ Tax Revenues of the Lodgers’ Tax Obligations, and a first (but not an exclusive first) lien on the State-Shared Gross Receipts Tax Revenues on a parity with the lien on State-Shared Gross Receipts Tax Revenues of the Senior Tax Obligations; and

WHEREAS, the Series 2020B Bonds shall be secured by a first (but not an exclusive first) lien on the Pledged Lodgers’ Tax Revenues on a parity with the lien on Pledged Lodgers’ Tax Revenues of the Lodgers’ Tax Obligations, a first (but not an exclusive first) lien on the Pledged Hospitality Fee Revenues on a parity with the lien on Pledged Hospitality Fee Revenues of the Hospitality Fee Obligations, and a first (but not an exclusive first) lien on the State-Shared Gross Receipts Tax Revenues on a parity with the lien on State-Shared Gross Receipts Tax Revenues of the Senior Tax Obligations; and

WHEREAS, the Series 2020C Bonds shall be secured by a first (but not an exclusive first) lien on the State-Shared Gross Receipts Tax Revenues on a parity with the lien on State-Shared Gross Receipts Tax Revenues of the Senior Tax Obligations; and

WHEREAS, the Series 2020D Bonds shall be secured by a first (but not an exclusive first) lien on the State-Shared Gross Receipts Tax Revenues on a parity with the lien on State-Shared Gross Receipts Tax Revenues of the Senior Tax Obligations, a first (but not an exclusive first) lien on the Pledged Stadium Lease Revenues on a parity with the lien on Pledged Hospitality Fee Revenues of the Stadium Lease Obligations, and a first (but not an exclusive first) lien on the Pledged Surcharge Revenues on a parity with the lien on Pledged Surcharge Revenues of the Surcharge Obligations; and

WHEREAS, the Act provides that any law which authorizes the pledge of any or all of the Lodgers’ Tax Revenues, State-Shared Gross Receipts Tax Revenues or Hospitality Fee Revenues to the payment of any revenue bonds issued pursuant to the Act or which affects the Lodgers’ Tax Revenues, State-Shared Gross Receipts Tax Revenues or Hospitality Fee Revenues, or any law supplemental thereto or otherwise appertaining thereto, shall not be repealed or amended or otherwise directly or indirectly modified in such a manner as to impair adversely any such outstanding revenue bonds, including the Series 2020 Bonds, unless such outstanding revenue bonds, including the Series 2020 Bonds, have been discharged in full or provision has been fully made therefor; and

WHEREAS, the City is authorized by the Act to issue and sell the Series 2020 Bonds to accomplish the Refunding Project; and

WHEREAS, the Council has determined that it is in the best interests of the City and its residents that the Refunded Bonds be refunded for the purpose of restructuring the debt service on the City’s bonds so as to achieve debt service savings as a result of current lower interest rates; and

WHEREAS, a portion of the proceeds of the Series 2020 Bonds, together with other funds legally available for that purpose, will be sufficient to redeem the Refunded Bonds; and

WHEREAS, the Council determines that it is in the best interest of the City and its residents to sell the Series 2020 Bonds to the Investment Bankers at the sale price, and on the terms set forth in the Sale Certificate; and

WHEREAS, all required authorizations, consents or approvals of any State governmental body, agency or authority for the authorization, execution and delivery of the Series 2020 Bonds which are required to have been obtained by the date of the adoption of the Bond Ordinance have been obtained, and which will be required to be obtained prior to the Closing Date, will have been obtained by that Closing Date.

BE IT ORDAINED BY THE COUNCIL, THE GOVERNING BODY OF THE CITY OF ALBUQUERQUE:

SECTION 1.                       DEFINITIONS AND RULES OF CONSTRUCTION.

(A)                     DEFINITIONS

.  As used in the Bond Ordinance, the following terms have the meanings specified, unless the context clearly requires otherwise:

ACT.  Sections 3-31-1 to 3-31-12, 3-38-13 to 3-38-24, 3-38A-1 to 3-38A-12, 3-65-1 to 3-65-10 and 6-14-8 to 6-14-11 NMSA 1978, as amended, the City Charter, the Home Rule Powers and all enactments of the Council, including the Bond Ordinance, relating to the issuance of the Series 2020 Bonds.

AUTHORIZED DENOMINATIONS.  Denominations of $5,000 and integral multiples thereof.

AUTHORIZED OFFICER.  The City’s Mayor, Chief Administrative Officer, Chief Financial Officer, Director of Department of Finance and Administrative Services, Treasurer, or other officer or employee of the City when designated by a certificate signed by the Mayor of the City from time to time.

BOND COUNSEL.  An attorney at law or a firm of attorneys, designated by the City, of nationally recognized standing in matters pertaining to the issuance of bonds issued by states and their political subdivisions.

BOND INSURANCE POLICY.  A municipal bond insurance policy issued by a Credit Source insuring the payment when due of the principal of and interest on Tax Obligations.

BOND ORDINANCE.  This ordinance, being City Twenty-Fourth Council Bill No. F/S O-20-5, as amended or supplemented from time to time.

BOND PURCHASE AGREEMENT.  The Bond Purchase Agreement among the City and the Investment Bankers relating to the sale of the Series 2020 Bonds to the Investment Bankers.

BOND REGISTER.  The books maintained by the Registrar for the registration, transfer and exchange of the Series 2020 Bonds.

BUSINESS DAY.  Any day other than (i) a Saturday or Sunday, or (ii) any day in which the offices of the City or the offices of banks located in the State are authorized or required to remain closed.

CITY.  The City of Albuquerque, in the County of Bernalillo and State of New Mexico.

CITY CHARTER.  The Charter of the City adopted pursuant to the laws of the State at a special election on June 29, 1971 and amended thereafter from time to time.

CLOSING DATE.  The date of the original issue, sale and delivery to the Investment Bankers or their designee of the Series 2020 Bonds.

CODE.  The Internal Revenue Code of 1986, as amended from time to time.  Each reference to a section of the Code in the Bond Ordinance shall be deemed to include the final and temporary United States Treasury regulations thereunder, as the same may be in effect from time to time, to the extent the same are applicable, unless the context clearly requires otherwise.

CONTINUING DISCLOSURE UNDERTAKING.  The undertaking of the City for the benefit of Owners and beneficial owners pursuant to which the City will agree that, while the Series 2020 Bonds are Outstanding, the City will annually provide certain financial information and operating data and will provide notice of certain events in accordance with Rule 15c2-12 promulgated under the Securities Exchange Act of 1934, as amended.

COUNCIL.  The governing body in which is vested the legislative power of the City.

COUNSEL.  An attorney at law (who may be counsel to the City).

CREDIT FACILITY.  A letter of credit, line of credit, Bond Insurance Policy or Reserve Fund Insurance Policy, guaranty or similar agreement provided by a Credit Source whose senior unsecured debt is rated no lower than the current rating on the applicable Obligations and in any event no lower than “AAA” by Moody’s, S&P and Fitch to the extent each such rating agency is then rating such Obligations to provide support to pay the purchase price of, or the payment when due of the principal of and interest on, such Obligations.

CREDIT SOURCE.  Any bank, insurance company or other financial institution which provides a Credit Facility for a series of Obligations.

CUSIP.  A Committee on Uniform Securities Identification Procedures number used to identify financial instruments including municipal bonds.

DEBT SERVICE REQUIREMENTS.  With respect to Tax Obligations, Lodgers’ Tax Obligations, Hospitality Fee Obligations, Surcharge Obligations and Stadium Lease Obligations, as applicable, and for any given period, the sum of: (1) the amount required to pay the interest, or to make reimbursements for payments of interest, becoming due on the Tax Obligations, Lodgers’ Tax Obligations, Hospitality Fee Obligations, Surcharge Obligations and Stadium Lease Obligations during that period, plus (2) the amount required to pay the principal or accreted value, or to make reimbursements for the payment of principal or accreted value, becoming due on Tax Obligations, Lodgers’ Tax Obligations, Hospitality Fee Obligations, Surcharge Obligations and Stadium Lease Obligations during that period, whether at maturity, an accretion term date or upon mandatory sinking fund redemption dates, plus (3) the periodic payments required to be made by the City pursuant to a qualified exchange agreement minus (4) the periodic payments to be received by the City pursuant to a qualified exchange agreement.  No payments required for any Tax Obligations, Lodgers’ Tax Obligations, Hospitality Fee Obligations, Surcharge Obligations and Stadium Lease Obligations which may be tendered or otherwise presented for payment at the option or demand of the owners or holders of the Tax Obligations, Lodgers’ Tax Obligations, Hospitality Fee Obligations, Surcharge Obligations and Stadium Lease Obligations, or which may occur because of the exercise of an option by the City, or which may otherwise become due by reason of any other circumstance or contingency, including acceleration or exchange termination payments, which constitute other than regularly scheduled payments of principal, accreted value, interest or other regularly scheduled payments on the Tax Obligations, Lodgers’ Tax Obligations, Hospitality Fee Obligations, Surcharge Obligations and Stadium Lease Obligations shall be included in any computation of Debt Service Requirements for that period.

Unless, at the time of computation of Debt Service Requirements, payments on the Tax Obligations, Lodgers’ Tax Obligations, Hospitality Fee Obligations, Surcharge Obligations and Stadium Lease Obligations are owed to, or the Tax Obligations, Lodgers’ Tax Obligations, Hospitality Fee Obligations, Surcharge Obligations and Stadium Lease Obligations are owned or held by, the provider of a Credit Facility pursuant to the provisions of that Credit Facility, the computation of interest for the purposes of this definition shall be made without considering the interest rate payable pursuant to a Credit Facility.

In any computation of Debt Service Requirements relating to the issuance of additional Senior Tax Obligations, there shall be deducted from that computation of Debt Service Requirements amounts and investments which are irrevocably committed to make designated payments on the Tax Obligations during the applicable period, including, without limitation money on deposit in any debt service account, amounts on deposit in an escrow account irrevocably committed to make designated payments on the Tax Obligations, during the applicable period and earnings on such investments which are payable during the applicable period.

For the purpose of the definition of Debt Service Requirements, the accreted value of capital appreciation bonds becoming due shall be included in the calculation of accrued and unpaid and accruing interest and principal only from and after the date which is one year prior to the date on which the accreted value becomes payable.  In addition, the definition of Debt Service Requirements shall include any Expense Component.

DEFEASANCE OBLIGATIONS.  The following obligations which are not redeemable at the option of the City:

(1)                     Government Obligations; and

(2)                     if permitted by law, obligations described in Section 103(a) of the Code, (a) provisions for the payment of the principal of, premium, if any, and interest on which (i) shall have been made by the irrevocable deposit with a bank or trust company acting as a trustee, escrow agent or holder of such obligations, securities described in clause (1) of this definition, the maturing principal of and interest on which, when due and payable, without further investment or reinvestment thereof, will provide sufficient money to pay when due the principal of, premium, if any, and interest on such obligations, and (ii) which securities described in clause (1) of this definition are not available to satisfy any other claim, including any claim of such trustee or escrow agent or of any person claiming through such trustee or escrow agent or to whom such trustee or escrow agent may be obligated, including claims in the event of insolvency of such trustee or escrow agent or proceedings arising out of such insolvency or (b) rated in its highest rating category (without regard to any refinement or gradation thereof by numerical modifier or otherwise) by S&P, Moody’s or Fitch.

DEPOSITORY.  The following registered securities depository:  The Depository Trust Company, 570 Washington Boulevard, Jersey City, New Jersey 07310, http://www.dtcc.com; or in accordance with then-current guidelines of the United States Securities and Exchange Commission, to such other addresses and/or such other securities depositories, or no such depositories, as an Authorized Officer may designate in a certificate of the City.

ELECTRONIC MEANS.  Telephone, telecopy, telegraph, facsimile transmission or any other similar means of electronic communication.  Any communication by telephone as an Electronic Means shall promptly be confirmed in writing, which may be by one of the other means of electronic communication listed in this definition.

EMMA.  The Municipal Securities Rulemaking Board’s Electronic Municipal Market Access System located on its website at emma.msrb.org.

ESCROW AGENT.  The financial institution identified in the Sale Certificate, serving as escrow agent pursuant to the Escrow Agreement.

                                          ESCROW AGREEMENT.  The escrow agreement between the City and the Escrow Agent for defeasance of the Refunded Bonds.

ESCROW FUND.  The Series 2020 Escrow Fund created herein for the refunding of the Refunded Bonds.

EVENT OF DEFAULT.  Any of the events set forth in Section 31.

EXPENSES.  The reasonable and necessary fees, costs and expenses incurred by the City in connection with the issuance of the Series 2020 Bonds and any transaction or event contemplated by the Series 2020 Bonds and the Bond Ordinance including, without limitation: (i) costs of advertising and publication of legislation relating to the Series 2020 Bonds; (ii) costs of printing certificates for the Series 2020 Bonds and any disclosure documents; (iii) legal fees and expenses; (iv) fees and expenses of any (a) fiscal service providers, (b) underwriter (including underwriter’s discount), (c) financial advisor, (d) Independent Accountant, (e) escrow agent, and (f) Qualified Counterparty; (v) the initial premium payable to any Insurer with respect to the Series 2020 Bonds; (vi) disclosure matters pertaining or allocable to, the Series 2020 Bonds; and (vii)  all reasonable and necessary fees and administrative costs of the City relating to the foregoing.

