ALBUQUERQUE BERNALILLO COUNTY
WATER UTILITY AUTHORITY
BILL NO. R-24-7
RESOLUTION
t
A Resolution Authorizing the Execution and Delivery of a Loan and Subsidy Agreement ("Loan Agreement") by and Between the Albuquerque Bernalillo County Water Utility Authority, New Mexico (the "Water Authority") and the New Mexico Finance Authority ("NMFA'), in the total amount of one million one hundred thousand dollars ($1,100,000) ($770,000 Loan Amount/$330,000 Principal Forgiveness Subsidy) Evidencing a Special Limited Obligation of the Water Authority to Pay a Maximum Repayable Principal Amount of no more than Seven hundred seventy thousand dollars ($770,000), Together with Interest, and Administrative Fees, and to Accept a Loan Subsidy of No More than Three Hundred and Thirty Thousand Dollars ($300,000), For the Purpose of Financing the Costs of Extending and Improving the Water Authority's Joint Water and Sewer System (the "System") by conducting a lead service line replacement project and associated activities directly connected to planning, designing and replacing of lead service lines including an inventory/survey to determine If lead exists in the System lines and shall include drinking water facility construction project work necessary to complete the Project ("PROJECT"), and Soley in the Manner Described in the loan Agreement; Providing for the Pledge and Payment of the Loan Soley From a Senior Lien (But Not an Exclusive Senior Lien) on the Net revenues of the system; Approving the Form of and Other Details Concerning the Loan Agreement; Ratifying Action Heretofore Taken; Repealing All Action Inconsistent With this Resolution; and Authorizing the Taking of Other Actions in Connection With the Execution and Delivery of the Loan Agreement
b
Capitalized terms used in the following recitals have the same meaning as defined in Section 1 of this Resolution, unless the context requires otherwise.
WHEREAS, the Water Authority is a legally and regularl...
Click here for full text