BILL NO. R-24-19 |
RESOLUTION
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A Resolution Authorizing the Albuquerque Bernalillo County Water Utility Authority (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 Four Million Dollars ($4,000,000) Plus Accrued Interest at 0.01%; and Loan Subsidy Grant Funds in the Amount of One Million Dollars ($1,000,000) for a Total Funded Amount of Five Million Dollars ($5,000,000) 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 a Super Subordinate Lien (But Not an Exclusive Super Subordinate Lien) On the Borrower's Net Revenues Defined Below; Prescribing Other Details Concerning the Loan and the Security Therefore
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Capitalized terms used in the following preambles are defined in Section 1 of this Resolution unless the context requires otherwise.
WHEREAS, the Borrower is a legally and regularly created water and sewer utility organized under the general laws of the State of New Mexico (State) and more specifically, NMSA 1978, Section 72-1-10, as amended; and
WHEREAS, the Borrower now owns, operates, and maintains a public water and sewer utility constituting a wastewater system (System), which includes a system for disposing of wastes by surface and underground methods; and
WHEREAS, the present System is insufficient and inadequate to meet the needs of the Borrower; and
WHEREAS, the Loan Agreement and Note will be payable solely from a super subordinate lien (but not an exclusive super subordinate lien) on the Net Revenues (defined below); and
WHEREAS, the funds for the Project (defined below) will include funds from a one-time federal grant to the NMED from the Environmental Protection Agency (EPA); and
WHEREAS, the Project is subject to specific requirements of the federal grant; and
WHEREAS, the obligations of the Borrower set forth in Exhibit A are currently outstanding and are secured by the Net Revenues on a senior, subordinate and super subordinate lien level; and
WHEREAS, the Governing Body of the Borrower has determined that it is in the best interest of the Borrower to accept and enter into the Loan Agreement and to execute and to deliver the Note to the NMED.
NOW THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THE BORROWER:
Section 1. DEFINITIONS. As used in the Resolution, the following terms shall have the meanings specified below, unless the context clearly requires otherwise (such meanings to be equally applicable to both the singular and the plural forms of the terms defined unless the plural form is separately defined):
ACT. The general laws of the State, including the Wastewater Facility Construction Loan Act at sections 74-6A-1 to 74-6A-15 NMSA 1978, as amended; enactments of the Governing Body of the Borrower relating to the Note and the Loan Agreement made by resolution or ordinance, including this Resolution; and the powers of the Borrower as a water and sewer utility under authority given by the Constitution and Statutes of the State.
ANNUAL AUDIT or SINGLE AUDIT. Financial statements of the Borrower as of the end of each Fiscal Year, audited by an Independent Accountant, consistent with the federal Single Audit Act and the State Auditor's rules.
AUTHORIZED OFFICER. The Borrower's Executive Director and Chief Financial Officer, or other officer or employee of the Borrower as designated by the Borrower's Resolution Number and adopted by the Governing Body of the Borrower, as amended.
BORROWER. The entity requesting funds pursuant to the Act.
FISCAL YEAR. The twelve-month period commencing on the first day of July of each year and ending on the last day of June of the succeeding year, or any other twelve-month period which the Borrower hereafter may establish as the fiscal year or the System.
FUNDS. Loan and Loan Subsidy Grant funds.
GOVERNING BODY OF THE BORROWER. The Board of Directors of the Borrower.
GROSS REVENUES. All income and revenues directly or indirectly derived by the Borrower from the operation and use of the System, or any part of the System, and includes, without limitation, all revenues received by the Borrower, or any municipal corporation or agency succeeding to the rights of the Borrower, from the System and from the sale and use of water, water services or facilities, sewer service or facilities or any other service, commodity or facility or any combination thereof furnished to the inhabitants of the geographic area served by the Borrower by means of the System as the same may at any time exist to serve customers outside the Borrower's geographical limits as well as customers within the Borrower's geographical limits. Such term also includes:
1. All income derived from the investment of any money in the joint water and sewer fund, debt service account, and rate stabilization fund and income derived from surplus Net Revenues;
2. Money released from a rebate fund to the Borrower;
3. Money released from the rate stabilization fund to the Borrower to the extent that the amount released is used to pay Operation and Maintenance Expenses or debt service requirements on System obligations in the year released; provided that withdrawals from the rate stabilization fund shall not be included in Gross Revenues for the purposes of the rate covenant in any two consecutive calendar years;
4. Property insurance proceeds which are not necessary to restore or replace the property lost or damaged and the proceeds of the sale or other disposition of any part of the System; and
5. Funds received from users of the System as a reimbursement of, or otherwise in connection with, franchise fees to be paid by the Borrower.
