Description
Title: Authorizing The Execution And Delivery Of A Water Project Fund Loan/Grant Agreement By And Between The New Mexico Finance Authority (“Finance Authority”) And The City Of Albuquerque (The “Borrower/Grantee”), Evidencing An Obligation Of The Borrower/Grantee To Utilize The Loan/Grant Amount Solely For A Water Storage, Conveyance And Delivery Project For Puerto Del Sol Golf Course In The Total Amount Of Three Million Dollars ($3,000,000), Including A Loan In The Amount Of Three Hundred Thousand Dollars ($300,000); Solely In The Manner Described In The Loan/Grant Agreement; Providing For The Pledg
Summary
The City of Albuquerque has proposed legislation, Council Bill No. O-26-17, to authorize a loan/grant agreement with the New Mexico Finance Authority for a water project at the Puerto del Sol Golf Course. This initiative seeks to secure $3 million in funding, comprising a $2.7 million grant and a $300,000 loan, aimed at enhancing water storage, conveyance, and delivery systems. The funding will be sourced from gross receipts tax revenues, specifically allocated for this project. This legislation is crucial to ensure necessary improvements to the irrigation system, which could prevent higher costs and mitigate potential environmental impacts if not addressed. The project is intended to serve the public's needs and is expected to have a useful life of at least 20