County of Los Alamos - File #: OR1025-24b

• File #: OR1025-24b
• Version: 1
• Type: Ordinance
• Status: Public Hearing
• File created: 6/7/2024
• In control: County Council - Regular Session
• On agenda: 7/30/2024
• Title: Incorporated County of Los Alamos Ordinance No. 734; An Ordinance Authorizing the Incorporated County of Los Alamos (Borrower) to Enter Into a Loan Agreement with the New Mexico Environment Department (NMED) for the Purpose of Obtaining Project Loan Funds in the Principal Amount of $1,500,000, Plus 1% Accrued Interest and Loan Subsidy Grant Funds in the Amount of $500,000; for a Total Funded Amount of $2,000,000; Designating the Use of the Funds for the Purpose Defined in the Most Current Project Description Form as Approved by NMED; Declaring the Necessity for the Loan; Providing that the Loan will be Payable and Collectible Solely from the Borrower’s Pledged Revenues Defined; Prescribing Other Details Concerning the Loan and the Security for that Purpose (Water Production Mechanical and Electrical Upgrades )
• Presenters: James Alarid
• Indexes (Council Goals): Quality Excellence - Effective, Efficient, and Reliable Services, Quality Excellence - Infrastructure Asset Management, Quality Governance - Fiscal Stewardship, DPU FY25 - 1.0 Provide Safe and Reliable Utility Services, DPU FY25 - 2.0 Achieve and Maintain Excellence in Financial Performance
• Related files: OR1025-24a, OR1025-24

Title
Incorporated County of Los Alamos Ordinance No. 734; An Ordinance Authorizing the Incorporated County of Los Alamos (Borrower) to Enter Into a Loan Agreement with the New Mexico Environment Department (NMED) for the Purpose of Obtaining Project Loan Funds in the Principal Amount of $1,500,000, Plus 1% Accrued Interest and Loan Subsidy Grant Funds in the Amount of $500,000; for a Total Funded Amount of $2,000,000; Designating the Use of the Funds for the Purpose Defined in the Most Current Project Description Form as Approved by NMED; Declaring the Necessity for the Loan; Providing that the Loan will be Payable and Collectible Solely from the Borrower’s Pledged Revenues Defined; Prescribing Other Details Concerning the Loan and the Security for that Purpose (Water Production Mechanical and Electrical Upgrades )
Recommended Action
I move that Council adopt Incorporated County of Los Alamos Ordinance No. 734; An Ordinance Authorizing the Incorporated County of Los Alamos (Borrower) to Enter Into a Loan Agreement with the New Mexico Environment Department (NMED) for the Purpose of Obtaining Project Loan Funds in the Principal Amount of $1,500,000, Plus 1% Accrued Interest and Loan Subsidy Grant Funds in the Amount of $500,000; for a Total Funded Amount of $2,000,000; Designating the Use of the Funds for the Purpose Defined in the Most Current Project Description Form as Approved by NMED; Declaring the Necessity for the Loan; Providing that the Loan will be Payable and Collectible Solely from the Borrower’s Pledged Revenues Defined; Prescribing Other Details Concerning the Loan and the Security for that Purpose and ask staff to assure that it is published in summary form.
...Utilities Manager's Recommendation
The Utilities Manager recommends that the Council adopt the ordinance as presented.
Board, Commission or Committee Recommendation
The Board of Public Utilities approved Ordinance No. 734 at their regular session on June 26, 2024 and recommends that C...