FISCAL AGENT.  Collectively, the Paying Agent and Registrar.

FISCAL YEAR.  The twelve month period beginning on the first day of July of each year and ending on the last day of June of the next succeeding year, or any other twelve month period, which the City or other appropriate authority may establish as the fiscal year for the City.

FITCH.  Fitch Ratings, its successors and their assigns, and, if such corporation is dissolved or liquidated or no longer performs the function of a securities rating agency, any other nationally recognized securities rating agency designated by the City.

GOVERNMENT OBLIGATIONS.  Direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America or certificates or receipts established by the United States Government or its agencies or instrumentalities representing direct ownership of future interests or principal payments on direct obligations of, or obligations fully guaranteed by, the United States of America or any of its agencies or instrumentalities the obligations of which are backed by the full faith and credit of the United States, which obligations are held by a custodian in safekeeping on behalf of the holders of such receipts, and rated or assessed in its highest Rating Category by S&P, if then rating the Series 2020 Bonds, Moody’s, if then rating the Series 2020 Bonds, and Fitch, if then rating the Series 2020 Bonds.

GROSS RECEIPTS TAX INCOME FUND.  The “City of Albuquerque Gross Receipts Tax Income Fund” continued in Section 15 of the Bond Ordinance.

HOME RULE POWERS.  The authority of the City to exercise legislative powers given pursuant to the City Charter adopted by the City pursuant to Article X, Section 6 of the State Constitution.

HOSPITALITY FEE OBLIGATIONS.  All bonds and other similar indebtedness payable solely or primarily from Hospitality Fee Revenues.

HOSPITALITY FEE REVENUE FUND.  The “City of Albuquerque Hospitality Fee Revenue Fund” continued in Section 15 of the Bond Ordinance.

HOSPITALITY FEE REVENUES.  The revenues received by the City pursuant to the Hospitality Fee Act from a hospitality fee imposed by the Sixteenth Council Bill No. O-04-17, Enactment No. O-2004-19, imposed on gross receipts tax rent for lodging within the City in an amount equal to one percent (1%) of the gross taxable rent paid for lodging (not including State or local gross receipts tax) collected by the City from persons furnishing such lodging.

INDEPENDENT ACCOUNTANT.  Any certified public accountant, registered accountant, or firm of accountants duly licensed to practice and practicing as such under the laws of the State, appointed and paid by the City who (a) is, in fact, independent and not under the domination of the City, (b) does not have any substantial interest, direct or indirect, with the City, and (c) is not connected with the City as an officer or employee of the City, but who may be regularly retained to make annual or similar audits of the books or records of the City.

INSURED BANK.  Any federally or state-chartered savings and loan association or federally or state-chartered commercial bank, the deposits of which are insured by the Federal Deposit Insurance Corporation and which has, or is the lead bank of a parent holding company which has, combined capital, surplus and undivided profits of not less than $10,000,000.

INSURED OBLIGATIONS.  Any Obligations insured by a Bond Insurance Policy or payable with the proceeds of another Credit Facility.

INSURER.  Any insurer or insurers issuing a Bond Insurance Policy or Surety Bond, or both, for Obligations.

INTEREST PAYMENT DATE.  January 1 and July 1 of each year (or if such day is not a Business Day, then the next succeeding Business Day), commencing on the date specified in the Sale Certificate.

INVESTMENT BANKERS.  The purchasers of the Series 2020 Bonds as designated in the Sale Certificate.

LEASE.  The Stadium Lease Agreement between the City and the Team executed in October 2001 pursuant to which the City leases the Stadium to the Team.

LODGERS’ TAX.  The occupancy tax imposed by City Ordinance Enactment No. 68-1984 on revenues on lodging within the City in an amount (at the time of adoption of the Bond Ordinance) equal to five percent (5%) of the gross taxable rent paid for lodging (not including State or local gross receipts tax) collected by the City from persons furnishing such lodging.

LODGERS’ TAX ACT.  Sections 3-38-13 to 3-38-24 NMSA 1978, as amended.

LODGERS’ TAX OBLIGATIONS.  Outstanding bonds and other obligations of the City secured by Pledged Lodgers’ Tax Revenues, which as of the date of adoption of this Bond Ordinance are the Series 2004B Bonds, the Series 2011A Bonds, the Series 2014A Bonds, the Series 2016 Bonds, the Series 2019A Bonds and obligations relating thereto, including obligations of the City to the provider of any Credit Facility relating to Lodgers’ Tax Obligations.

LODGERS’ TAX REVENUE FUND.  The “City of Albuquerque Lodgers’ Tax Revenue Fund” continued in Section 15.

LODGERS’ TAX REVENUES.  The revenues received by the City pursuant to the Lodgers’ Tax Act from the Lodgers’ Tax.

MATURITY DATE.  The date or dates on which the Series 2020 Bonds mature.

MOODY’S.  Moody’s Investors Service, Inc., a corporation organized and existing under the laws of the State of Delaware, its successors and their assigns, and, if such corporation is dissolved or liquidated or no longer performs the functions of a securities rating agency, any other nationally recognized securities rating agency designated by the City.

NMSA.  New Mexico Statutes Annotated, 1978 Compilation, as amended and supplemented.

OFFICIAL STATEMENT.  The final disclosure document relating to the sale of the Series 2020 Bonds (including the cover page and all summary statements, appendices and other materials included or incorporated by reference or attached thereto), as amended or supplemented.

OUTSTANDING.  When used in reference to obligations with a lien on Pledged Revenues, on any particular date, the aggregate of all such obligations issued and delivered under the applicable City ordinance or resolution authorizing the issuance of such obligations, except:

(1)                     those canceled at or prior to such date or delivered to or acquired by the City at or prior to such date for cancellation;

(2)                     those which have been paid or are deemed to be paid in accordance with the City ordinance or resolution authorizing the issuance of the applicable obligations, or otherwise relating thereto, provided that the payment of Insured obligations with the proceeds of a Bond Insurance Policy shall not result in those Insured obligations ceasing to be Outstanding;

(3)                     in the case of Variable Rate Tax Obligations, any obligations deemed tendered but not yet presented for payment; and

(4)                     those in lieu of or in exchange or substitution for which other obligations shall have been delivered, unless proof satisfactory to the City and the Paying Agent for the applicable obligations is presented that any obligations for which new obligations were issued or exchanged are held by a bona fide holder or in due course.

OWNER.  The registered owner of a Series 2020 Bond as shown, from time to time, on the registration books for the Series 2020 Bonds maintained by the relevant registrar for the City.

PARITY HOSPITALITY FEE OBLIGATIONS.  Any other Hospitality Fee Obligations issued or incurred after the adoption of the Bond Ordinance payable from the Pledged Hospitality Fee Revenues, with a first (but not exclusive first) lien on the Pledged Hospitality Fee Revenues on a parity with the lien on the Pledged Hospitality Fee Revenues of the Series 2020B Bonds and prior to the lien of Subordinate Hospitality Fee Obligations.

PARITY LODGERS’ TAX OBLIGATIONS.  The Series 2004B Bonds, the Series 2011A Bonds, the Series 2014A Bonds, the Series 2016 Bonds, the Series 2019A Bonds, and any other Lodgers’ Tax Obligations issued or incurred after the adoption of this Bond Ordinance payable from the Pledged Lodgers’ Tax Revenues, with a first (but not an exclusive first) lien on the Pledged Lodgers’ Tax Revenues on a parity with the lien on the Pledged Lodgers’ Tax Revenues of the Series 2020A Bonds and Series 2020B Bonds and prior to the lien on the Pledged Lodgers’ Tax Revenues of Subordinate Lodgers’ Tax Obligations.

PARITY STADIUM LEASE OBLIGATIONS.  Any Stadium Lease Obligations issued or incurred after the adoption of the Bond Ordinance payable from Pledged Stadium Lease Revenues, with a first (but not an exclusive first) lien on the Pledged Stadium Lease Revenues on a parity with a the lien on the Pledged Stadium Lease Revenues of the Series 2020D Bonds and prior to the lien of the Subordinate Stadium Lease Obligations.

PARITY SURCHARGE OBLIGATIONS.  Any Surcharge Obligations issued or incurred after the adoption of the Bond Ordinance payable from the Pledged Surcharge Revenues, with a first (but not an exclusive first) lien on the Pledged Surcharge Revenues on a parity with the lien on the Pledged Surcharge Revenues of the Series 2020D Bonds and prior to the lien of Subordinate Surcharge Obligations.

PAYING AGENT.  The City Treasurer or other agent for the City for the payment of the Series 2020 Bonds and any co-paying agent or successor paying agent which is a trust company, national or state banking association or financial institution appointed by resolution of the Council or by an Authorized Officer from time to time.

PAYMENT OBLIGATIONS.  All obligations of the City to pay the Credit Source the principal amount of, interest on, and fees, costs, expenses and other amounts related to drawings, term loans and other advances and Obligations held by that Credit Source, pursuant to that Credit Facility.

PERMITTED INVESTMENTS.  Any investment legally permitted pursuant to Section 6-10-10 NMSA 1978, the City Charter and the City Investment Policy.

PERSON.  Any individual, corporation, partnership (in which case each partner shall be deemed a Person), joint venture, association, joint stock company, limited liability company, trust, unincorporated organization, or government or any agency or political subdivision of a government.

PLEDGED HOSPITALITY FEE REVENUES.  Fifty percent (50%) of the Hospitality Fee Revenues received by the City, after deduction of the administrative costs pertaining to the Hospitality Fee to the extent required by the Hospitality Fee Act, provided that the City is not pledging, and the term “Pledged Hospitality Fee Revenues” does not include, any Hospitality Fee Revenues in excess of fifty percent (50%) thereof.

PLEDGED LODGERS’ TAX REVENUES.  Fifty percent (50%) of the Lodgers’ Tax Revenues received by the City, after deduction of the administrative costs pertaining to the Lodgers’ Tax to the extent required by the Lodgers’ Tax Act, provided that the City is not pledging, and the term “Pledged Lodgers’ Tax Revenues” does not include, any of the Lodgers’ Tax Revenues in excess of fifty percent (50%) thereof.

PLEDGED REVENUES.  In the case of (i) the Series 2020A Bonds, the Pledged Lodgers’ Tax Revenues and the State-Shared Gross Receipts Tax Revenues, (ii) the Series 2020B Bonds, the Pledged Lodgers’ Tax Revenues, Pledged Hospitality Fee Revenues, and the State-Shared Gross Receipts Tax Revenues, (iii) the Series 2020C Bonds, the State-Shared Gross Receipts Tax Revenues, and (iv) the Series 2020D Bonds, the State-Shared Gross Receipts Tax Revenues, the Pledged Stadium Lease Revenues and Pledged Surcharge Revenues.

PRELIMINARY OFFICIAL STATEMENT.  The initial disclosure document relating to the sale of the Series 2020 Bonds (including the cover page and all summary statements, appendices and other materials included or incorporated by reference or attached thereto), as amended or supplemented.

PLEDGED STADIUM LEASE REVENUES.  All revenues derived by the City from the Lease including, but not limited to:

(1)                     base rent payment of $700,000 per lease year as set forth in Section 3.01 of the Lease but subject to rental adjustment as set forth in Section 3.02 of the Lease;

(2)                     additional base rent not to exceed $75,000 as set forth in Section 3.03 of the Lease;

(3)                     additional percentage rent, equal to 12.5% of the Team’s gross revenues (as defined in the Lease) in excess of $5,500,000 per lease year or $437,500, whichever is less, as set forth in Section 3.04 of the Lease;

(4)                     any Net Proceeds (as defined in the Lease) received by the City as shared revenues pursuant to Section 6.02 of the Lease;

(5)                     any parking revenues received by the City pursuant to Section 5.02 of the Lease, subject, however, to any escrow established pursuant to Section 5.02(b) of the Lease; and

(6)                     any and all other revenues derived by the City pursuant to the Lease.

PLEDGED SURCHARGE REVENUES.  Revenues derived by the City pursuant to City Fourteenth Council Bill No. O-01-140, and equal to ten percent of Stadium Revenues as described therein.

PRINCIPAL PAYMENT DATE.  July 1 of each year (or if such day is not a Business Day, then the next succeeding Business Day), commencing on the date specified in the Sale Certificate.

QUALIFIED COUNTERPARTY.  Any Person entering into a Qualified Exchange Agreement with the City, its successors and assigns, or any substitute Qualified Counterparty, appointed or consented to from time to time by an Authorized Officer.

QUALIFIED EXCHANGE AGREEMENT.  Any financial arrangement between the City and a Qualified Counterparty which satisfies the requirements of Section 6-18-8.1 NMSA 1978, as amended, at the time the agreement is entered into.

RATING CATEGORY.  A generic securities rating category, without regard, in the case of a long term rating category, to any refinement or gradation of such long-term rating category by a numerical modifier or otherwise.

RECORD DATE.  The fifteenth day of the month immediately preceding each Interest Payment Date.

REDEMPTION DATES.  Such date as provided for in the applicable Refunded Bonds Ordinance or as determined by the City on which the Refunded Bonds shall be redeemed.

REFUNDED BONDS.  The Outstanding Series 2011A Bonds, Series 2011B Bonds, Series 2013 Bonds, Series 2014A Bonds, Series 2015A Bonds and Series 2016 Bonds.

