ALBUQUERQUE BERNALILLO COUNTY
WATER UTILITY AUTHORITY
BILL NO. R-24-36 |
RESOLUTION
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A Resolution Authorizing the Execution and Delivery of a Water Project Fund Loan/Grant Agreement By and Between the New Mexico Finance Authority (NMFA) and the Albuquerque Bernalillo County Water Utility Authority (the “Borrower/Grantee”), in the Total Amount of $2,000,000 ($1,800,000 Grant Amount/$200,000 Loan Amount), Evidencing a Special Limited Obligation of the Borrower/Grantee to Utilize the Loan/Grant Amount Solely for the Purpose of Financing the Costs of Construction of 14,000 Existing Water Meters with Advanced Metering Infrastructure and Devices, and Solely in the Manner Described in the Loan/Grant Agreement; Providing for the Pledge and Payment of the Loan Amount and an Administrative Fee Solely From a Super Subordinate Lien (But Not An Exclusive Super Subordinate Lien) On the Net System Revenues of the Water and Wastewater Utility System of the Borrower/Grantee; Certifying that the Loan/Grant Amount, Together With Other Funds Available to the Borrower/Grantee, Is Sufficient to Complete the Project; Approving the Form of and Other Details Concerning the Loan/Grant Agreement; Ratifying Actions 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/Grant Agreement
b
Capitalized terms used in the following preambles have the same meaning as defined in this Resolution unless the context requires otherwise.
WHEREAS, the Borrower/Grantee is a legally and regularly created, established, duly organized and existing water and wastewater utility under and pursuant to the laws of the State and more specifically, NMSA 1978, Section 72-1-10, as amended, is a qualifying entity under the Water Project Finance Act and is qualified for financial assistance as determined by the NMFA and approved by the Water Trust Board pursuant to the Board Rules, the Policies and the Act; and
WHEREAS, pursuant to the Board Rules the Water Trust Board has recommended the Project for funding as a Qualifying Project to the Legislature; and
WHEREAS, Chapter 6, Laws 2024, being House Bill 148 of the 2024 Regular New Mexico Legislative Session, authorized the funding of the Project from the Water Project Fund; and
WHEREAS, the Water Trust Board has recommended that the NMFA enter into and administer the Loan/Grant Agreement in order to finance the Project; and
WHEREAS, the NMFA approved on May 30, 2024, that the Borrower/Grantee receive financial assistance in the form of the Loan/Grant; and
WHEREAS, the Governing Body has determined and hereby determines that the Project may be financed with amounts granted and loaned pursuant to the Loan/Grant Agreement, that the Loan/Grant Amount, together with the Additional Funding Amount and other moneys available to the Borrower/Grantee, is sufficient to complete the Project, and that it is in the best interest of the Borrower/Grantee and the constituent public it serves that the Loan/Grant Agreement be executed and delivered and that the funding of the Project take place by executing and delivering the Loan/Grant Agreement; and
WHEREAS, the Governing Body has determined that it may lawfully enter into the Loan/Grant Agreement, accept the Loan/Grant Amount, and be bound to the obligations and by the restrictions thereunder; and
WHEREAS, the Loan/Grant Agreement shall not constitute a general obligation of the Borrower/Grantee, the Water Trust Board or the NMFA or a debt or pledge of the full faith and credit of the Borrower/Grantee, the Water Trust Board, the NMFA or the State; and
WHEREAS, there have been presented to the Governing Body and there presently are on file with the Executive Director/Secretary this Resolution and the form of the Loan/Grant Agreement which is incorporated by reference and considered to be a part hereof; and
WHEREAS, the Governing Body hereby determines that the Additional Funding Amount is now available to the Borrower/Grantee to complete the Project; and
WHEREAS, the Borrower/Grantee has met or will meet prior to the first disbursement of any portion of the Loan/Grant Amount, the Conditions and readiness to proceed requirements established for the portion of the Loan/Grant Amount disbursed or caused to be disbursed by the NMFA, including but not limited to the requirements of Executive Order 2013-006; and
WHEREAS, all required authorizations, consents and approvals in connection with (i) the use of the Loan/Grant Amount for the purposes described, and according to the restrictions set forth, in the Loan/Grant Agreement; (ii) the availability of other moneys necessary and sufficient, together with the Loan/Grant Amount, to complete the Project; and (iii) the authorization, execution and delivery of the Loan/Grant Agreement which are required to have been obtained by the date of this Resolution, have been obtained or are reasonably expected to be obtained.
NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF ALBUQUERQUE BERNALILLO COUNTY WATER UTILITY AUTHORITY, BERNALILLO COUNTY, NEW MEXICO:
Section 1. Definitions. As used in this Resolution, the following terms shall, for all purposes, have the meanings herein specified, unless the context clearly requires otherwise (such meanings to be equally applicable to both the singular and the plural forms of the terms defined); and any term not defined herein shall have the definition given it by the Loan/Grant Agreement:
“ACH AUTHORIZATION” means the authorization for direct payment to the NMFA by ACH made by the Borrower/Grantee on the form required by the bank or other entity at which the account is held, from which the Pledged Revenues will be paid.
“ACT” means the general laws of the State, particularly the Water Project Finance Act, NMSA 1978, §§ 72-4A-1 through 72-4A-11, and enactments of the Governing Body relating to the Loan/Grant Agreement, including this Resolution, all as amended and supplemented.
“ADDITIONAL FUNDING AMOUNT” means the amount to be provided by the Borrower/Grantee which includes the total value of the Soft Match or Hard Match (each as defined in Section 4.2 of the Policies) which, in combination with the Loan/Grant Amount and other moneys available to the Borrower/Grantee, is sufficient to complete the Project and to provide matching funds required to complete the Project. The Additional Funding Amount is $1,000,000.
“ADMINISTRATIVE FEE” or “ADMINISTRATIVE FEE COMPONENT” means an amount equal to one-quarter of one percent (0.25%) per annum of the unpaid principal balance of the Loan Amount, taking into account both payments made by the Borrower/Grantee and hardship waivers of payments granted to the Borrower/Grantee pursuant to Section 5.1(a)(iii) of the Loan/Grant Agreement.
“AUTHORIZED OFFICERS” means any one or more of the Chair, Chief Operating Officer, Chief Financial Officer and Executive Director/Secretary of the Borrower/Grantee.
“BOARD RULES” means Review and Eligibility of Proposed Water Projects, New Mexico Water Trust Board, 19.25.10 NMAC.
“BORROWER/GRANTEE” means the Albuquerque Bernalillo County Water Utility Authority in Bernalillo County, New Mexico.
“CLOSING DATE” means the date of execution and delivery of the Loan/Grant Agreement, by the Borrower/Grantee and the NMFA.
“COMPLETION DATE” means the date of final payment of the cost of the Project.
“CONDITIONS” has the meaning given to that term in the Loan/Grant Agreement.
“ELIGIBLE ITEMS” means eligible Project costs for which grants and loans may be made pursuant to NMSA 1978, § 72-4A-7(C), as amended, of the Act, the Board Rules and applicable Policies, and includes, without limitation, Eligible Legal Costs.
“ELIGIBLE LEGAL COSTS” has the meaning given to that term in the Loan/Grant Agreement.
“NMFA” means the New Mexico Finance Authority.
“GENERALLY ACCEPTED ACCOUNTING PRINCIPLES” means the officially established accounting principles applicable to the Borrower/Grantee consisting of the statements, determinations and other official pronouncements of the Government Accounting Standards Board, Financial Accounting Standards Board, Federal Accounting Standards Board or other principle-setting body acceptable to the Lender/Grantor establishing accounting principles applicable to the Borrower/Grantee.
“GOVERNING BODY” means the duly organized Board of Directors of the Borrower/Grantee, or any successor governing body of the Borrower/Grantee.
“GRANT” or “GRANT AMOUNT” means the amount provided to the Borrower/Grantee as a grant pursuant to the Loan/Grant Agreement for the purpose of funding the Project, and shall not equal more than $1,800,000.
“GROSS REVENUES” has the meaning given to that term in the Loan/Grant Agreement.
“HEREIN,” “HEREBY,” “HEREUNDER,” “HEREOF,” “HEREINABOVE” and “HEREAFTER” refer to this entire Resolution and not solely to the particular section or paragraph of this Resolution in which such word is used.
