Title
Adoption of Incorporated County of Los Alamos Ordinance No. 710, An ordinance to Authorize the Refinance and Re-issuance of Amended Loan and Promissory Note Agreements with the New Mexico Finance Authority to IncreaseFunding For the Otowi Well #2 Pumphouse and Equipment and Otowi Well #4 MCC Replacement Project Due To Project Bids Coming in with Amounts Exceeding Funds Available Under previous Loan Agreement DW-5456.
Recommended Action
I move that the County Council adopt Incorporated County of Los Alamos, New Mexico Ordinance No. 710 amending and replacing ordinance No. 706 adopted by the Incorporated County of Los Alamos (The “Governmental Unit”) on February 23, 2021; authorizing the execution and delivery of an amended and restated loan and subsidy agreement (“Loan Agreement”) by and between the Governmental Unit and the New Mexico Finance Authority, evidencing a special limited obligation of the Governmental Unit to pay a revised principal amount of no more than $3,709,892, 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.
Board, Commission or Committee Recommendation
At the August 18, 2021 meeting, ...
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