Gross Revenues do not include:
a) any money received as grants or gifts from the United States of America, the State or other sources, or the proceeds of any charge or tax intended as a replacement therefor or other capital contributions from any source which are restricted as to use; and
b) condemnation proceeds or the proceeds of any insurance policy, except any property insurance proceeds described above in clause 4. of this definition or derived in respect of loss of use or business interruption.
LOAN. A loan of funds from NMED made pursuant to the Loan Agreement.
LOAN AGREEMENT. The loan agreement between the Borrower and the NMED, pursuant to which funds will be loaned to the Borrower to construct the Project and pay eligible costs relating thereto; and the final loan agreement which shall state the final amount the NMED loaned to the Borrower, which shall be executed upon completion of the Project and dated on the date of execution.
LOAN SUBSIDY GRANT. A sub-grant of funds to the Borrower from a one-time federal grant of funds to the NMED by EPA, for the purpose of subsidizing the amount loaned to the Borrower under the Loan Agreement and Note.
NMSA. New Mexico Statutes Annotated, 1978 Compilation, as amended and supplemented.
NOTE. The interim and final promissory notes issued by the Borrower to the NMED evidencing the obligation of the Borrower to the NMED incurred pursuant to the Resolution and Loan Agreement.
OPERATION AND MAINTENANCE EXPENSES. All reasonable and necessary current expenses of the System paid or accrued, related to operating, maintaining and repairing the System, including, without limiting the generality of the foregoing:
(a) legal and overhead expenses directly related and reasonably allocable to the administration of the System;
(b) insurance premiums for the System, including, without limitation, premiums for property insurance, public liability insurance and workmen's compensation insurance, whether or not self-funded;
(c) premiums, expenses and other costs (other than required reimbursements of insurance proceeds and other amounts advanced to pay debt service requirements on System obligations) for credit facilities;
(d) Expenses other than expenses paid from the proceeds of System obligations;
(e) the costs of audits of the books and accounts of the Borrower and the System;
(f) amounts required to be deposited in a rebate fund or otherwise required to make rebate payments to the United States Government;
(g) salaries, administrative expenses, labor costs, surety bonds and the cost of materials and supplies used for or in connection with the current operation of the System; and
(h) franchise tax payments to any other local government.
Operation and Maintenance Expenses do not include any allowance for depreciation, payments in lieu of taxes, liabilities incurred by the Borrower as a result of its negligence or other misconduct in the operation of the System or any charges or costs allocable to capital improvements or replacements. Operation and Maintenance Expenses do not include any payment of or reimbursement for the payment of debt service requirements on the Loan Agreement.
NET REVENUES. Gross Revenues after deducting Operation and Maintenance Expenses.
PROJECT. The most current NMED approved Project Description is listed on the Project Description Form on file with NMED.
PROJECT COMPLETION DATE. Means the date that operations of the completed works are initiated or capable of being initiated, whichever is earlier. This also applies to individual phases or segments.
REGULATIONS. Regulations promulgated by the Water Quality Control Commission at 20.7.5 NMAC and New Mexico Environment Department at 20.7.6 - 20.7.7 NMAC.
RESOLUTION. This Resolution as amended or supplemented from time to time.
SENIOR OBLIGATIONS. The outstanding "Senior Obligations" of the Borrower set forth in Exhibit A, and any other obligations now outstanding or hereafter issued or incurred, payable from or secured by a senior lien (but not an exclusive senior lien) on the Net Revenues and issued with a lien on the Net Revenues senior to the lien on the Net Revenues of any Subordinate Obligations and Super Subordinate Obligations.
SUBORDINATE OBLIGATIONS. The outstanding "Subordinate Obligations" of the Borrower set forth in Exhibit A, and any other obligations now outstanding or hereafter issued or incurred, payable from or secured by a subordinate lien (but not an exclusive subordinate lien) on the Net Revenues and issued with a lien on the Net Revenues subordinate to the lien on the Net Revenues of any Senior Obligations and senior to the lien on the Net Revenues of any Super Subordinate Obligations.
