Title
Incorporated County of Los Alamos Resolution No. 26-10; Declaring the Official Intent of the Incorporated County of Los Alamos, New Mexico to Reimburse Itself From Bond Proceeds for Amounts Advanced to Pay Costs of Construction of Certain Projects of the County; Stating the Maximum Principal Amount of Bonds Expected to be Issued and Estimating the Expenditures to be Reimbursed from Proceeds of the Bonds; and Authorizing Incidental Action
Recommended Action
I move that Council adopt Incorporated County of Los Alamos Resolution No. 26-10, a Resolution declaring the official intent of the Incorporated County of Los Alamos, New Mexico to reimburse itself from bond proceeds for amounts advanced to pay costs of construction of certain projects of the County; stating the maximum principal amount of bonds expected to be issued and estimating the expenditures to be reimbursed from proceeds of the bonds; and authorizing incidental action.
County Manager's Recommendation
The County Manager recommends that Council adopt Incorporated County of Los Alamos Resolution No. 26-10.
Body
Resolution No. 26-10 (Attachment A) formally declares the County’s intent to reimburse itself from future gross receipts tax revenue bond proceeds for eligible expenditures made toward the Fire Station 4 construction project and related public infrastructure prior to the bond issuance.
The County has already commenced site improvements and construction activities for Fire Station 4 and intends to finance the project with tax-exempt gross receipts tax revenue bonds.
The resolution establishes the following key financial parameters:
• The County anticipates issuing up to $35,000,000 in bonds.
• The County expects to reimburse approximately $8,000,000 in project costs incurred prior to bond issuance.
• Reimbursable expenditures will come from Capital Improvements Fund 311, Account CP1009.
The resolution also affirms compliance with federal tax regulations governing reimbursement of prior expenditures, including the requirement that reimbursements occur within 18 months of the later of the expenditure date or the date the project is placed in service.
The publication notice for this resolution is shown in Attachment B.
Alternatives
The alternative to this action is that the County does not reimburse the Fire Station 4 costs that are spent prior to the issuance of bond proceeds.
Fiscal and Staff Impact/Unplanned Item
This is planned for and ensures the County is reimbursed from the issuance of bond proceeds in October 2026.
Attachments
A - Resolution No. 26-10
B - Publication Notice