Title
Incorporated County of Los Alamos Ordinance No. 749, An Ordinance Authorizing the Execution and Delivery of a Water Project Fund Loan/Grant Agreement By and Between the New Mexico Finance Authority (“NMFA”) and the Incorporated County of Los Alamos, New Mexico (The “Borrower/Grantee”), in the Total Amount of $2,000,000, Including a Loan in the Amount of $200,000, Evidencing an Obligation of the Borrower/Grantee to Utilize the Loan/Grant Amount Solely for the Purpose of financing cost of constructing a replacement of the waterline in San Ildefonso Road, and Solely in the Manner Described in the Loan/Grant Agreement; Providing for the Pledge and Payment of the Loan Amount and an Administrative Fee Solely From Net System Revenues of the Joint Utility System of the Borrower/Grantee; Certifying That the Loan/Grant Amount, Together With Other Funds Available to the Borrower/Grantee, is Sufficient to Complete the Project; Approving the Form of and Other Details Concerning the Loan/Grant 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/Grant Agreement.
Recommended Action
I move that the Board of Public Utilities recommend to Council approval of Incorporated County of Los Alamos Ordinance No. 749; An Ordinance Authorizing the Execution and Delivery of a Water Project Fund Loan/Grant Agreement By and Between the New Mexico Finance Authority (“NMFA”) and the Incorporated County of Los Alamos, New Mexico, and forward to Council for introduction and adoption.
Utilities Manager's Recommendation
The Utilities Manager recommends that the motion be approved as presented.
Body
This project will replace approximately 4,600 linear feet of 8" cast iron pipe with new 12" ductile iron along San Ildefonso Road on North Mesa. The existing 8" pipe along San Ildefonso is aged and deteriorated and requires reg...
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