SUPER SUBORDINATE OBLIGATIONS. The outstanding "Super Subordinate Obligations" of the Borrower set forth in Exhibit A, and any other obligations now outstanding or hereafter issued or incurred, payable from or secured by a super subordinate lien (but not an exclusive super subordinate lien) on the Net Revenues and issued with a lien on the Net Revenues subordinate to the lien on the Net Revenues of any Senior Obligations and Subordinate Obligations.
Section 2. RATIFICATION. All action heretofore taken (not inconsistent with the provisions of the Resolution) by the Board, the officers, and employees of the Borrower, directed toward the Loan Agreement and the Note, is hereby ratified, approved, and confirmed.
Section 3. FINDINGS. The Governing Body of the Borrower hereby declares that it has considered all necessary and relevant information and data and hereby makes the following findings:
(A) The execution and delivery of the Loan Agreement and the Note pursuant to the Act to provide funds to finance the Project, is necessary and in the interest of the public health, safety, and welfare of the residents of the Borrower and will result in savings of finance costs to the Borrower.
(B) The money available for the Project from all sources other than the Loan Agreement is not sufficient to pay when due the cost of the Project.
(C) The Project is and will be part of the System.
(D) The Net Revenues may lawfully be pledged to secure the payment of amounts due under the Loan Agreement and Note.
Section 4. SYSTEM. The System shall continue to constitute a wastewater system and shall be operated and maintained as such.
Section 5. AUTHORIZATION OF PROJECT. The acquisition and construction of the Project and payment of eligible items as set forth in the Regulations from proceeds of the Loan Agreement and Note is hereby authorized at a cost not to exceed the principal Loan amount of $4,000,000 and the Loan Subsidy Grant amount of $1,000,000, excluding any cost of the Project to be paid from any source other than the proceeds of the Loan Agreement and Note.
Section 6. AUTHORIZATION OF LOAN AGREEMENT.
(A) For the purpose of protecting the public health, conserving the property, and protecting the general welfare of the residents of the Borrower and acquiring the Project, it is hereby declared necessary that the Borrower, pursuant to the Act and the Regulations execute and deliver the Loan Agreement and Note, and the Borrower is hereby authorized to execute and deliver the Loan Agreement and the Note, to be payable and collectible solely a super subordinate lien (but not an exclusive super subordinate lien) on the Net Revenues. The NMED has agreed to disburse the proceeds according to the terms of the Loan Agreement to the Borrower over the construction period of the Project. The principal Loan amount of the Note shall not exceed $4,000,000 plus accrued interest without the adoption of another Resolution, amending the Resolution by the Governing Body of the Borrower, and the annual interest rate on that principal amount shall not exceed 0.01 percent per annum. Interest shall be computed as a percentage per year on the outstanding principal amount on the Loan based on a 365-day year, actual number of days lapsed. The final maturity date on the Note shall not extend beyond the agreed upon useful life of the project. The Loan shall be repaid in substantially equal annual installments in the amount and on the dates provided in the Loan Agreement with the first annual installment due no later than one year after completion of the project.
(B) The Borrower is hereby authorized to accept a Loan Subsidy Grant under the terms of the Loan Agreement. By accepting a Loan Subsidy Grant, the Borrower is a sub-recipient of a one-time federal grant of funds to NMED by EPA. As a sub-recipient, the Borrower is responsible for complying with the specific requirements and the conditions of the one-time federal grant. If the Borrower fails to satisfy any federal grant requirements or conditions, the Borrower may be required to refund any federal grant funds disbursed to the Borrower from NMED.
(C) The form of the Loan Agreement and the Note are approved. The Authorized Officer is hereby directed to execute and deliver the Loan Agreement and the Note and any extensions of or amendments to any such document to be executed after completion of the Project, or any substitution therefore, with such changes therein consistent with the Resolution and as shall be approved by an Authorized Officer whose execution thereof, or any extension thereof, or substitution therefore, in their final forms shall constitute conclusive evidence of their approval and compliance with this section.
(D) From and after the date of the initial execution and delivery of the Loan Agreement and the Note, Authorized Officers, agents, and employees of the Borrower are authorized, empowered and directed to do all such acts and things and to execute all such documents as may be necessary to carry out and comply with the provisions of this Resolution, the Loan Agreement, and the Note.