REFUNDED BONDS ORDINANCES.  With respect to the Series 2011A Bonds and the Series 2011B Bonds, City Bill No. F/S O-11-60, Series 2013 Bonds, City Bill No. F/S 0-12-17, Series 2014A Bonds, City Bill No. F/S O-14-9, Series 2015A Bonds, City Bill Nos. F/S O-14-24 and F/SO-15-46, and Series 2016 Bonds, City Bill No. F/S O-16-20.

REFUNDING PROJECT.  The redemption on the Redemption Dates of the Series 2011A Bonds with the proceeds of the Series 2020B Bonds, the Series 2014A Bonds and Series 2016 Bonds with proceeds of the Series 2020A Bonds, the Series 2011B Bonds with the proceeds of the Series 2020D Bonds, and the Series 2013 Bonds and Series 2015A Bonds with proceeds of the Series 2020C Bonds and, to the extent necessary, other money of the City legally available for the purpose.

REGISTRAR.  The Treasurer or other agent for the City for the transfer and exchange of the Series 2020 Bonds and any co-registrar or successor registrar which is a trust company, national or state banking association or financial institution appointed by resolution of the Council or by an Authorized Officer from time to time.

RELATED DOCUMENTS.  The Bond Purchase Agreement, the Escrow Agreement the Continuing Disclosure Undertaking, and any other documents relating to the Series 2020 Bonds identified and approved in the Bond Ordinance.

RESERVE FUND INSURANCE POLICY.  Any policy of insurance or surety bond or other Credit Facility issued to the City to be deposited in a reserve account, the proceeds of which shall be used to prevent deficiencies in the payment of the principal of or interest on a series of Tax Obligations written by an Insurer whose policies of insurance, or issued by a Credit Source whose Credit Facility, would not adversely affect the rating of the Tax Obligations by Moody’s, S&P or Fitch.  At the time of the issuance of such policy, such Insurer or the component insurance companies thereof or the obligations thereof shall have received the highest policy claims rating accorded Insurers by the A. M. Best Company or any comparable service and either of the two highest rating categories of Moody’s, S&P or Fitch.

S&P.  S&P Global Ratings, its successors and their assigns, and, if such corporation is dissolved or liquidated or no longer performs the functions of a securities rating agency, any other nationally recognized securities agency designated by the City.

SALE CERTIFICATE.  One or more certificates executed by the Chief Financial Officer, Director of the Department of Finance and Administrative Services or the City Treasurer dated on or before the date of delivery of the Series 2020 Bonds, setting forth the following final terms of the Series 2020 Bonds: (i) the interest and principal payment dates; (ii) the principal amounts, denominations and maturity amortization; (iii) the sale prices; (iv) the interest rate or rates; (v) the interest payment periods; (vi) the redemption and tender provisions; (vii) the creation of any capitalized interest fund or a debt service reserve account, including the size and funding of such fund(s); (viii) the amount of underwriting discount, if any; (ix) the federal tax status of the Series 2020 Bonds; and (x) the final terms of agreements, if any, with agents or service providers required for the purchase, sale, issuance and delivery of the Series 2020 Bonds, all subject to the parameters and conditions contained in this Bond Ordinance.

SENIOR TAX OBLIGATIONS.  The Series 2004B Bonds, the Series 2011A Bonds, the Series 2011B Bonds, the Series 2013 Bonds, the Series 2014A Bonds, the Series 2015A Bonds, the Series 2015B Bonds, the Series 2015C Bonds, the Series 2016 Bonds, the Series 2016B Bonds, the Series 2016C Bonds, the Series 2019A Bonds, the Series 2019B Bonds and any other Tax Obligations issued or incurred after the adoption of this Bond Ordinance payable from the State-Shared Gross Receipts Tax Revenues, with a lien on the State-Shared Gross Receipts Tax Revenues on a parity with the lien on the State-Shared Gross Receipts Tax Revenues of the Series 2020 Bonds.

SERIES 2004B BONDS.  The “City of Albuquerque, New Mexico Taxable Gross Receipts Tax/Lodgers’ Tax Refunding Revenue Bonds, Series 2004B.”

SERIES 2011 BONDS.  The Series 2011A Bonds and the Series 2011B Bonds.

SERIES 2011A BONDS.  The “City of Albuquerque, New Mexico Gross Receipts Tax/Lodgers’ Tax/Hospitality Fee Improvement and Refunding Revenue Bonds, Series 2011A.”

SERIES 2011B BONDS.  The “City of Albuquerque, New Mexico Gross Receipts Tax/Stadium Revenue Refunding Bonds, Taxable Series 2011B.”

SERIES 2013 BONDS.  The “City of Albuquerque, New Mexico Gross Receipts Tax Improvement Revenue Bonds, Series 2013.”

SERIES 2014A BONDS.  The “City of Albuquerque, New Mexico Gross Receipts Tax/Lodgers’ Tax Refunding and Improvement Revenue Bonds, Series 2014A.”

SERIES 2015A BONDS.  The “City of Albuquerque, New Mexico Gross Receipts Tax Improvement Revenue Bonds, Series 2015A.”

SERIES 2015B BONDS.  The “City of Albuquerque, New Mexico Gross Receipts Tax Improvement Revenue Bonds, Taxable Series 2015B.”

SERIES 2015C BONDS.  The “City of Albuquerque, New Mexico Gross Receipts Tax Revenue Bonds, Series 2015C.”

SERIES 2016 BONDS.  The “City of Albuquerque, New Mexico Gross Receipts Tax/Lodgers’ Tax Improvement Revenue Bonds, Taxable Series 2016.”

SERIES 2016B BONDS.  The “City of Albuquerque, New Mexico Gross Receipts Tax Revenue Bonds (Beach, Bluewater and Manzano Vista Projects), Series 2016B.”

SERIES 2016C BONDS.  The “City of Albuquerque, New Mexico Gross Receipts Tax Improvement Revenue Bonds, Series 2016C.”

SERIES 2019 BONDS.  The Series 2019A Bonds and the Series 2019B Bonds.

SERIES 2019A BONDS.  The “City of Albuquerque, New Mexico Gross Receipts Tax/Lodgers’ Tax Improvement and Refunding Revenue Bonds, Series 2019A.”

SERIES 2019B BONDS.  The “City of Albuquerque, New Mexico Gross Receipts Tax Revenue Refunding Bonds, Series 2019B.”

SERIES 2020 BONDS OR BONDS.  Collectively, the Series 2020A Bonds, the Series 2020B Bonds, the Series 2020C Bonds and the Series 2020D Bonds

SERIES 2020A BONDS.  The “City of Albuquerque, New Mexico Gross Receipts Tax/Lodgers’ Tax Refunding Revenue Bonds, Series 2020A.”

SERIES 2020B BONDS.  The “City of Albuquerque, New Mexico Gross Receipts Tax/Lodgers’ Tax/Hospitality Fee Refunding Revenue Bonds, Series 2020B.”

SERIES 2020C BONDS.  The “City of Albuquerque, New Mexico Gross Receipts Tax Refunding Revenue Bonds, Series 2020C.”

SERIES 2020D BONDS.  The “City of Albuquerque, New Mexico Gross Receipts Tax/Stadium Revenues Refunding Revenue Bonds, Series 2020D.

SERIES 2020A DEBT SERVICE FUND.  The “City of Albuquerque, New Mexico Gross Receipts Tax/Lodgers’ Tax Refunding Revenue Bonds, Series 2020A Debt Service Fund” created in Section 15.

SERIES 2020B DEBT SERVICE FUND.  The “City of Albuquerque, New Mexico Gross Receipts Tax/Lodgers’ Tax/Hospitality Fee Refunding Revenue Bonds, Series 2020B Debt Service Fund” created in Section 15.

SERIES 2020C DEBT SERVICE FUND.  The “City of Albuquerque, New Mexico Gross Receipts Tax Refunding Revenue Bonds, Series 2020C Debt Service Fund” created in Section 15.

SERIES 2020D DEBT SERVICE FUND.  The “City of Albuquerque, New Mexico Gross Receipts Tax/Stadium Revenues Refunding Revenue Bonds, Series 2020D Debt Service Fund” created in Section 15

SPECIAL RECORD DATE.  A date established for payment of overdue interest on Series 2020 Bonds by the Paying Agent pursuant to Section 5.(B).

STADIUM.  The Albuquerque Sports Stadium located at the Northeast corner of University Boulevard and Cesar Chavez Boulevard, including related parking.

STADIUM LEASE OBLIGATIONS.  All bonds and other similar indebtedness payable solely or primarily from Pledged Stadium Lease Revenues.

STADIUM LEASE REVENUE FUND.  The “City of Albuquerque Stadium Lease Revenue Fund” continued in Section 15 of the Bond Ordinance.

STATE.  The State of New Mexico.

STATE-SHARED GROSS RECEIPTS TAX REVENUES.  The revenues from the State gross receipts tax derived pursuant to Section 7-9-4 NMSA 1978, imposed on persons engaging in business in the State, which revenues are remitted monthly by the Revenue Division of the Taxation and Revenue Department of the State to the City as authorized by Sections 7-1-6.1 and 7-1-6.4 NMSA 1978, and which remittances as of the date of adoption of this Bond Ordinance are equal to one and two hundred twenty-five thousandths percent (1.225%) of the taxable gross receipts reported to the City for the month for which such remittance is made; provided that if a greater amount of such gross receipts tax revenues are hereafter provided to be remitted to the City under applicable law, such additional amounts shall be included as revenues pledged pursuant to the Bond Ordinance; and provided further that the amount of revenues pledged pursuant to the Bond Ordinance shall never be less than the greater of: (i) 1.225% of the taxable gross receipts remitted to the City as set forth above, or (ii) the maximum amount at any time provided hereinafter to be remitted to the City under applicable law; and provided further, the City intends that Section 3-31-6(C) NMSA 1978 applies expressly to the amount of revenues pledged pursuant to the Bond Ordinance.  State-Shared Gross Receipts Tax Revenues also includes (i) the portion of the gross receipts tax distribution to the City to be made pursuant to Section 7-1-6.46 NMSA 1978, which represents the amount of State-Shared Gross Receipts Tax Revenues set forth in the sentence above that would have been remitted to the City but for the deductions provided by Sections 7-9-92 and 7-9-93 NMSA 1978 and (ii) any similar distributions made to the City in lieu of State-Shared Gross Receipts Tax Revenues, but State-Shared Gross Receipts Tax Revenues do not include any similar distributions in lieu of any municipal local option gross receipts tax revenues.

SUBORDINATE HOSPITALITY FEE OBLIGATIONS.  Any Hospitality Fee Obligations hereafter issued or incurred payable from the Pledged Hospitality Fee Revenues and issued with a lien thereon junior and inferior to the lien thereon of the Parity Hospitality Fee Obligations.

SUBORDINATE LODGERS’ TAX OBLIGATIONS.  Any Lodgers’ Tax Obligations hereafter issued or incurred payable from the Lodgers’ Tax Revenues and issued with a lien thereon junior and inferior to the lien thereon of the Parity Lodgers’ Tax Obligations.

SUBORDINATE STADIUM LEASE OBLIGATIONS.  Any Stadium Lease Obligations hereafter issued or incurred payable from the Pledged Stadium Lease Revenues and issued with a lien thereon junior and inferior to the lien thereon of the Parity Stadium Lease Obligations.

SUBORDINATE SURCHARGE OBLIGATIONS.  Any Surcharge Obligations hereafter issued or incurred payable from Pledged Surcharge Revenues and issued with a lien thereon junior and inferior to the lien thereon of the Parity Surcharge Obligations.

SUBORDINATE TAX OBLIGATIONS.  All Tax Obligations now outstanding or hereafter issued or incurred with a lien on the State-Shared Gross Receipts Tax Revenues subordinate to the lien of the Senior Tax Obligations on the State-Shared Gross Receipts Tax Revenues.

SURCHARGE OBLIGATIONS.  All bonds and other similar indebtedness payable solely or primarily from Pledged Surcharge Revenues.

SURCHARGE REVENUE FUND.  The “City of Albuquerque Surcharge Revenue Fund” continued in Section 15 of the Bond Ordinance.

SURETY BOND.  Any policy of insurance or surety bond with respect to a series of Tax Obligations guaranteeing certain payments into a debt service reserve account or similar account with respect to that series of Tax Obligations, purchased to satisfy, in whole or in part, the reserve requirement for that series or to replace any money on deposit in a debt service reserve account or similar account.

SURPLUS FUND.  The City of Albuquerque Surplus Lodgers’ Tax Revenues Reserve Fund continued in Section 15 of the Bond Ordinance.

TAX OBLIGATIONS.  Senior Tax Obligations, Lodgers’ Tax Obligations and any other bonds, notes or other instruments which evidence a borrowing payable from and secured by (i) the State-Shared Gross Receipts Tax Revenues, or (ii) the Pledged Lodgers’ Tax Revenues, now Outstanding or hereafter issued or incurred.

TEAM.  The Albuquerque Baseball Club, LLC, a New Mexico limited liability company.

