Title
Introduction of Ordinance No. 720 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 up to $25,000,000 plus accrued interest; 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 below; prescribing other details concerning the loan and the security for that purpose.
Recommended Action
I introduce, without prejudice, Ordinance No. 720, and ask that it is published as provided in the County Charter.
...Utilities Manager Recommendation
The Utilities Manager recommends that Council approve the motion as presented.
...Board, Committee or Commission Recommendation
The Board of Public Utilities discussed this item at their July 6, 2022 work session and unanimously recommends that Council approve the motion as presented.
Body
The Clean Water State Revolving Loan CWSRF #110 will be replacing Loan CWSRF #083. NMED has agreed to reduce the original 2.38% interest rate down to 0.01%, resulting in significant savings. The Clean Water State Revolving Loan CWSRF #083 was executed on April 12, 2019, through Ordinance No. 687, approved on October 30, 2018, amended by Ordinance No. 689, approved on February 19, 2019, and amended by Ordinance No. 712, approved on November 9, 2021. Loan CWSRF #083 funds the design and construction of a replacement wastewater treatment plant in White Rock, New Mexico and the loan amount is a maximum of $30 million, plus accrued interest. The existing plant is an antiquated trickling filter plant that was constructed in 1966 and is at the end of its useful life.
Loan CWSRF #083 will be closed out with a projected balance of $6.5 million. Approval of Ordinance N...
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