“LOAN” or “LOAN AMOUNT” means the amount provided to the Borrower/Grantee as a loan pursuant to the Loan/Grant Agreement for the purpose of funding the Project, in the maximum amount of $200,000.
“LOAN/GRANT” or “LOAN/GRANT AMOUNT” means the combined amount partially provided to the Borrower/Grantee as the Grant Amount and partially borrowed by the Borrower/Grantee as the Loan Amount pursuant to the Loan/Grant Agreement for the purpose of funding the Project, and shall not equal more than $2,000,000.
“LOAN/GRANT AGREEMENT” means the Water Project Fund Loan/Grant Agreement entered into by and between the Borrower/Grantee and the NMFA as authorized by this Resolution.
“NET SYSTEM REVENUES” means the Gross Revenues of the System minus Operation and Maintenance Expenses, indirect charges, amounts expended for capital replacements and repairs, required set asides for debt and replacement requirements, and any other payments from the gross revenues reasonably required for operation of the System.
“NMAC” means the New Mexico Administrative Code.
“NMSA 1978” means the New Mexico Statutes Annotated, 1978 Compilation, as amended and supplemented from time to time.
“OPERATION AND MAINTENANCE EXPENSES” has the meaning given to that term in the Loan/Grant Agreement.
“PLEDGED REVENUES” means the Net System Revenues of the System of the Borrower/Grantee pledged to the payment of the Loan Amount and Administrative Fee pursuant to this Resolution and the Loan/Grant Agreement and described in the Term Sheet.
“PROJECT” means the project(s) described on the Term Sheet.
“PROJECT ACCOUNT” means the book account established by the NMFA in the name of the Borrower/Grantee for purposes of tracking expenditure of the Loan/Grant Amount by the Borrower/Grantee to pay for the costs of the Project, as shown in the Term Sheet, which account shall be kept separate and apart from all other accounts of the NMFA.
“QUALIFYING WATER PROJECT” means a water project for (i) storage, conveyance or delivery of water to end-users; (ii) implementation of the federal Endangered Species Act of 1973 collaborative programs; (iii) wastewater conveyance and treatment; (iv) restoration and management of watersheds; (v) flood prevention or (vi) water conservation or recycling, treatment or reuse of water as provided by law; and which has been approved by the state legislature pursuant to NMSA 1978, § 72-4A-9(B), as amended.
“RESOLUTION” means this Resolution as it may be supplemented or amended from time to time.
“SENIOR OBLIGATIONS” means the outstanding “Senior Obligations” set forth in Exhibit A attached to this Resolution and the Term Sheet, 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 Pledged Revenues and issued with a lien on the Pledged Revenues senior to the lien on the Pledged Revenues of any Subordinate Obligations and Super Subordinate Obligations.
“STATE” means the State of New Mexico.
“SUBORDINATE OBLIGATIONS” means the outstanding “Subordinate Obligations” set forth in Exhibit A attached to this Resolution and the Term Sheet, 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 Pledged Revenues and issued with a lien on the Pledged Revenues subordinate to the lien on the Pledged Revenues of any Senior Obligations and senior to the lien on the Pledged Revenues of any Super Subordinate Obligations.
“SUPER SUBORDINATE OBLIGATIONS” means the Loan/Grant Agreement, the outstanding “Super Subordinate Obligations” set forth in Exhibit A attached to this Resolution and the Term Sheet, 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 Pledged Revenues and issued with a lien on the Pledged Revenues on a parity with Super Subordinate Obligations and subordinate to the lien on the Pledged Revenues of any Senior Obligations and Subordinate Obligations.
“SYSTEM” means the joint water and wastewater utility system of the Borrower/Grantee, owned and operated by the Borrower/Grantee, and of which the Project, when completed, will form part, and as further defined in the Agreement.
“TERM SHEET” means Exhibit “A” attached to the Loan/Grant Agreement.
“USEFUL LIFE” means the structural and material design life of the Project, including planning and design features, as required by the Act and the Board Rules.
“WATER PROJECT FUND” means the fund of the same name created pursuant to the Act and held and administered by the NMFA.
“WATER TRUST BOARD” or “WTB” means the water trust board created and established pursuant to the Act.
