CITY of ALBUQUERQUE
TWENTY-THIRD COUNCIL
COUNCIL BILL NO.
F/S O-18-25
ENACTMENT NO. O-2018-017
SPONSORED BY: Ken Sanchez, by request
ORDINANCE
AN ORDINANCE AUTHORIZING THE EXECUTION AND DELIVERY OF A LOAN AGREEMENT AND INTERCEPT AGREEMENT BY AND BETWEEN THE CITY OF ALBUQUERQUE (THE “CITY”) AND THE NEW MEXICO FINANCE AUTHORITY (THE “FINANCE AUTHORITY”), EVIDENCING A SPECIAL, LIMITED OBLIGATION OF THE CITY TO PAY A PRINCIPAL AMOUNT OF UP TO $2,740,000, TOGETHER WITH INTEREST THEREON, FOR THE PURPOSE TO ACQUIRE, RENOVATE, EQUIP AND FURNISH A FLEET MAINTENANCE FACILITY FOR THE BENEFIT OF THE CITY FIRE DEPARTMENT TO BE LOCATED WITHIN THE CITY AND PAYING A LOAN PROCESSING FEE AND EXPENSES; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF, AND INTEREST ON THE LOAN AGREEMENT SOLELY FROM A PLEDGE OF DISTRIBUTIONS OF FIRE PROTECTION FUND REVENUES DISTRIBUTED BY THE STATE TREASURER TO THE CITY PURSUANT TO SECTION 59A-53-7 NMSA 1978; PROVIDING FOR THE DISTRIBUTIONS OF FIRE PROTECTION FUND REVENUES TO BE REDIRECTED BY THE STATE TREASURER TO THE FINANCE AUTHORITY OR ITS ASSIGNS FOR THE PAYMENT OF PRINCIPAL AND INTEREST DUE ON THE LOAN AGREEMENT PURSUANT TO AN INTERCEPT AGREEMENT; APPROVING THE FORMS OF THE LOAN AGREEMENT AND INTERCEPT AGREEMENT; RATIFYING ACTIONS HERETOFORE TAKEN; REPEALING ALL ACTION INCONSISTENT WITH THIS ORDINANCE; AND AUTHORIZING THE TAKING OF OTHER ACTIONS IN CONNECTION WITH THE EXECUTION AND DELIVERY OF THE LOAN AGREEMENT AND INTERCEPT AGREEMENT.
HCS Pub. September 21, 2018