Section 7. SPECIAL LIMITED OBLIGATIONS. The Loan Agreement and the Note and all payments thereon shall be special limited obligations of the Borrower and shall be payable and collectible solely from a super subordinate lien (but not an exclusive super subordinate lien) on the Net Revenues which are irrevocably pledged as set forth in this Resolution. The NMED may not look to any general or other fund for the payment on the Loan Agreement and the Note except the designated special funds pledged, therefore. The Loan Agreement and the Note shall not constitute indebtedness or debts within the meaning of any constitutional, charter or statutory provision or limitation, nor shall they be considered or be held to be general obligations of the Borrower and shall recite that they are payable and collectible solely from a super subordinate lien (but not an exclusive super subordinate lien) on the Net Revenues the income from which is so pledged.
Section 8. OPERATION OF PROJECT. The Borrower will operate and maintain the Project so that it will function properly over its structural and material design life.
Section 9. USE OF PROCEEDS. The NMED shall disburse Funds pursuant to the Loan Agreement for NMED approved costs incurred by the Borrower for the Project.
Section 10. APPLICATION OF REVENUES.
(A) OPERATION AND MAINTENANCE. So long as the Loan Agreement and the Note are outstanding, either as to principal or interest, or both, the Borrower shall pay for the operation and maintenance expenses of the System, approved indirect charges and any amounts for capital replacement and repair of the System as incurred.
(B) OTHER OBLIGATIONS AND OTHER APPROVED DEBT(S). The Borrower shall pay the principal, interest, and administrative fees (if applicable) of all outstanding obligations and other approved debts which are secured from the Net Revenues as scheduled.
(C) EQUITABLE AND RATABLE DISTRIBUTION. Obligations of the Borrower secured by a super subordinate lien (but not an exclusive super subordinate lien) on the Net Revenues on parity with the Loan Agreement and the Note, from time to time outstanding, shall not be entitled to any priority one over the other in the application of the Net Revenues, regardless of the time or times of their issuance or creation.
(D) SUPER SUBORDINATE OBLIGATIONS. The Net Revenues used for the payment of Super Subordinate Obligations are subordinate to the payment of Senior Obligations and Subordinate Obligations and following the utilization of Net Revenues to make debt service payments on such obligations, the Net Revenues shall be applied to the payment of Super Subordinate Obligations, including payment of the amounts due the Loan Agreement and the Note.
Section 11. SUPER SUBORDINATE LIEN OF LOAN AGREEMENT AND NOTE. The Loan Agreement and the Note shall constitute irrevocable super subordinate liens (but not exclusive super subordinate liens) upon the Net Revenues as set forth in this Resolution. The Borrower hereby pledges and grants a security interest in the Net Revenues for the payment of the Note and any other amounts owed by the Borrower to the NMED pursuant to the Loan Agreement.
Section 12. OTHER OBLIGATIONS. Nothing in the Resolution shall be construed to prevent the Borrower from issuing bonds or other obligations payable from the Net Revenues in accordance with the ordinances and resolutions authorizing the Senior Obligations, Subordinate Obligations and Super Subordinate Obligations, respectively.
Section 13. DEFAULT. The following shall constitute an event of default under the Loan Agreement:
(A) The failure by the Borrower to pay the annual payment due on the repayment of the Loan set forth in the Loan Agreement and Note when due and payable either at maturity or otherwise; or
(B) Default by the Borrower in any of its covenants or conditions set forth under the Loan Agreement (other than a default described in the previous clause of this section) for 60 days after the NMED has given written notice to the Borrower specifying such default and requiring the same to be remedied.
UPON OCCURRENCE OF DEFAULT:
(A) If default by the Borrower is of covenants or conditions required under the federal grant, the Borrower may be required to refund the amount of the Loan and Loan Subsidy Grant disbursed to the Borrower from NMED.
(B) The NMED shall have no further obligation to make payments to the Borrower under the Loan Agreement.
