City of Albuquerque
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File #: R-21-149   
Type: Resolution Status: In Council - Consent Agenda
File created: 4/5/2021 In control: City Council
Final action:
Enactment date: Enactment #:
Title: 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 Bond And Related Matters (Benton)
Attachments: 1. R-149
CITY of ALBUQUERQUE
TWENTY-FOURTH COUNCIL


COUNCIL BILL NO. R-21-149 ENACTMENT NO. ________________________

SPONSORED BY: Isaac Benton

RESOLUTION
title
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 Bond And Related Matters (Benton)
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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...

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