VALUE.  The value of any investment shall be calculated as follows:

(a)                     as to investments the bid and asked prices of which are published on a regular basis in The Wall Street Journal (or, if not there, then in The New York Times):  the average of the bid and asked prices for such investments so published on or most recently prior to such time of determination;

(b)                     as to investments the bid and asked prices of which are not published on a regular basis in The Wall Street Journal or The New York Times:  the average bid price at such time of determination for such investments by any two nationally recognized government securities dealers (selected by the City in its absolute discretion) at the time making a market in such investments or the bid price published by a nationally recognized pricing service;

(c)                     as to certificates of deposit and bankers acceptances:  the face amount thereof, plus accrued interest; and

(d)                     as to any investment not specified above:  the value thereof established by prior agreement between the City and the Credit Source.

VARIABLE INTEREST RATE.  An interest rate which varies or fluctuates from time to time.  Except for any historical period for which the actual rate or rates are determinable, and unless otherwise stated in the Bond Ordinance, interest shall be calculated for Variable Interest Rate Tax Obligations at the maximum interest rate then permitted on such Tax Obligations by the City ordinance authorizing the issuance of such Tax Obligations.

VARIABLE RATE OBLIGATIONS.  Tax Obligations, including reimbursement obligations pursuant to a Credit Facility, the interest rate on which is subject to change from time to time.

(B)                     RULES OF CONSTRUCTION

.  For purposes of the Bond Ordinance, unless otherwise expressly provided or unless the context require otherwise:

(1)                     Unless otherwise stated in the Bond Ordinance, all references in the Bond Ordinance to designated Sections and other subdivisions are to the designated Section and other subdivision of the Bond Ordinance.

(2)                     The words “herein,” “hereof,” “hereunder,” and “herewith” and other words of similar import in the Bond Ordinance refer to the Bond Ordinance, as a whole, and not to any particular Section or other subdivision.

(3)                     All accounting terms not otherwise defined in the Bond Ordinance have the meanings assigned to them in accordance with generally accepted accounting principles.

(4)                     Words of the masculine gender shall be deemed and construed to include correlative words of the feminine and neuter genders.

(5)                     The headings used in the Bond Ordinance are for convenience of reference only and shall not define or limit the provisions of the Bond Ordinance.

(6)                     Terms in the singular include the plural and vice versa.

SECTION 2.                       RATIFICATION

.  All actions previously taken (not inconsistent with the provisions of the Bond Ordinance) by the Council and the officers of the City, directed toward (1) the Refunding Project and (2) the issuance and sale of the Series 2020 Bonds are ratified, approved and confirmed.

SECTION 3.                       FINDINGS

.  The Council declares that it has considered all relevant information and data and makes the following findings:

(A)                     The Pledged Revenues may lawfully be pledged to secure the Series 2020 Bonds to the extent and in the manner provided in the Bond Ordinance.

(B)                     The Series 2020 Bonds will be issued pursuant to the Act.

(C)                     The Series 2020 Bonds are being issued for the purpose of reducing interest costs.

(D)                     It is economically feasible to accomplish the Refunding Project by the issuance of the Series 2020 Bonds.

(E)                     The exact principal amounts of the Series 2020 Bonds, the interest rates, the federal tax status and sale prices of the Series 2020 Bonds will be established in the Sale Certificate, but in no event shall the net effective interest rate on the Series 2020 Bonds exceed twelve percent (12%) per annum as required by Section 6-14-3 NMSA 1978.

SECTION 4.                       AUTHORIZATIONS.

(A)                     AUTHORIZATION OF SERIES 2020 BONDS AND PROCEEDS OF SERIES 2020 BONDS

.  This Bond Ordinance has been adopted by the affirmative vote of at least a majority of the members of the Council.  For the purpose of protecting the public health, conserving the property, protecting the general welfare and prosperity of the residents of the City, and achieving cost savings and restructuring debt, it is declared necessary that the City issue its negotiable, fully registered Series 2020 Bonds pursuant to the Act, as set forth in this Bond Ordinance.  The (i) Series 2020A Bonds are designated as the “City of Albuquerque, New Mexico Gross Receipts Tax/Lodgers’ Tax Refunding Revenue Bonds, Series 2020A,” (ii) Series 2020B Bonds are designated as the “City of Albuquerque, New Mexico Gross Receipts Tax/Lodgers’ Tax/Hospitality Fee Refunding Revenue Bonds, Series 2020B,” (iii) the Series 2020C Bonds are designated as the “City of Albuquerque, New Mexico Gross Receipts Tax Refunding Revenue Bonds, Series 2020C,” and (iv) the Series 2020D Bonds are designated as the “City of Albuquerque, New Mexico Gross Receipts Tax/Stadium Revenues Refunding Revenue Bonds, Series 2020D,” provided that changes may be made in those designations to better identify the Series 2020 Bonds.  The issuance of the Series 2020A Bonds in an aggregate principal amount not to exceed $58,000,000 is authorized and approved, the issuance of the Series 2020B Bonds in an aggregate principal amount not to exceed $12,000,000 is authorized and approved, the issuance of the Series 2020C Bonds in an aggregate principal amount not to exceed $65,000,000 is authorized and approved, and the issuance of the Series 2020D Bonds in an aggregate principal amount not to exceed $10,000,000 is authorized and approved; provided that the Series 2020 Bonds shall not be issued prior to the date on which the State Department of Finance and Administration gives its written approval to the issuance of the Series 2020 Bonds.  The negotiated sale of the Series 2020 Bonds to the Investment Bankers shall be approved in the Sale Certificate and Bond Purchase Agreement. The underwriter’s discount on the Bonds shall not exceed 1% of the aggregate principal amount of the Bonds.  The final maturity of the Series 2020 Bonds shall be no later than July 1, 2040.

Proceeds of the Series 2020 Bonds may also be used to pay Expenses.

(B)                     REFUNDING PROJECT

.  The Refunding Project is authorized and approved.  The Refunded Bonds shall be redeemed on the Redemption Dates at a redemption price of 100% of the principal amount thereof outstanding plus interest to the Redemption Date.

(C)                     EXPENSES

.  The payment of Expenses is authorized and approved.

SECTION 5.                       SERIES 2020 BONDS.

(A)                     DETAILS

.  The Series 2020 Bonds shall be issued in an aggregate principal amount not to exceed $145,000,000, as the Series 2020A Bonds, the Series 2020B Bonds, the Series 2020C Bonds and the Series 2020D Bonds and shall be dated the initial date of delivery to the Investment Bankers.  The Series 2020 Bonds shall be issued as fully registered bonds and shall be numbered with such prefixes or other distinguishing designations as the Registrar may determine necessary or appropriate to distinguish one Series 2020 Bond from another.  The Series 2020 Bonds shall be issued in Authorized Denominations and shall bear interest on the basis of a 360-day year and twelve 30-day months from the most recent date to which interest has been paid or provided for or, if no interest has been paid or provided for, from their date until maturity or prior redemption, payable semiannually on January 1 and July 1 of each year in the years, amounts and interest rates as set forth in the Sale Certificate.

The net effective interest rate on the Series 2020 Bonds shall not exceed twelve percent (12%).

(B)                     PAYMENT OF SERIES 2020 BONDS; TRANSFERS TO PAYING AGENT

.  Payments on the Series 2020 Bonds shall be made in such coin or currency of the United States of America as, at the respective times of payment, is legal tender for the payment of public and private debts.  The City shall transfer funds to the Paying Agent for the Series 2020 Bonds on a timely basis so that the Paying Agent may make payments of the principal of, premium, if any, and interest on Series 2020 Bonds, when due, to the Owners and comply with the requirements of any Insurer relating to payments of Series 2020 Bonds.  As soon as known to the City, the City shall notify the Paying Agent if there is or will be an insufficient amount of money available to pay principal and interest on the Series 2020 Bonds when due.

The principal of and premium, if any, on the Series 2020 Bonds shall be payable to the Owners upon presentation and surrender of their Series 2020 Bonds at the principal office of the Paying Agent.

Interest on the Series 2020 Bonds shall be payable on each Interest Payment Date by the Paying Agent by check mailed on the date on which due to the Owners at the close of business on the Record Date for such Interest Payment Date to the registered addresses of Owners appearing on the registration books for the Series 2020 Bonds.  In the case of any Owner of Series 2020 Bonds in an aggregate principal amount in excess of $1,000,000 as shown on the registration books who, prior to the Record Date for the Series 2020 Bonds next preceding any Interest Payment Date, has provided the Paying Agent with wire transfer instructions, interest shall be paid in immediately available funds in accordance with the wire transfer instructions provided by that Owner.

If and to the extent that the City fails to make payment or provision for payment of interest on any Series 2020 Bond on any Interest Payment Date, interest shall continue to accrue on that Series 2020 Bond but shall cease to be payable to the Owner of that Series 2020 Bond as of the applicable Record Date.  When money becomes available for payment of the interest, (i) the Registrar shall establish a Special Record Date for the payment of that interest which shall be not more than 15 nor fewer than 10 days prior to the date of the proposed payment, and (ii) the Registrar shall give notice by first-class mail of the proposed payment and of the Special Record Date to each Owner not less than 10 days prior to the Special Record Date and, thereafter, the interest shall be payable to the Owners at the close of business on the Special Record Date.

While a Depository or its nominee is the owner of the Series 2020 Bonds, principal and interest payments on the Series 2020 Bonds shall be made to the Depository, or its nominee, as required by the Depository.

(C)                     BOOK-ENTRY

.  The Series 2020 Bonds shall initially be issued or registered in book-entry form, from time to time, with a Depository acting as securities depository for the Series 2020 Bonds with no physical distribution of bond certificates made to the public.  A single certificate for each maturity date of each of the Series 2020 Bonds issued in book-entry form shall be delivered to such Depository and immobilized in its custody.  The book-entry system shall evidence ownership of Series 2020 Bonds in Authorized Denominations, with transfer of ownership effected on the books of the Depository and its participants (“Participants”).  As a condition to delivery of Series 2020 Bonds in book-entry form, the purchaser of the Series 2020 Bonds shall, immediately after acceptance of delivery thereof, deposit those Series 2020 Bonds certificates with such Depository, registered in the name of such Depository or its nominee.  Principal, premium, if any, and interest will be paid to such Depository or its nominee as the registered Owner of those Series 2020 Bonds.  The transfer of principal and interest payments to Participants shall be the responsibility of such Depository; the transfer of principal and interest payments to the beneficial owners of Series 2020 Bonds (the “Beneficial Owners”) shall be the responsibility of such Participants and other nominees of Beneficial Owners maintaining a relationship with Participants (the “Indirect Participants”).  The City shall not be responsible or liable for maintaining, supervising or reviewing the records maintained by such Depository, Participants or Indirect Participants.

If (i) the Series 2020 Bonds are not eligible for the services of the institution which has been acting as the Depository for the Series 2020 Bonds, (ii) the institution that has been acting as the Depository determines to discontinue its services with respect to the Series 2020 Bonds or (iii) the City determines that a continuation of the system of book-entry transfers through the institution that has been acting as the Depository ceases to be beneficial to the City or the Beneficial Owners, the City shall either identify another Depository or certificates shall be delivered to Beneficial Owners or their nominees.  In the event of the discontinuation of the book-entry system for the Series 2020 Bonds, the Beneficial Owners or their nominees, upon authentication of the Series 2020 Bonds and registration of the Series 2020 Bonds in the Beneficial Owners’ or nominees’ names, shall become the Owners for all purposes.  The City shall mail an appropriate notice to the Depository for notification to Participants, Indirect Participants and Beneficial Owners of the substitute Depository or the issuance of bond certificates to Beneficial Owners or their nominees, as applicable.

Notwithstanding any other provision of the Bond Ordinance to the contrary, as long as all Series 2020 Bonds are registered in the name of a Depository or its nominee, all payments with respect to principal of, redemption premium, if any, and interest on those Series 2020 Bonds, and all notices with respect to those Series 2020 Bonds, shall be made and given by the Paying Agent or the City to the Depository, by the Depository to its Participants or Indirect Participants and by the Participants and Indirect Participants to the Beneficial Owners.

(D)                     SERIES 2020 BONDS NOT PRESENTED FOR PAYMENT

.  If any Series 2020 Bonds are not presented for payment when the principal becomes due either at maturity or at the date fixed for redemption thereof or otherwise, or if any check or draft mailed to an Owner in connection with a payment of interest on any Series 2020 Bonds is not cashed by an Owner, and an amount sufficient to pay those Series 2020 Bonds or interest is held by the Paying Agent for the benefit of the Owners, the Paying Agent shall segregate and hold such money in trust without liability for interest on that money to the Owners, for the benefit of the Owners of the applicable Series 2020 Bonds, who shall, except as provided in the following paragraph, then be restricted to only the amounts segregated for the satisfaction of any claim relating to that payment on such Series 2020 Bonds.

Any money which the Paying Agent segregates and holds in trust for the payment of the principal of, premium or interest on Series 2020 Bonds which remains unclaimed for three years after such payment has become due shall be paid to the City.  After the payment of such unclaimed money to the City, the Owners shall look only to the City for the payment of those Series 2020 Bonds.

SECTION 6.                       REDEMPTION OF SERIES 2020 BONDS.

(A)                     OPTIONAL REDEMPTION

.  All or any portion of the Series 2020 Bonds may be subject to optional redemption prior to their stated maturities at a redemption price and on the dates established therefor in the Sale Certificate.

