ALBUQUERQUE BERNALILLO COUNTY
WATER UTILITY AUTHORITY
BILL NO. R-25-22
RESOLUTION
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Authorizing and Approving Submission of an Application for Financial Assistance to the New Mexico Finance Authority; and Making Certain Findings in Connection Therewith
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WHEREAS, the Albuquerque Bernalillo County Water Utility Authority (the “Water Authority”) is a qualified entity under the New Mexico Finance Authority Act, Sections 6-21-1 through 6-21-31, NMSA 1978 (the “Act”), and the governing body of the Water Authority (the “Governing Body”) is authorized to borrow funds and/or issue bonds for financing and refinancing public projects for the benefit of the Water Authority; and
WHEREAS, the New Mexico Finance Authority (the “NMFA”) has instituted a program for financing public projects from the public project revolving fund created under the Act and has developed an application procedure whereby the Governing Body may submit an application (the “Application”) for financial assistance to the NMFA for public projects; and
WHEREAS, the Water Authority hereby finds and determines that there is a public need for the construction of improvements to the Water Authority’s Joint Water and Sewer System (the “System”) for the benefit of the public served by the Water Authority; and
WHEREAS, the Water Authority hereby finds and determines that there is a public need for the refunding, refinancing and defeasing of certain of the Water Authority’s outstanding System indebtedness for the benefit of the public served by the Water Authority; and
WHEREAS, the Water Authority seeks to finance such capital improvements and to refund, refinance and defease certain outstanding System indebtedness via the issuance of bonds to be purchased by the NMFA or by entering into a loan agreement with the NMFA; and
WHEREAS, the Application has been completed and submitted to the Governing Body and this resolution approving submission of the completed Application to the NMFA for its consideration and review is required as part of the Application; and
WHEREAS, it is hereby officially found and determined that public notice of the time, place, and purpose of said meeting was given, all as required by the Laws of the State of New Mexico.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF WATER AUTHORITY:
1. That all prior action taken by the Water Authority, the Governing Body and the officers and employees thereof in connection with the Application and the Project (defined below), is hereby ratified, approved and confirmed.
2. The Application is hereby approved and authorized to be submitted to the NMFA seeking financial assistance to provide for (i) the financing of the costs of improvements to the System, including acquiring, constructing, installing, and equipping additions, repairs, rehabilitation, extensions and/or improvements to the System, (ii) the refunding, refinancing and defeasing of certain outstanding System indebtedness and (iii) paying related professional fees in connection with such improvements and the financing and refinancing thereof (the “Project”).
3. That the Chair of the Board, the Executive Director and/or the Chief Financial Officer of the Authority are hereby designated the authorized representatives of the Water Authority (each an “Authorized Officer”) for the purpose of furnishing such information and executing such documents as may be required or necessary in connection with the preparing and filing of the Application.
4. Each Authorized Officer is authorized, empowered and directed to take or cause to be taken all such acts and to execute and deliver all such documents as may be necessary to carry out and comply with the provisions of this Resolution, including the execution and submission of the Application and the undertaking of any and all additional actions necessary or required to facilitate a financing transaction with the NMFA; provided however that the authorization and approval of any bonds or other debt obligations by the Water Authority will be undertaken in accordance with the Water Authority’s customary practices and procedures relating to the issuance of bonds or other debt obligations.
5. This resolution shall take effect immediately upon its adoption.
[EXECUTION PAGE FOLLOWS]
PASSED AND ADOPTED THIS _____________, 2025.
BY A VOTE OF ___ FOR AND ___ AGAINST.
_______________________________
Chair
ATTEST:
________________________Secretary