Title
Approval of Incorporated County of Los Alamos, New Mexico Ordinance No. 672; An Ordinance Authorizing the Execution and Delivery of a Loan Agreement and Intercept Agreement by and Between the Incorporated County of Los Alamos, New Mexico (the “Governmental Unit”) and the New Mexico Finance Authority (the “Finance Authority”), in the Principal Amount of $4,331,349.00 for the Purpose of Refunding Finance Authority Loan No. 1898-PP for the Governmental Unit, Paying a Loan Processing Fee and Funding a Loan Agreement Reserve Account, and Evidencing the Special Limited Obligation of the Governmental Unit to Repay the Principal Amount of $4,331,349.00, Together with Interest Thereon; Providing for the Pledge and Payment of the Principal and Interest Due Under the Loan Agreement Solely from the First One-Sixteenth of One Percent Increment of Environmental Services Gross Receipts Tax Imposed Pursuant to Section 7-20E-17, NMSA 1978, and Distributed to the Governmental Unit by the State Taxation and Revenue Department; Providing for the Distribution of Environmental Services Gross Receipts Tax to be Redirected by the State Taxation and Revenue Department to the Finance Authority or its Assigns for the Payment of Principal and Interest Due on the Loan Agreement Pursuant to an 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.
Recommended Action
I move that Council Approve Incorporated County of Los Alamos Ordinance No. 672, and authorize the Chair in executing the necessary closing documents thereafter.
County Manager Recommendation
The County Manager recommends that Council approve the ordinance as presented, and execute the Loan Agreement once NMFA has provided the finalized interest rate.
Body
In May 2007 the County entered into a loan agreement with the New Mexico ...
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