If subject to optional redemption, unless money sufficient to pay the principal of and premium, if any, on the Series 2020 Bonds to be redeemed pursuant to this Section 6.(A) is received by the Paying Agent prior to the giving of notice of redemption in accordance with Section 6.(D), that notice shall state that the redemption is conditional upon the receipt of that money by the Paying Agent by 2:00 p.m., prevailing Mountain Time, on the redemption date.  If an amount sufficient to redeem all Series 2020 Bonds called for redemption is not received by that time (i) the Paying Agent shall redeem only those Series 2020 Bonds for which the redemption price was received, (ii) the Series 2020 Bonds to be redeemed shall be selected in the manner set forth in Section 6.(C) and (iii) the redemption notice shall have no effect with respect to those Series 2020 Bonds for which the redemption price was not received and those Series 2020 Bonds shall not be redeemed.  The Registrar shall give notice to the Owners of the Series 2020 Bonds previously called for redemption which shall not be redeemed, in the manner in which notice of redemption was given, identifying the Series 2020 Bonds which shall not be redeemed, stating that the redemption did not take place with respect to those Series 2020 Bonds and shall promptly return any Series 2020 Bonds which shall not be redeemed which were previously delivered by the Owners of those Series 2020 Bonds.

(B)                     MANDATORY SINKING FUND REDEMPTION.

The Series 2020 Bonds may be subject to mandatory sinking fund redemption as provided in the Sale Certificate. 

(C)                     PARTIAL REDEMPTION

.  If less than all of the Outstanding Series 2020 Bonds are to be redeemed, the Maturity Dates of the Series 2020 Bonds to be redeemed shall be selected by the City.  If less than all Series 2020 Bonds of a given Maturity Date are redeemed, the Series 2020 Bonds of that Maturity Date to be redeemed shall be selected by lot in such manner as determined by the Fiscal Agent.  However, the portion of any Series 2020 Bonds to be redeemed and the portion of any Series 2020 Bonds not redeemed shall both be in Authorized Denominations.  If, as indicated in a certificate of an Authorized Officer delivered to the Fiscal Agent, the City has offered to purchase all Series 2020 then Outstanding and less than all of the Series 2020 Bonds, as the case may be, have been tendered to the City for purchase, the Fiscal Agent, at the direction of an Authorized Officer, shall select for redemption all, or any part designated by the City, of the Series 2020 Bonds which have not been tendered.

In selecting Series 2020 Bonds for redemption, the Fiscal Agent shall treat each Series 2020 Bond as representing that number of Series 2020 Bonds which is obtained by dividing the principal amount of any Series 2020 Bond by the minimum Authorized Denomination.  If it is determined that one or more, but not all, of the units of principal amount represented by any Series 2020 Bond is to be called for redemption, then, upon notice of intention to redeem such unit or units, the Owner of such Series 2020 Bond (except with respect to Series 2020 Bonds registered to a Depository or its nominee, in which case a notation as to the amount redeemed may be made on such Series 2020 Bonds) shall promptly surrender such Series 2020 Bond to the Fiscal Agent for (i) payment to such Owner of the redemption price of the unit or units of principal amount called for redemption, and (ii) delivery to such Owner of a new Series 2020 Bond of the same Maturity Date and series in the aggregate principal amount of the unredeemed balance, without charge therefor.

If the Owner of any such Series 2020 Bond fails to present that Series 2020 Bond to the Fiscal Agent for payment, that Series 2020 Bond nevertheless shall become due and payable on the date fixed for redemption to the extent of the unit or units of principal amount called for redemption and interest shall cease to accrue on that principal amount.

(D)                     NOTICE

.  Notice of redemption of Series 2020 Bonds shall be given by the Fiscal Agent by sending a copy of such notice by registered or certified first class, postage prepaid mail not less than 30 days prior to the redemption date to all Depositories, to EMMA and to the Owner of each Series 2020 Bond, or portion thereof, to be redeemed at the address shown as of the close of business on the fifth day prior to the mailing of notice on the Bond Register.  The City shall give the Fiscal Agent notice of the redemption date and the Maturity Date and the principal amounts of each maturity of Series 2020A Bonds to be called for redemption pursuant to Section 6.(A) at least five Business Days prior to the date that the Fiscal Agent is required to give Owners notice of redemption.  Series 2020 Bonds to be called for redemption pursuant to Section 6.(B) shall be called for redemption by the Fiscal Agent without the necessity of any notice to the Fiscal Agent from the City.  Neither the City’s failure to give such notice, the Fiscal Agent’s failure to give such notice to any Depository (other than as the Owner of Series 2020 Bonds being redeemed), or the registered Owner of any Series 2020 Bonds to be redeemed, or any defect therein, nor the failure of the Depository to notify a Participant or any Participant or Indirect Participant to notify a Beneficial Owner of any such redemption, shall affect the validity of the proceedings for the redemption of any Series 2020 Bonds for which proper notice was given.

The official notice of redemption to Owners shall state:

(1)                     the CUSIP numbers of the Series 2020 Bonds to be redeemed,

(2)                     the redemption date,

(3)                     the redemption price,

(4)                     the Series 2020 Bonds to be redeemed,

(5)                     if less than all Outstanding Series 2020 Bonds are to be redeemed, the bond numbers and Maturity Dates of Series 2020 Bonds to be redeemed and, in the case of a partial redemption of a Series 2020 Bonds, the principal amount to be redeemed,

(6)                     that, subject to the provisions of Section 6.(A), if applicable, on the redemption date, the redemption price will become due and payable on each Series 2020 Bond or portion thereof called for redemption, and that interest thereon shall cease to accrue from and after that date,

(7)                     the place where such Series 2020 Bonds are to be surrendered for payment of the redemption price, the name of a contact person (if the book-entry system described in Section 5.(C) is in effect), and the phone number at the office of the Paying Agent, and

(8)                     if the redemption is pursuant to Section 6.(A), that the redemption is conditional, if applicable, stating the conditions set forth in Section 6.(A).

The Paying Agent shall comply with any other terms regarding redemption and notice of redemption, as are required by any agreement with a Depository.

Except as provided in Section 6.(A), notice having been given in the manner provided above, the Series 2020 Bonds or part thereof called for redemption shall become due and payable on the redemption date designated and the Series 2020 Bonds, or part thereof to be redeemed, for which the redemption price is on deposit with the Fiscal Agent, shall not be deemed to be Outstanding and shall cease to bear or accrue interest from and after such redemption date.  Subject to Section 6.(A), upon presentation of a Series 2020 Bond to be redeemed at the office of the Fiscal Agent on or after the redemption date, or, so long as the book-entry system is used for determining beneficial ownership of the Series 2020 Bond being redeemed, upon satisfaction of the terms of any other arrangement between the Fiscal Agent and the Depository, the Fiscal Agent will pay such Series 2020 Bonds or portion thereof called for redemption.

(E)                     SERIES 2020 BONDS NOT PRESENTED FOR REDEMPTION

.  Money for payment of the principal of, premium, if any, and interest, to the date fixed for redemption, on Series 2020 Bonds called for redemption which are not presented for payment on the date fixed for redemption shall be set aside by the Fiscal Agent in trust for the Owners of such Series 2020 Bonds and held as set forth in Section 5.(D).  Interest on such Series 2020 Bonds shall cease to accrue on the date fixed for redemption.

(F)                     CANCELLATION

.  All Series 2020 Bonds which have been redeemed or received for transfer shall be canceled and destroyed by the Fiscal Agent and shall not be reissued and a counterpart of the certificate of destruction evidencing such destruction shall be furnished by the Fiscal Agent to the City.

SECTION 7.                       REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP OF SERIES 2020A BONDS.

(A)                     REGISTRATION, TRANSFER AND EXCHANGE

.  The City shall cause books for the registration, transfer and exchange of the Series 2020 Bonds to be kept at the principal office of the Registrar.  Upon surrender for transfer or exchange of any Series 2020 Bonds at the principal office of the Registrar duly endorsed by the Owner or his attorney duly authorized in writing, or accompanied by a written instrument or instruments of transfer or exchange in form satisfactory to such Registrar and properly executed, the City shall execute and the Registrar shall authenticate and deliver in the name of the transferee or Owner a new Series 2020 Bond or Bonds of the same series and Maturity Date, interest rate and same aggregate principal amount in Authorized Denominations.

(B)                     OWNER OF BONDS

.  The person in whose name any Series 2020 Bond is registered shall be deemed and regarded as its absolute Owner for all purposes, except as may otherwise be provided with respect to the payment of interest on Series 2020 Bonds in Section 5.(C).  Payment of the principal on any Series 2020 Bonds shall be made only to or upon the order of its Owner or his legal representative.  All such payments shall be valid and effectual to satisfy and discharge the liability on Series 2020 Bonds to the extent of the amount paid.

(C)                     REPLACEMENT OF BONDS

.  If any Series 2020 Bond is lost, stolen, destroyed or mutilated, the Registrar shall, upon receipt of that Series 2020 Bond if mutilated, and evidence, information or indemnity which the Registrar may reasonably require, authenticate and deliver a replacement Series 2020 Bond or Bonds of the same aggregate principal amount, series and Maturity Date and interest rate, bearing a number or numbers not then outstanding.  If any lost, stolen, destroyed or mutilated Series 2020 Bond has matured or been called for redemption, the Registrar may direct the Paying Agent to pay that Series 2020 Bond in lieu of replacement.

(D)                     CHARGES

.  Exchanges and transfers of Series 2020 Bonds shall be made without charge to the Owners or any transferee except that the Registrar may make a charge sufficient to reimburse the Registrar for any tax, fee or other governmental charge required to be paid with respect to that transfer or exchange.

(E)                     BONDS CALLED FOR REDEMPTION

.  The Fiscal Agent shall not be required to transfer or exchange (i) any Series 2020 Bonds during the five-day period preceding the mailing of notice calling Series 2020 Bonds of such series for redemption and (ii) any Series 2020 Bonds called for redemption.

(F)                     UNAUTHENTICATED BONDS

.  The officers of the City are authorized to deliver to the Registrar fully registered but unauthenticated Series 2020 Bonds in such quantities as may be convenient to be held in custody by the Registrar pending the use thereof as provided in the Bond Ordinance.

SECTION 8.                       NEGOTIABILITY

.  Series 2020 Bonds shall be fully negotiable and shall have all the qualities of negotiable paper, and the owner or owners thereof shall possess all rights enjoyed by the owners of negotiable instruments under the provisions of the Uniform Commercial Code-Investment Securities in effect in the State.

SECTION 9.                       SPECIAL LIMITED OBLIGATIONS

.  The Series 2020 Bonds, and all payments of principal, premium, if any, and interest thereon (whether at maturity or on a redemption date), and the obligations of the City for all other payments, fees, costs, interest and expenses under the Bond Ordinance and under all Related Documents shall be special limited obligations of the City payable solely from, in the case of (i) the Series 2020A Bonds, the Pledged Lodgers’ Tax Revenues and State-Shared Gross Receipts Tax Revenues; (ii) the Series 2020B Bonds, the Pledged Lodgers’ Tax Revenues, Pledged Hospitality Fee Revenues and State-Shared Gross Receipts Tax Revenues; (iii) the Series 2020C Bonds, the State-Shared Gross Receipts Tax Revenues; and (iv) the Series 2020D Bonds, the State-Shared Gross Receipts Tax Revenues, Pledged Stadium Lease Revenues and Pledged Surcharge Revenues, which Pledged Revenues are pledged and are payable as set forth in Sections 18 and 19.  However, the Series 2020A Bonds are also payable from amounts on deposit in the Series 2020A Debt Service Fund, the Series 2020B Bonds are also payable from amounts on deposit in the Series 2020B Debt Service Fund, the Series 2020C Bonds are also payable from amounts on deposit in the Series 2020C Debt Service Fund, and the Series 2020D Bonds are also payable from amounts on deposit in the Series 2020D Debt Service Fund.

Owners and the parties under any Related Documents may not look to any general or other fund of the City for the payment of the principal of or interest on, or the fees, costs and expenses relating to, such obligations, except the designated special funds pledged therefor.  Neither the Series 2020 Bonds nor the obligations of the City under any Related Documents shall constitute an indebtedness of the City within the meaning of any constitutional, charter or statutory prohibition or limitation, nor shall they be considered or held to be general obligations of the City, and the Series 2020 Bonds shall recite that they are payable and collectable solely out of the respective Pledged Revenues and from any other sources stated in the Bond Ordinance and that the Owners may not look to any general or other municipal fund for the payment of the principal, premium, if any, or interest, as applicable, on the Series 2020 Bonds or for the payment of any amounts owed under any Related Documents.

SECTION 10.                       EXECUTION AND CUSTODY OF SERIES 2020 BONDS.

(A)                     FILING MANUAL SIGNATURES

.  Prior to the execution of any Series 2020 Bonds pursuant to Sections 6-9-1 through 6-9-6 NMSA, the Mayor, City Clerk and City Treasurer may each file with the Secretary of State of New Mexico his or her manual signature certified by him or her under oath; provided that such filing shall not be necessary for any officer where any previous filing may have legal application or if the Bonds are signed manually.

