Title
Incorporated County of Los Alamos Code Ordinance No. 687, An Ordinance Authorizing the Incorporated County of Los Alamos to Enter Into a Loan Agreement and Promissory Note With the New Mexico Environment Department for the Purpose of Obtaining Loan Funds for the Construction of a New Wastewater Treatment Facility, Declaring the Necessity for the Loan, Restricting the Use of the Loan Funds Solely for the Project, and Pledging Loan Will be Payable from the Revenues of the Wastewater System
Recommended Action
I move that Council adopt Incorporated County of Los Alamos Ordinance No. 687, An Ordinance Authorizing the Incorporated County of Los Alamos to Enter Into a Loan Agreement and Promissory Note With the New Mexico Environment Department for the Purpose of Obtaining Loan Funds for the Construction of a New Wastewater Treatment Facility, Declaring the Necessity for the Loan, Restricting the Use of the Loan Funds Solely for the Project, and Pledging Loan Will be Payable from the Revenues of the Wastewater System and ask staff to assure that it is published in summary form.
Utilities Manager Recommendation
The Utilities Manager recommends that Council adopt the ordinance as presented.
Board, Commission or Committee Recommendation
The Board of Public Utilities recommends that Council adopt the ordinance as presented.
Body
For the past two or more years the DPU and BPU have been discussing and planning for the necessary replacement of the White Rock Treatment Facility, which, built in 1965, is already operating beyond its design life expectancy. Several actions have been taken to ensure the utility is financially capable of proceeding with this badly needed project.
In January/February 2018 the BPU and Council enacted an ordinance and resolution authorizing transfer of excess cash reserves from the Gas fund to the Wastewater fund. $2.5 million was transferred and in February those funds were used to pay down the balance of the outstanding loan that w...
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