Section 14. ENFORCEMENT VENUE. The NMED retains the right to seek enforcement of the terms of the Loan Agreement. If the NMED and the Borrower cannot reach agreement regarding disputes as to the terms and conditions of the Loan Agreement, such disputes are to be resolved promptly and expeditiously in the district court of Santa Fe County. The Borrower agrees that the district court for Santa Fe County shall have exclusive jurisdiction over the Borrower and the subject matter of the Loan Agreement and waives the right to challenge such jurisdiction.
Section 15. REMEDIES UPON DEFAULT. Upon the occurrence of any of the events of default as provided in the Loan Agreement or in this Resolution, the NMED may proceed against the Borrower to protect and enforce its rights under the Resolution by mandamus or other suit, action or special proceedings in equity or at law, in any court of competent jurisdiction, either for the appointment of a receiver or for the specific performance of any covenant or agreement contained in the Resolution for the enforcement of any proper legal or equitable remedy as the NMED may deem most effective to protect and enforce the rights provided above, or to enjoin any act or thing which may be unlawful or in violation of any right of the NMED, or to require the Borrower to act as if it were the trustee of an express trust, or any combination of such remedies. Each right or privilege of the NMED is in addition and cumulative to any other right or privilege under the Resolution or the Loan Agreement and Note and the exercise of any right or privilege by the NMED shall not be deemed a waiver of any other right or privilege.
Section 16. DUTIES UPON DEFAULT. Upon the occurrence of any of the events of default as provided in this Resolution, the Borrower, in addition, will do and perform all proper acts on behalf of and for the NMED to protect and preserve the security created for the payment of the Note to ensure the payment on the Note promptly as the same become due. All proceeds derived from the System, so long as the Note is outstanding, shall be treated as revenues. If the Borrower fails or refuses to proceed as required by this Section, the NMED, after demand in writing, may proceed to protect and enforce the rights of the NMED as provided in the Resolution and the Loan Agreement.
Section 17. TERMINATION. When all obligations under the Loan Agreement and Note have been paid, the Loan Agreement and Note shall terminate and the pledge, lien, and all other obligations of the Borrower under the Resolution shall be discharged. The principal amount of the Note, or any part thereof, may be prepaid at any time without penalty at the discretion of the Borrower and the prepayments of principal shall be applied as set forth in the Loan Agreement.
Section 18. AMENDMENT OF RESOLUTION. This Resolution may be amended with the prior written consent of the NMED.
Section 19. RESOLUTION IRREPEALABLE. After the Loan Agreement and Note have been executed and delivered, the Resolution shall be and remain irrepealable until the Note has been fully paid, terminated and discharged, as provided in the Resolution.
Section 20. SEVERABILITY CLAUSE. If any section, paragraph, clause or provision of the Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of the Resolution.
Section 21. REPEALER CLAUSE. All bylaws, orders, Resolutions, or parts thereof, inconsistent herewith are hereby repealed to the extent only of such inconsistency. This repealer shall not be construed to revive any bylaw, order, Resolution, or part thereof, heretofore repealed.
Section 22. GENERAL SUMMARY FOR PUBLICATION. Pursuant to the general laws of the State, the title and a general summary of the subject matter contained in this Resolution shall be published in substantially the following form:
[Form of Notice of Adoption of Resolution for Publication]
Albuquerque Bernalillo County Water Utility Authority
NOTICE OF ADOPTION OF RESOLUTION
Notice is hereby given of the title and of a general summary of the subject matter contained in a resolution, duly adopted and approved by the Board of the Albuquerque Bernalillo County Water Utility Authority (the "Water Authority") on September 18, 2024.
The title of the Resolution is:
RESOLUTION
A RESOLUTION AUTHORIZING THE ALBUQUERQUE BERNALILLO COUNTY WATER UTILITY AUTHORITY (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 FOUR MILLION DOLLARS ($4,000,000) PLUS ACCRUED INTEREST AT 0.01%; AND LOAN SUBSIDY GRANT FUNDS IN THE AMOUNT OF ONE MILLION DOLLARS ($1,000,000) FOR A TOTAL FUNDED AMOUNT OF FIVE MILLION DOLLARS ($5,000,000) DESIGNATING THE USE OF THE FUNDS FOR THE PURPOSE DEFINED IN THE MOST CURRENT PROJECT DESCRIPTION FORM AS APPROVED BY NMED; DECLARING THE NECESSITY FOR THE LOAN; PROVIDING THAT THE LOAN WILL BE PAYABLE AND COLLECTIBLE SOLELY FROM A SUPER SUBORDINATE LIEN (BUT NOT AN EXCLUSIVE SUPER SUBORDINATE LIEN) ON THE BORROWER'S NET REVENUES DEFINED BELOW; PRESCRIBING OTHER DETAILS CONCERNING THE LOAN AND THE SECURITY THEREFORE.