(B)                     EXECUTION

.  Series 2020 Bonds shall be signed with the manual or facsimile signature of the Mayor and the manual or facsimile signature of the City Treasurer or City Clerk.  There shall be placed on each Series 2020 Bond the printed, engraved, stamped or otherwise placed facsimile or imprint of the City’s corporate seal.  Series 2020 Bonds when authenticated and bearing the manual or facsimile signatures of the officers in office at the time of their signing shall be valid and binding obligations of the City, notwithstanding that before delivery of those Series 2020 Bonds, any or all of the persons who executed those Series 2020 Bonds shall have ceased to fill their respective offices.  The Mayor, City Clerk and City Treasurer, at the time of the execution of the Series 2020 Bonds, each may adopt as and for his or her own facsimile signature the facsimile signature of his or her predecessor in office if such facsimile signature appears upon any of the Series 2020 Bonds or certificates pertaining to the Series 2020 Bonds.

(C)                     CUSTODY

.  The Registrar shall hold in custody all Series 2020 Bonds signed and attested by the Mayor, City Clerk and City Treasurer until ready for delivery to the purchaser, transferee or Owner.  The City shall, from time to time, at the written request of the Registrar, provide the Registrar an adequate supply of Series 2020 Bonds.

(D)                     AUTHENTICATION

.  No Series 2020 Bonds shall be valid or obligatory for any purpose unless the certificate of authentication has been duly executed by the Registrar.  That Registrar’s certificate of authentication shall be deemed to have been duly executed if manually signed by an authorized officer of the Registrar, but it shall not be necessary that the same officer sign the certificate of authentication on all Series 2020 Bonds.

SECTION 11.                       APPOINTMENT OF FISCAL AGENT

.  The initial Fiscal Agent for the Series 2020 Bonds shall be the City Treasurer.  The Paying Agent and Registrar shall be the same Person for the Series 2020 Bonds.

SECTION 12.                       SUCCESSOR REGISTRAR OR PAYING AGENT

.  If the Registrar or Paying Agent initially appointed shall resign, or if the City shall determine to appoint a successor or co-Registrar or co-Paying Agent or shall reasonably determine that a Registrar or Paying Agent has become incapable of fulfilling its duties under the Bond Ordinance, the City may, upon notice mailed to each Owner at the address last shown on the registration books, appoint a successor or co-Registrar or Paying Agent.  Every such successor or co-Registrar or Paying Agent shall be a bank or trust company located and in good standing in the United States with a capital stock, surplus and undivided profits, however denominated, of not less than $75,000,000 or the City Treasurer, or any successor in office.  Notwithstanding any other provision of the Bond Ordinance, no removal, resignation or termination of the Paying Agent shall take effect until a successor shall be appointed.  Additional provisions relating to the Registrar and the Paying Agent and the payment of the Series 2020 Bonds may be in a separate paying agent agreement executed on behalf of the City by an Authorized Officer.

SECTION 13.                       SERIES 2020 BONDS FORMS

(A)                     The Series 2020A Bonds shall be in substantially the following form with only such changes as are not inconsistent with the Bond Ordinance:

[FORM OF SERIES 2020A BOND]

UNITED STATES OF AMERICA

STATE OF NEW MEXICO                                                                                                         COUNTY OF BERNALILLO

CITY OF ALBUQUERQUE, NEW MEXICO

GROSS RECEIPTS TAX/LODGERS’ TAX

REFUNDING REVENUE BONDS

SERIES 2020A

Bond No._______                                                                                                                                                                                             $________

INTEREST RATE                     MATURITY DATE                                          DATE OF BOND                                          CUSIP

_______                                          ________                                                               ___________, 2020                                          ______

PRINCIPAL AMOUNT: 

REGISTERED OWNER:

The City of Albuquerque (the “City”), in the County of Bernalillo and State of New Mexico (the “State”), a municipal corporation duly organized and existing under the Constitution and laws of the State, for value received, promises to pay, solely from the special funds available for the purpose set forth below, to the Registered Owner stated above, or registered assigns, on the Maturity Date stated above (unless this bond may be and is called for prior redemption, in whole or in part, in which case on such redemption date), upon presentation and surrender of this bond to the City Treasurer, in Albuquerque, New Mexico, or any successor (as such, the “Paying Agent”) or any co-paying agent, the Principal Amount stated above and premium, if any, and to pay interest on the unpaid Principal Amount at the Interest Rate stated above on January 1 and July 1 of each year beginning on January 1, 20__ (each, an “Interest Payment Date”) to the Maturity Date stated above, or until redeemed if called for redemption prior to maturity.  If upon presentation and surrender at maturity or for prior redemption, payment of this bond is not made, interest shall continue at the Interest Rate stated above until the Principal Amount is paid in full.  This bond will bear interest from the most recent date to which interest has been paid or provided for or if no interest has been paid or provided for, from the Date of Bond stated above.  Interest on this bond is payable by check or draft mailed to the registered owner hereof (or by such other arrangement as may be mutually agreed to by the Paying Agent and the registered owner) as shown on the registration books for this issue maintained by the City Treasurer or any successor or co-registrar (as such, the “Registrar”), at the address appearing therein at the close of business on the fifteenth day of the calendar month next preceding the Interest Payment Date (the “Record Date”).  Any interest which is not timely paid or duly provided for shall cease to be payable to the owner hereof (or of one or more predecessor Bonds, defined below) as of the Record Date, but shall be payable to the owner hereof (or of one or more predecessor Bonds) at the close of business on a special record date to be fixed by the Paying Agent for the payment of interest.  Notice of the special record date shall be given to owners of Bonds as then shown on the Registrar’s registration books not less than ten days prior to the special record date.  The principal of, premium, if any, and interest on this bond are payable in lawful money of the United States of America, without deduction for exchange or collection charges.

This bond and the payments of principal of, premium, if any, and interest on this bond do not constitute an indebtedness of the City within the meaning of any constitutional, charter or statutory provision or limitation, shall not be considered or held to be a general obligation of the City and are payable and collectible solely from Pledged Revenues, proceeds of the Bonds, and amounts on deposit in certain funds designated in the Bond Ordinance.  The owner of this bond may not look to any general or other municipal fund for the payment of the principal of, premium, if any, or interest on this bond.  “Pledged Revenues” means, collectively, the State-Shared Gross Receipts Tax Revenues and the Pledged Lodgers’ Tax Revenues.    For a full description of the Pledged Revenues, the State-Shared Gross Receipts Tax Revenues and the Pledged Lodgers’ Tax Revenues, reference is made to the Bond Ordinance.

This bond is one of a duly authorized series of fully registered bonds of the City issued in the aggregate principal amount of $58,000,000 designated as the “City of Albuquerque, New Mexico Gross Receipts Tax/Lodgers’ Tax Refunding Revenue Bonds, Series 2020A” (the “Bonds”), issued in denominations of $5,000 and integral multiples thereof under and pursuant to City Ordinance Twenty-Fourth Council Bill No. F/S O-20-5, as supplemented by the Sale Certificate (collectively, the “Bond Ordinance”) for the purpose of refunding certain of the City’s Gross Receipts Tax/Lodgers’ Tax Bonds.

Reference is made to the Bond Ordinance on file in the offices of the City Clerk for a more complete statement of the general covenants and conditions pursuant to which the Bonds are issued.  The acceptance of the terms and conditions of the Bond Ordinance is an explicit and material part of the consideration of the issuance of this bond and each owner, by acceptance of this bond, agrees and assents to all such terms and conditions as though fully set forth in this bond.

The Bonds maturing on or after July 1, 20__ are subject to redemption prior to maturity at the option of the City, in whole or in part, on July 1, 20__ and on any date thereafter, at the redemption price of 100% of the principal amount of the Bonds, plus accrued interest to the date fixed for redemption.

The Bonds maturing on July 1, 20__ are subject to mandatory sinking fund redemption.  As and for a sinking fund for the redemption of the Bonds maturing on July 1, 20__, on or before July 1 in each of the years and in the principal amounts stated below, the City shall transfer into the applicable account of the Series 2020A Debt Service Fund the Pledged Revenues required for the payments of principal on those Bonds with a priority as set forth in Section 18 of the Bond Ordinance so that there is on deposit on the required redemption date in the Series 2020A Debt Service Fund amounts sufficient to redeem the Bonds called for redemption (after credit as provided below). Subject to the following paragraph, Bonds which are term bonds shall be subject to mandatory sinking fund redemption at a redemption price equal to 100% of the principal amount thereof plus accrued interest to the redemption date on July 1 in the following years and principal amounts:

 

Sinking Fund Redemption        (July 1)

Principal Amount

 

 

 

 

 

 

If less than the total amount of the Bonds outstanding is redeemed, Bonds to be redeemed shall be selected as determined by the City.  However, if less than all Bonds of a given maturity are redeemed, the Bonds to be redeemed within that maturity shall be selected by lot in such manner as determined by the Fiscal Agent.  Notice of redemption of this bond, or any part thereof, shall be given by the Fiscal Agent providing not less than 30 days’ prior written notice by registered or certified first-class postage prepaid mail to the owner of this bond at the address shown on the registration books as of the fifth day prior to the mailing of notice as provided in the Bond Ordinance.  Notices of redemption shall specify the details set forth in the Bond Ordinance including, the date fixed for redemption and that on such redemption date there shall become and be due and payable upon each Bond or part thereof to be redeemed at the office of the Paying Agent the principal amount thereof to be redeemed plus accrued interest, if any, to the redemption date and the stipulated premium, if any, and that from and after such date interest shall cease to accrue on the principal amount redeemed.  Neither the Fiscal Agent’s failure to give notice to the registered owner of any Bond, or any defect therein, nor the failure of any securities depository to notify its participants, or any participant or indirect participant to notify a beneficial owner of such redemption, shall affect the validity of the proceedings for the redemption of any Bonds for which proper notice was given.

This bond is subject to transfer upon surrender at the principal office of the Registrar, duly endorsed for transfer or accompanied by an assignment duly executed by the registered owner or his attorney duly authorized in writing for another bond, maturity, aggregate principal amount and interest rate.  This bond may be exchanged at the office of the Registrar for an equal aggregate principal amount of Bonds in fully registered form of the same maturity and interest rate and of other authorized denominations.  Exchanges and transfers of this bond shall be without charge to the owner but the Registrar may require the payment by the owner of any tax or other governmental charge required to be paid with respect to such exchange or transfer.

The Bonds are secured by an irrevocable first lien (but not an exclusive first lien) upon the Pledged Revenues.  Additional bonds or other obligations may be issued and made payable from the Pledged Revenues, subject to the conditions in the Bond Ordinance, having a lien thereon on a parity with the lien of the Bonds, in accordance with the provisions of the Bond Ordinance.  Additional bonds or other obligations may not be issued and made payable from the Pledged Revenues having a lien thereon prior and superior to the Bonds.

The City covenants and agrees with the owner of this bond and with each and every person who may become the owner hereof that it shall keep and perform all of the covenants of the Bond Ordinance.

This bond is subject to the condition, and every owner hereof by accepting the same agrees with the obligor and every subsequent owner of this bond, that the principal of and interest on this bond shall be paid, and this bond is transferable, free from and without regard to any equities, set-offs or cross-claims between the obligor and the original purchaser or any other owner hereof.

It is hereby certified that all acts and conditions necessary to be done or be performed or to have happened precedent to the issuance of the Bonds to make them legal, valid and binding special obligations of the City have been performed and have happened as required by law; the Bonds do not exceed or violate any constitutional, statutory or charter limitations; and all other conditions, acts and things required to exist, to have happened, or to have been performed precedent to the issuance of the Bonds to make them the legal, valid and binding special obligation of the City exist, have happened and have been performed in due time, form and manner, as required by law.

This bond shall not be valid or obligatory for any purpose until the Registrar shall have manually signed the Certificate of Authentication on this bond.

IN WITNESS WHEREOF, the City has caused this bond to be signed on the City’s behalf with the manual signature of the Mayor and to be countersigned with the manual signature of the City Clerk; has caused the corporate seal of the City to be affixed on this bond; and has caused this bond to be attested with the manual signature of the Registrar, all as of the Date of Bond stated above.

                                                                                    CITY OF ALBUQUERQUE, NEW MEXICO

 

                                                                                    By______________________________________

                                                                                                         Mayor

 

                                                                                    By_______________________________________

                                                                                                         City Clerk

(SEAL)

(Form of Registrar’s Certificate of Authentication)

                                                                                    Date of Authentication:______________________

Certificate of Authentication

This is one of the City of Albuquerque, New Mexico Gross Receipts Tax/Lodgers’ Tax Refunding Revenue Bonds, Series 2020A described in the Bond Ordinance and this bond has been registered on the registration books kept by the undersigned as Registrar for such Bonds.

 

                                                                                                                              _____________________________________

                                                                                                                              City Treasurer, Albuquerque,

                                                                                                                              New Mexico, as Registrar

(End of Form of Registrar’s Certificate of Authentication)

 (Form of Assignment)

For value received, _________________________________ hereby sells, assigns and transfers unto ______________________________________ whose Social Security or Tax Identification No. is _____________________ the within bond and hereby irrevocably constitutes and appoints _________________________, attorney, to transfer the same on the books of the Registrar, with full power of substitution in the premises.

Dated: __________                                                               _________________________________

NOTE:  The assignor’s signature to this Assignment must correspond with the name as written on the face of the within bond in every particular, without alteration or enlargement or any change whatsoever.

