Title
Public Hearing for Incorporated County of Los Alamos Ordinance No. 706; Loan/Grant Agreement with the New Mexico Finance Authority for Otowi Well #2 Pump House and Equipment and Otowi Well #4 Motor Control Center Project
Recommended Action
I move that Council adopt Incorporated County of Los Alamos, New Mexico Ordinance No. 706 Authorizing the Execution and Delivery of a Loan and Subsidy Agreement (“Loan Agreement”) By and Between the Incorporated County of Los Alamos, New Mexico (the “Governmental Unit”) and the New Mexico Finance Authority, Evidencing a Special Limited Obligation of the Governmental Unit To Pay a Principal Amount of No More Than $2,772,612.02, Together With Expenses, If Any, and Administrative Fees, Thereon, and To Accept a Loan Subsidy of No More Than $79,832, For the Purpose of Financing the Costs of (I) Designing and Constructing a Well House, Pumps and the Associated Equipment For Otowi Well #2 and (II) Replacing the Motor Control Center To Otowi Well #4; Providing For the Pledge and Payment of the Principal, Administrative Fees and Interest Due Under the Loan Agreement Solely From the Net Revenues of the Joint Utility System of the Governmental Unit; Setting An Interest Rate For the Loan; Approving the Form of and Other Details Concerning the Loan 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. I further move that, upon passage, the Ordinance be published in its entirety.
Utilities Manager Recommendation
The Utilities Manager recommends that Council adopt the ordinance as recommended.
Board, Commission or Committee Recommendation
The Board of Public Utilities recommends that Council adopt the ordinance as recommended.
Body
On September 16, 2020, staff presented to the Utility Board the details of two low interest loan programs available to the...
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