A general summary of the subject matter of the Resolution is contained in its title. This notice constitutes compliance with NMSA 1978, ? 6-14-6, as amended.
[End of Form of Notice of Adoption for Publication.]
PASSED, AND ADOPTED THIS 18TH DAY OF SEPTEMBER, 2024.
BY A VOTE OF ___ FOR AND ___ AGAINST.
_______________________________
Chair
ATTEST:
_________________________
Executive Director
Exhibit A
ALBUQUERQUE BERNALILLO COUNTY WATER UTILITY AUTHORITY
OUSTANDING SYSTEM OBLIGATIONS
(As of June 30, 2024)
Senior Obligations
Senior Obligations
Authorizing Legislation
Original Principal
Amount ($)
Principal
Amount Outstanding ($)
Joint Water and Sewer System Improvement and Refunding Revenue Bonds Series 2013B
O-13-2 & R-13-13
55,265,000
2,420,000
Senior Lien Joint Water and Sewer System Refunding Revenue Bonds, Series 2014A
O-14-2 and R-14-10
97,270,000
32,550,000
Senior Lien Joint Water and Sewer System Refunding and Improvement Revenue Bonds, Series 2015
O-15-2 & R-15-6
211,940,000
122,120,000
Senior Lien Joint Water and Sewer System Refunding and Improvement Revenue Bonds, Series 2017
O-16-2 & R-16-13
87,970,000
61,760,000
Senior Lien Joint Water and Sewer System Improvement Revenue Bonds, Series 2018
O-18-7 & R-18-20
75,085,000
52,305,000
New Mexico Finance Authority Drinking Water Revolving Fund Loan Agreement DW-4877 (2019)
O-19-1 & R-19-4
3,430,081
2,124,170
Senior Lien Joint Water and Sewer System Improvement Revenue Bonds, Series 2020
O-19-3 & R-19-26
69,440,000
57,440,000
Drinking Water State Revolving Fund Loan Agreement DW-5028 (2020)
O-20-1 & R-20-3
1,515,000
1,508,849
Senior Lien Joint Water and Sewer System Refunding Revenue Bonds, Taxable Series 2020A
O-20-2 & R-19-26
47,800,000
35,200,000
Senior Lien Joint Water and Sewer System Improvement Revenue Bonds, Series 2021
R-21-21
73,255,000
73,255,000
Senior Lien Joint Water and Sewer System Improvement Revenue Bonds, Series 2023
R-23-18
113,425,000
113,425,000
Drinking Water State Revolving Fund Loan and Subsidy Agreement DW-6343 (2024)
R-24-7
770,000
770,000
Total
554,878,019
Subordinate Obligations
Subordinate Obligations
Authorizing Legislation
Original Principal
Amount ($)
Principal
Amount Outstanding ($)
2008 NMFA Drinking Water Loan
O-08-4 & R-08-13 as amended by F/S O-14-2
12,000,000
3,472,816
Subordinate Lien Joint Water and Sewer System Refunding Revenue Bonds, Series 2014B
O-14-2 & R-14-10
87,005,000
17,205,000
Water Project Fund Loan/Grant Agreement No. WPF-5103 (2021)
R-20-26
800,000
722,161
Water Project Fund Loan/Grant Agreement No. WPF-5401 (2021)
R-21-31
800,000
764,472
Water Project Fund Loan/Grant Agreement No. WPF-5402 (2022)
R-22-7
770,827
770,827
Water Project Fund Loan/Grant Agreement No. WPF-5659 (2023)
R-22-31
200,000
191,337
Water Project Fund Loan/Grant Agreement No. WPF-5660 (2023)
R-22-32
710,000
710,000
Total
23,836,613
Super Subordinate Obligations
Super Subordinate Obligations
Authorizing Legislation
Original Principal
Amount($)
Principal
Amount Outstanding ($)
Water Project Fund Loan/Grant Agreement No. WPF-5935 (2024)
R-23-48
370,000
370,000
Total
370,000