(End of Form of Assignment)

(End of Form of Series 2020A Bonds)

(B)                     The Series 2020B Bonds shall be in substantially the following form with only such changes as are not inconsistent with the Bond Ordinance:

[FORM OF SERIES 2020B BOND]

UNITED STATES OF AMERICA

STATE OF NEW MEXICO                                                                                                         COUNTY OF BERNALILLO

CITY OF ALBUQUERQUE, NEW MEXICO

GROSS RECEIPTS TAX/LODGERS’ TAX/HOSPITALITY FEE

REFUNDING REVENUE BONDS

SERIES 2020B

Bond No._______                                                                                                                                                                                             $________

INTEREST RATE                     MATURITY DATE                                          DATE OF BOND                                          CUSIP

_______                                          ________                                                               ___________, 2020                                          ______

PRINCIPAL AMOUNT: 

REGISTERED OWNER:

The City of Albuquerque (the “City”), in the County of Bernalillo and State of New Mexico (the “State”), a municipal corporation duly organized and existing under the Constitution and laws of the State, for value received, promises to pay, solely from the special funds available for the purpose set forth below, to the Registered Owner stated above, or registered assigns, on the Maturity Date stated above (unless this bond may be and is called for prior redemption, in whole or in part, in which case on such redemption date), upon presentation and surrender of this bond to the City Treasurer, in Albuquerque, New Mexico, or any successor (as such, the “Paying Agent”) or any co-paying agent, the Principal Amount stated above and premium, if any, and to pay interest on the unpaid Principal Amount at the Interest Rate stated above on January 1 and July 1 of each year beginning on January 1, 20__ (each, an “Interest Payment Date”) to the Maturity Date stated above, or until redeemed if called for redemption prior to maturity.  If upon presentation and surrender at maturity or for prior redemption, payment of this bond is not made, interest shall continue at the Interest Rate stated above until the Principal Amount is paid in full.  This bond will bear interest from the most recent date to which interest has been paid or provided for or if no interest has been paid or provided for, from the Date of Bond stated above.  Interest on this bond is payable by check or draft mailed to the registered owner hereof (or by such other arrangement as may be mutually agreed to by the Paying Agent and the registered owner) as shown on the registration books for this issue maintained by the City Treasurer or any successor or co-registrar (as such, the “Registrar”), at the address appearing therein at the close of business on the fifteenth day of the calendar month next preceding the Interest Payment Date (the “Record Date”).  Any interest which is not timely paid or duly provided for shall cease to be payable to the owner hereof (or of one or more predecessor Bonds, defined below) as of the Record Date, but shall be payable to the owner hereof (or of one or more predecessor Bonds) at the close of business on a special record date to be fixed by the Paying Agent for the payment of interest.  Notice of the special record date shall be given to owners of Bonds as then shown on the Registrar’s registration books not less than ten days prior to the special record date.  The principal of, premium, if any, and interest on this bond are payable in lawful money of the United States of America, without deduction for exchange or collection charges.

This bond and the payments of principal of, premium, if any, and interest on this bond do not constitute an indebtedness of the City within the meaning of any constitutional, charter or statutory provision or limitation, shall not be considered or held to be a general obligation of the City and are payable and collectible solely from Pledged Revenues, proceeds of the Bonds, and amounts on deposit in certain funds designated in the Bond Ordinance.  The owner of this bond may not look to any general or other municipal fund for the payment of the principal of, premium, if any, or interest on this bond.  “Pledged Revenues” means, collectively, the State-Shared Gross Receipts Tax Revenues, the Pledged Lodgers’ Tax Revenues, and the Pledged Hospitality Fee Revenues. For a full description of the State-Shared Gross Receipts Tax Revenues, the Pledged Lodgers’ Tax Revenues and the Pledged Hospitality Fee Revenues, reference is made to the Bond Ordinance.

This bond is one of a duly authorized series of fully registered bonds of the City issued in the aggregate principal amount of $12,000,000 designated as the “City of Albuquerque, New Mexico Gross Receipts Tax/Lodgers’ Tax/Hospitality Fee Refunding Revenue Bonds, Series 2020B” (the “Bonds”), issued in denominations of $5,000 and integral multiples thereof under and pursuant to City Ordinance Twenty-Fourth Council Bill No. F/S O-20-5, as supplemented by the Sale Certificate (collectively, the “Bond Ordinance”) for the purpose of refunding certain of the City’s Gross Receipts Tax/Lodgers’ Tax/Hospitality Fee Bonds.

Reference is made to the Bond Ordinance on file in the offices of the City Clerk for a more complete statement of the general covenants and conditions pursuant to which the Bonds are issued.  The acceptance of the terms and conditions of the Bond Ordinance is an explicit and material part of the consideration of the issuance of this bond and each owner, by acceptance of this bond, agrees and assents to all such terms and conditions as though fully set forth in this bond.

The Bonds maturing on or after July 1, 20__ are subject to redemption prior to maturity at the option of the City, in whole or in part, on July 1, 20__ and on any date thereafter, at the redemption price of 100% of the principal amount of the Bonds, plus accrued interest to the date fixed for redemption.

The Bonds maturing on July 1, 20__ are subject to mandatory sinking fund redemption.  As and for a sinking fund for the redemption of the Bonds maturing on July 1, 20__, on or before July 1 in each of the years and in the principal amounts stated below, the City shall transfer into the applicable account of the Series 2020B Debt Service Fund the Pledged Revenues required for the payments of principal on those Bonds with a priority as set forth in Section 18 of the Bond Ordinance so that there is on deposit on the required redemption date in the Series 2020B Debt Service Fund amounts sufficient to redeem the Bonds called for redemption (after credit as provided below). Subject to the following paragraph, Bonds which are term bonds shall be subject to mandatory sinking fund redemption at a redemption price equal to 100% of the principal amount thereof plus accrued interest to the redemption date on July 1 in the following years and principal amounts:

 

Sinking Fund Redemption        (July 1)

Principal Amount

 

 

 

 

 

 

If less than the total amount of the Bonds outstanding is redeemed, Bonds to be redeemed shall be selected as determined by the City.  However, if less than all Bonds of a given maturity are redeemed, the Bonds to be redeemed within that maturity shall be selected by lot in such manner as determined by the Fiscal Agent.  Notice of redemption of this bond, or any part thereof, shall be given by the Fiscal Agent providing not less than 30 days’ prior written notice by registered or certified first-class postage prepaid mail to the owner of this bond at the address shown on the registration books as of the fifth day prior to the mailing of notice as provided in the Bond Ordinance.  Notices of redemption shall specify the details set forth in the Bond Ordinance including, the date fixed for redemption and that on such redemption date there shall become and be due and payable upon each Bond or part thereof to be redeemed at the office of the Paying Agent the principal amount thereof to be redeemed plus accrued interest, if any, to the redemption date and the stipulated premium, if any, and that from and after such date interest shall cease to accrue on the principal amount redeemed.  Neither the Fiscal Agent’s failure to give notice to the registered owner of any Bond, or any defect therein, nor the failure of any securities depository to notify its participants, or any participant or indirect participant to notify a beneficial owner of such redemption, shall affect the validity of the proceedings for the redemption of any Bonds for which proper notice was given.

This bond is subject to transfer upon surrender at the principal office of the Registrar, duly endorsed for transfer or accompanied by an assignment duly executed by the registered owner or his attorney duly authorized in writing for another bond, maturity, aggregate principal amount and interest rate.  This bond may be exchanged at the office of the Registrar for an equal aggregate principal amount of Bonds in fully registered form of the same maturity and interest rate and of other authorized denominations.  Exchanges and transfers of this bond shall be without charge to the owner but the Registrar may require the payment by the owner of any tax or other governmental charge required to be paid with respect to such exchange or transfer.

The Bonds are secured by an irrevocable first lien (but not an exclusive first lien) upon the Pledged Revenues.  Additional bonds or other obligations may be issued and made payable from the Pledged Revenues, subject to the conditions in the Bond Ordinance, having a lien thereon on a parity with the lien of the Bonds, in accordance with the provisions of the Bond Ordinance.  Additional bonds or other obligations may not be issued and made payable from the Pledged Revenues having a lien thereon prior and superior to the Bonds.

The City covenants and agrees with the owner of this bond and with each and every person who may become the owner hereof that it shall keep and perform all of the covenants of the Bond Ordinance.

This bond is subject to the condition, and every owner hereof by accepting the same agrees with the obligor and every subsequent owner of this bond, that the principal of and interest on this bond shall be paid, and this bond is transferable, free from and without regard to any equities, set-offs or cross-claims between the obligor and the original purchaser or any other owner hereof.

It is hereby certified that all acts and conditions necessary to be done or be performed or to have happened precedent to the issuance of the Bonds to make them legal, valid and binding special obligations of the City have been performed and have happened as required by law; the Bonds do not exceed or violate any constitutional, statutory or charter limitations; and all other conditions, acts and things required to exist, to have happened, or to have been performed precedent to the issuance of the Bonds to make them the legal, valid and binding special obligation of the City exist, have happened and have been performed in due time, form and manner, as required by law.

This bond shall not be valid or obligatory for any purpose until the Registrar shall have manually signed the Certificate of Authentication on this bond.

IN WITNESS WHEREOF, the City has caused this bond to be signed on the City’s behalf with the manual signature of the Mayor and to be countersigned with the manual signature of the City Clerk; has caused the corporate seal of the City to be affixed on this bond; and has caused this bond to be attested with the manual signature of the Registrar, all as of the Date of Bond stated above.

                                                                                    CITY OF ALBUQUERQUE, NEW MEXICO

 

                                                                                    By______________________________________

                                                                                                         Mayor

 

                                                                                    By_______________________________________

                                                                                                         City Clerk

(SEAL)

(Form of Registrar’s Certificate of Authentication)

                                                                                    Date of Authentication:______________________

Certificate of Authentication

This is one of the City of Albuquerque, New Mexico Gross Receipts Tax/Lodgers’ Tax/Hospitality Fee Refunding Revenue Bonds, Series 2020B described in the Bond Ordinance and this bond has been registered on the registration books kept by the undersigned as Registrar for such Bonds.

 

                                                                                                                              _____________________________________

                                                                                                                              City Treasurer, Albuquerque,

                                                                                                                              New Mexico, as Registrar

(End of Form of Registrar’s Certificate of Authentication)

 (Form of Assignment)

For value received, _________________________________ hereby sells, assigns and transfers unto ______________________________________ whose Social Security or Tax Identification No. is _____________________ the within bond and hereby irrevocably constitutes and appoints _________________________, attorney, to transfer the same on the books of the Registrar, with full power of substitution in the premises.

Dated: __________                                                               _________________________________

NOTE:  The assignor’s signature to this Assignment must correspond with the name as written on the face of the within bond in every particular, without alteration or enlargement or any change whatsoever.

(End of Form of Assignment)

(End of Form of Series 2020B Bonds)

(C)                     The Series 2020C Bonds shall be in substantially the following form with only such changes as are not inconsistent with the Bond Ordinance:

[FORM OF SERIES 2020C BOND]

UNITED STATES OF AMERICA

STATE OF NEW MEXICO                                                                                                         COUNTY OF BERNALILLO

CITY OF ALBUQUERQUE, NEW MEXICO

GROSS RECEIPTS TAX REFUNDING REVENUE BONDS

SERIES 2020C

Bond No._______                                                                                                                                                                                             $________

INTEREST RATE                     MATURITY DATE                                          DATE OF BOND                                          CUSIP

_______                                          ________                                                               ___________, 2020                                          ______

PRINCIPAL AMOUNT: 

REGISTERED OWNER:

The City of Albuquerque (the “City”), in the County of Bernalillo and State of New Mexico (the “State”), a municipal corporation duly organized and existing under the Constitution and laws of the State, for value received, promises to pay, solely from the special funds available for the purpose set forth below, to the Registered Owner stated above, or registered assigns, on the Maturity Date stated above, upon presentation and surrender of this bond to the City Treasurer, in Albuquerque, New Mexico, or any successor (as such, the “Paying Agent”) or any co-paying agent, the Principal Amount stated above and premium, if any, and to pay interest on the unpaid Principal Amount at the Interest Rate stated above on January 1 and July 1 of each year beginning on January 1, _____ (each, an “Interest Payment Date”) to the Maturity Date stated above. If upon presentation and surrender at maturity, payment of this bond is not made, interest shall continue at the Interest Rate stated above until the Principal Amount is paid in full.  This bond will bear interest from the most recent date to which interest has been paid or provided for or if no interest has been paid or provided for, from the Date of Bond stated above.  Interest on this bond is payable by check or draft mailed to the registered owner hereof (or by such other arrangement as may be mutually agreed to by the Paying Agent and the registered owner) as shown on the registration books for this issue maintained by the City Treasurer or any successor or co-registrar (as such, the “Registrar”), at the address appearing therein at the close of business on the fifteenth day of the calendar month next preceding the Interest Payment Date (the “Record Date”).  Any interest which is not timely paid or duly provided for shall cease to be payable to the owner hereof (or of one or more predecessor Bonds, defined below) as of the Record Date, but shall be payable to the owner hereof (or of one or more predecessor Bonds) at the close of business on a special record date to be fixed by the Paying Agent for the payment of interest.  Notice of the special record date shall be given to owners of Bonds as then shown on the Registrar’s registration books not less than ten days prior to the special record date.  The principal of, premium, if any, and interest on this bond are payable in lawful money of the United States of America, without deduction for exchange or collection charges.

