City of Albuquerque - File #: R-21-149

• File #: R-21-149
• Type: Resolution
• Status: Enacted
• File created: 4/5/2021
• In control: City Council
• Final action: 4/19/2021
• Enactment date: 5/10/2021
• Enactment #: R-2021-019
• Title: F/S A Resolution Declaring The Intent Of The City Of Albuquerque, New Mexico To Issue Industrial Revenue Bonds Entitled City Of Albuquerque, New Mexico Industrial Revenue Bonds (El Encanto, Inc. Project), Tax-Exempt Series 2021, In An Aggregate Principal Amount Up To $10,000,000 In Connection With A Proposed Project Located In The City Of Albuquerque, New Mexico, For The Purpose Of Inducing El Encanto, Inc. Or Its Successors Or Assigns, To Acquire, Construct And Equip The Project And To Reimburse Temporary Advances Made For Capital Expenditures From Proceeds Of The Bonds And Related Matters (Benton)
• Sponsors: Isaac Benton

Date	Action By	Action	Result
5/10/2021	City Clerk	Published
4/27/2021	Mayor	Signed by the Mayor
4/23/2021	City Council	Sent to Mayor for Signature
4/19/2021	City Council	Passed as Substituted	Pass
4/19/2021	City Council	Substituted	Pass
4/5/2021	City Council	Introduced
4/5/2021	President	To be heard at the Council Meeting

CITY of ALBUQUERQUE
TWENTY FOURTH COUNCIL


COUNCIL BILL NO. F/S R-21-149 ENACTMENT NO. ________________________

SPONSORED BY: Isaac Benton

RESOLUTION
A RESOLUTION DECLARING THE INTENT OF THE CITY OF ALBUQUERQUE, NEW MEXICO TO ISSUE INDUSTRIAL REVENUE BONDS ENTITLED CITY OF ALBUQUERQUE, NEW MEXICO INDUSTRIAL REVENUE BONDS (EL ENCANTO, INC. PROJECT), TAX-EXEMPT SERIES 2021, IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $10,000,000 IN CONNECTION WITH A PROPOSED PROJECT LOCATED IN THE CITY OF ALBUQUERQUE, NEW MEXICO, FOR THE PURPOSE OF INDUCING EL ENCANTO, INC. OR ITS SUCCESSORS OR ASSIGNS, TO ACQUIRE, CONSTRUCT AND EQUIP THE PROJECT AND TO REIMBURSE TEMPORARY ADVANCES MADE FOR CAPITAL EXPENDITURES FROM PROCEEDS OF THE BONDS AND RELATED MATTERS.
WHEREAS, the New Mexico legislature has passed the "Industrial Revenue Bond Act" (the "Act"). Sections 3-32-1 to 3-32-16 inclusive et seq., NMSA 1978 as amended, which authorizes the City of Albuquerque, New Mexico (the "City") to issue industrial development bonds and to acquire projects as defined in the Act; and
WHEREAS, the City desires to promote industry and develop trade or other economic activity to secure and maintain a balanced and stable economy in the City and to promote public health, welfare, safety, convenience and prosperity; and
WHEREAS, El Encanto, Inc., a New Mexico corporation (together with its successors and assigns, the "Company"), has made a proposal to the City (the "Proposal") whereby the City will acquire land, buildings and equipment located in the City, which will constitute an industrial development project (the "Project"); and
WHEREAS, the issuance of its industrial revenue bonds (the "Bonds") by the City to finance all or a part of the Project, will constitute one of the inducements whereby the Company will determine to acquire land and acquire, construct and equip a facility in the City; and
WHEREAS, the City Council (the "Council") of the City constitutes th...