This bond and the payments of principal of, premium, if any, and interest on this bond do not constitute an indebtedness of the City within the meaning of any constitutional, charter or statutory provision or limitation, shall not be considered or held to be a general obligation of the City and are payable and collectible solely from Pledged Revenues, proceeds of the Bonds, and amounts on deposit in certain funds designated in the Bond Ordinance.  The owner of this bond may not look to any general or other municipal fund for the payment of the principal of, premium, if any, or interest on this bond.  “Pledged Revenues” means the State-Shared Gross Receipts Tax Revenues.  For a full description of the State-Shared Gross Receipts Tax Revenues, reference is made to the Bond Ordinance.

This bond is one of a duly authorized series of fully registered bonds of the City issued in the aggregate principal amount of $65,000,000 designated as the “City of Albuquerque, New Mexico Gross Receipts Tax Refunding Revenue Bonds, Series 2020C” (the “Bonds”), issued in denominations of $5,000 and integral multiples thereof under and pursuant to City Ordinance Twenty-Fourth Council Bill No. F/S O-20-5 as supplemented by the Sale Certificate (collectively, the “Bond Ordinance”) for the purpose of refunding certain of the City’s Gross Receipts Tax Revenue Bonds.

Reference is made to the Bond Ordinance on file in the offices of the City Clerk for a more complete statement of the general covenants and conditions pursuant to which the Bonds are issued.  The acceptance of the terms and conditions of the Bond Ordinance is an explicit and material part of the consideration of the issuance of this bond and each owner, by acceptance of this bond, agrees and assents to all such terms and conditions as though fully set forth in this bond.

The Bonds maturing on or after July 1, 20__ are subject to redemption prior to maturity at the option of the City, in whole or in part, on July 1, 20__ and on any date thereafter, at the redemption price of 100% of the principal amount of the Bonds, plus accrued interest to the date fixed for redemption.

The Bonds maturing on July 1, 20__ are subject to mandatory sinking fund redemption.  As and for a sinking fund for the redemption of the Bonds maturing on July 1, 20__, on or before July 1 in each of the years and in the principal amounts stated below, the City shall transfer into the applicable account of the Series 2020C Debt Service Fund the Pledged Revenues required for the payments of principal on those Bonds with a priority as set forth in Section 18 of the Bond Ordinance so that there is on deposit on the required redemption date in the Series 2020C Debt Service Fund amounts sufficient to redeem the Bonds called for redemption (after credit as provided below). Subject to the following paragraph, Bonds which are term bonds shall be subject to mandatory sinking fund redemption at a redemption price equal to 100% of the principal amount thereof plus accrued interest to the redemption date on July 1 in the following years and principal amounts:

 

Sinking Fund Redemption        (July 1)

Principal Amount

 

 

 

 

 

 

If less than the total amount of the Bonds outstanding is redeemed, Bonds to be redeemed shall be selected as determined by the City.  However, if less than all Bonds of a given maturity are redeemed, the Bonds to be redeemed within that maturity shall be selected by lot in such manner as determined by the Fiscal Agent.  Notice of redemption of this bond, or any part thereof, shall be given by the Fiscal Agent providing not less than 30 days’ prior written notice by registered or certified first-class postage prepaid mail to the owner of this bond at the address shown on the registration books as of the fifth day prior to the mailing of notice as provided in the Bond Ordinance.  Notices of redemption shall specify the details set forth in the Bond Ordinance including, the date fixed for redemption and that on such redemption date there shall become and be due and payable upon each Bond or part thereof to be redeemed at the office of the Paying Agent the principal amount thereof to be redeemed plus accrued interest, if any, to the redemption date and the stipulated premium, if any, and that from and after such date interest shall cease to accrue on the principal amount redeemed.  Neither the Fiscal Agent’s failure to give notice to the registered owner of any Bond, or any defect therein, nor the failure of any securities depository to notify its participants, or any participant or indirect participant to notify a beneficial owner of such redemption, shall affect the validity of the proceedings for the redemption of any Bonds for which proper notice was given.

This bond is subject to transfer upon surrender at the principal office of the Registrar, duly endorsed for transfer or accompanied by an assignment duly executed by the registered owner or his attorney duly authorized in writing for another Bond, maturity, aggregate principal amount and interest rate.  This bond may be exchanged at the office of the Registrar for an equal aggregate principal amount of Bonds in fully registered form of the same maturity and interest rate and of other authorized denominations.  Exchanges and transfers of this bond shall be without charge to the owner but the Registrar may require the payment by the owner of any tax or other governmental charge required to be paid with respect to such exchange or transfer.

The Bonds are secured by an irrevocable lien (but not an exclusive lien) upon the Pledged Revenues.  Additional bonds or other obligations may be issued and made payable from the Pledged Revenues, subject to the conditions in the Bond Ordinance, having a lien thereon on a parity with the lien of the Bonds, in accordance with the provisions of the Bond Ordinance.  Additional bonds or other obligations may not be issued and made payable from the Pledged Revenues having a lien thereon prior and superior to the Bonds.

The City covenants and agrees with the owner of this bond and with each and every person who may become the owner hereof that it shall keep and perform all of the covenants of the Bond Ordinance.

This bond is subject to the condition, and every owner hereof by accepting the same agrees with the obligor and every subsequent owner of this bond, that the principal of and interest on this bond shall be paid, and this bond is transferable, free from and without regard to any equities, set-offs or cross-claims between the obligor and the original purchaser or any other owner hereof.

It is hereby certified that all acts and conditions necessary to be done or be performed or to have happened precedent to the issuance of the Bonds to make them legal, valid and binding special obligations of the City have been performed and have happened as required by law; the Bonds do not exceed or violate any constitutional, statutory or charter limitations; and all other conditions, acts and things required to exist, to have happened, or to have been performed precedent to the issuance of the Bonds to make them the legal, valid and binding special obligation of the City exist, have happened and have been performed in due time, form and manner, as required by law.

This bond shall not be valid or obligatory for any purpose until the Registrar shall have manually signed the Certificate of Authentication on this bond.

IN WITNESS WHEREOF, the City has caused this bond to be signed on the City’s behalf with the manual signature of the Mayor and to be countersigned with the manual signature of the City Clerk; has caused the corporate seal of the City to be affixed on this bond; and has caused this bond to be attested with the manual signature of the Registrar, all as of the Date of Bond stated above.

                                                                                    CITY OF ALBUQUERQUE, NEW MEXICO

 

                                                                                    By______________________________________

                                                                                                         Mayor

 

                                                                                    By_______________________________________

                                                                                                         City Clerk

(SEAL)

(Form of Registrar’s Certificate of Authentication)

                                                                                    Date of Authentication:______________________

Certificate of Authentication

This is one of the City of Albuquerque, New Mexico Gross Receipts Tax Refunding Revenue Bonds, Series 2020C described in the Bond Ordinance and this bond has been registered on the registration books kept by the undersigned as Registrar for such Bonds.

 

                                                                                                                              _____________________________________

                                                                                                                              City Treasurer, Albuquerque,

                                                                                                                              New Mexico, as Registrar

(End of Form of Registrar’s Certificate of Authentication)

 (Form of Assignment)

For value received, _________________________________ hereby sells, assigns and transfers unto ______________________________________ whose Social Security or Tax Identification No. is _____________________ the within bond and hereby irrevocably constitutes and appoints _________________________, attorney, to transfer the same on the books of the Registrar, with full power of substitution in the premises.

Dated: __________                                                               _________________________________

NOTE:  The assignor’s signature to this Assignment must correspond with the name as written on the face of the within bond in every particular, without alteration or enlargement or any change whatsoever.

(End of Form of Assignment)

(End of Form of Series 2020C Bonds)

D.                     The Series 2020D Bonds shall be in substantially the following form with only such changes as are not inconsistent with the Bond Ordinance:

[FORM OF SERIES 2020D BOND]

UNITED STATES OF AMERICA

STATE OF NEW MEXICO                                                                                                         COUNTY OF BERNALILLO

CITY OF ALBUQUERQUE, NEW MEXICO

GROSS RECEIPTS TAX/STADIUM REVENUES REFUNDING REVENUE BONDS

SERIES 2020D

Bond No._______                                                                                                                                                                                             $________

INTEREST RATE                     MATURITY DATE                                          DATE OF BOND                                          CUSIP

_______                                          ________                                                               ___________, 2020                                          ______

PRINCIPAL AMOUNT: 

REGISTERED OWNER:

The City of Albuquerque (the “City”), in the County of Bernalillo and State of New Mexico (the “State”), a municipal corporation duly organized and existing under the Constitution and laws of the State, for value received, promises to pay, solely from the special funds available for the purpose set forth below, to the Registered Owner stated above, or registered assigns, on the Maturity Date stated above, upon presentation and surrender of this bond to the City Treasurer, in Albuquerque, New Mexico, or any successor (as such, the “Paying Agent”) or any co-paying agent, the Principal Amount stated above and premium, if any, and to pay interest on the unpaid Principal Amount at the Interest Rate stated above on January 1 and July 1 of each year beginning on January 1, _____ (each, an “Interest Payment Date”) to the Maturity Date stated above. If upon presentation and surrender at maturity, payment of this bond is not made, interest shall continue at the Interest Rate stated above until the Principal Amount is paid in full.  This bond will bear interest from the most recent date to which interest has been paid or provided for or if no interest has been paid or provided for, from the Date of Bond stated above.  Interest on this bond is payable by check or draft mailed to the registered owner hereof (or by such other arrangement as may be mutually agreed to by the Paying Agent and the registered owner) as shown on the registration books for this issue maintained by the City Treasurer or any successor or co-registrar (as such, the “Registrar”), at the address appearing therein at the close of business on the fifteenth day of the calendar month next preceding the Interest Payment Date (the “Record Date”).  Any interest which is not timely paid or duly provided for shall cease to be payable to the owner hereof (or of one or more predecessor Bonds, defined below) as of the Record Date, but shall be payable to the owner hereof (or of one or more predecessor Bonds) at the close of business on a special record date to be fixed by the Paying Agent for the payment of interest.  Notice of the special record date shall be given to owners of Bonds as then shown on the Registrar’s registration books not less than ten days prior to the special record date.  The principal of, premium, if any, and interest on this bond are payable in lawful money of the United States of America, without deduction for exchange or collection charges.

This bond and the payments of principal of, premium, if any, and interest on this bond do not constitute an indebtedness of the City within the meaning of any constitutional, charter or statutory provision or limitation, shall not be considered or held to be a general obligation of the City and are payable and collectible solely from Pledged Revenues, proceeds of the Bonds, and amounts on deposit in certain funds designated in the Bond Ordinance.  The owner of this bond may not look to any general or other municipal fund for the payment of the principal of, premium, if any, or interest on this bond.  “Pledged Revenues” means the State-Shared Gross Receipts Tax Revenues, Pledged Stadium Lease Revenues and Pledged Surcharge Revenues.  For a full description of the State-Shared Gross Receipts Tax Revenues, Pledged Stadium Lease Revenues and Pledged Surcharge Revenues, reference is made to the Bond Ordinance.

This bond is one of a duly authorized series of fully registered bonds of the City issued in the aggregate principal amount of $10,000,000 designated as the “City of Albuquerque, New Mexico Gross Receipts Tax/Stadium Revenues Refunding Revenue Bonds, Series 2020D” (the “Bonds”), issued in denominations of $5,000 and integral multiples thereof under and pursuant to City Ordinance Twenty-Fourth Council Bill No. F/S O-20-5 as supplemented by the Sale Certificate (collectively, the “Bond Ordinance”) for the purpose of refunding certain of the City’s Gross Receipts Tax Revenue Bonds.

Reference is made to the Bond Ordinance on file in the offices of the City Clerk for a more complete statement of the general covenants and conditions pursuant to which the Bonds are issued.  The acceptance of the terms and conditions of the Bond Ordinance is an explicit and material part of the consideration of the issuance of this bond and each owner, by acceptance of this bond, agrees and assents to all such terms and conditions as though fully set forth in this bond.

The Bonds maturing on or after July 1, 20__ are subject to redemption prior to maturity at the option of the City, in whole or in part, on July 1, 20__ and on any date thereafter, at the redemption price of 100% of the principal amount of the Bonds, plus accrued interest to the date fixed for redemption.

The Bonds maturing on July 1, 20__ are subject to mandatory sinking fund redemption.  As and for a sinking fund for the redemption of the Bonds maturing on July 1, 20__, on or before July 1 in each of the years and in the principal amounts stated below, the City shall transfer into the applicable account of the Series 2020D Debt Service Fund the Pledged Revenues required for the payments of principal on those Bonds with a priority as set forth in Section 18 of the Bond Ordinance so that there is on deposit on the required redemption date in the Series 2020D Debt Service Fund amounts sufficient to redeem the Bonds called for redemption (after credit as provided below). Subject to the following paragraph, Bonds which are term bonds shall be subject to mandatory sinking fund redemption at a redemption price equal to 100% of the principal amount thereof plus accrued interest to the redemption date on July 1 in the following years and principal amounts:

 

Sinking Fund Redemption        (July 1)