Section 2. Ratification. All action heretofore taken (not inconsistent with the provisions of this Resolution) by the Borrower/Grantee and officers of the Borrower/Grantee directed toward the acquisition and completion of the Project, the pledge of the Pledged Revenues to payment of amounts due under the Loan/Grant Agreement, and the execution and delivery of the Loan/Grant Agreement shall be, and the same hereby is, ratified, approved and confirmed.
Section 3. Authorization of the Project and the Loan/Grant Agreement. The acquisition and completion of the Project and the method of funding the Project through execution and delivery of the Loan/Grant Agreement and the other documents related to the transaction are hereby authorized and ordered. The Project is for the benefit and use of the Borrower/Grantee and the public whom it serves.
Section 4. Findings. The Governing Body hereby declares that it has considered all relevant information and data and hereby makes the following findings:
A. The Project is needed to meet the needs of the Borrower/Grantee and the public whom it serves.
B. Moneys available and on hand for the Project from all sources other than the Loan/Grant are not sufficient to defray the cost of acquiring and completing the Project but, together with the Loan/Grant Amount, are sufficient to complete the Project.
C. The Project and the execution and delivery of the Loan/Grant Agreement pursuant to the Act to provide funds for the financing of the Project are necessary, convenient and in furtherance of the governmental purposes of the Borrower/Grantee, and in the interest of the public health, safety, and welfare of the constituent public served by the Borrower/Grantee.
D. The Borrower/Grantee will acquire and complete the Project with the proceeds of the Loan/Grant, the Additional Funding Amount and other amounts available to the Borrower/Grantee, and except as otherwise expressly provided by the Loan/Grant Agreement, will utilize, operate and maintain the Project for the duration of its Useful Life, as required by NMSA 1978, § 72-4A-7(A)(1), as amended.
E. Together with the Loan/Grant Amount, and other amounts available to the Borrower/Grantee, the Additional Funding Amount is now available to the Borrower/Grantee, and in combination with the Loan/Grant Amount, will be sufficient to complete the Project.
F. The NMFA shall maintain on behalf of the Borrower/Grantee a separate Project Account as a book account only on behalf of the Borrower/Grantee and financial records in accordance with Generally Accepted Accounting Principles during the construction or implementation of the Project.
G. The Borrower/Grantee has acquired title to or easements or rights of way on the real property upon which the Project is being constructed or located as provided in the Loan/Grant Agreement.
Section 5. Loan/Grant Agreement-Authorization and Detail.
A. Authorization. This Resolution has been adopted by the affirmative vote of at least a majority of all of the members of the Governing Body. For the purpose of protecting the public health, conserving the property, and protecting the general welfare and prosperity of the constituent public served by the Borrower/Grantee and acquiring and completing the Project, it is hereby declared necessary that the Borrower/Grantee execute and deliver the Loan/Grant Agreement evidencing the Borrower/Grantee’s acceptance of the Grant Amount of $1,800,000 and borrowing the Loan Amount of $200,000 to be utilized solely for Eligible Items necessary to complete the Project, and solely in the manner and according to the restrictions set forth in the Loan/Grant Agreement, the execution and delivery of which is hereby authorized. The Borrower/Grantee shall use the Loan/Grant Amount to finance the acquisition and completion of the Project.
B. Detail. The Loan/Grant Agreement shall be in substantially the form of the Loan/Grant Agreement presented at the meeting of the Governing Body at which this Resolution was adopted. The Grant shall be in the amount of $1,800,000 and the Loan shall be in the amount of $200,000. Interest on the Loan Amount shall be zero percent (0%) per annum of the unpaid principal balance of the Loan Amount, and the Administrative Fee shall be one-quarter of one percent (0.25%) per annum of the unpaid principal balance of the Loan Amount, taking into account both payments made by the Borrower/Grantee and hardship waivers of payments granted to the Borrower/Grantee.
Section 6. Approval of Loan/Grant Agreement. The form of the Loan/Grant Agreement as presented at the meeting of the Governing Body at which this Resolution was adopted, is hereby approved. Authorized Officers are hereby individually authorized to execute, acknowledge and deliver the Loan/Grant Agreement with such changes, insertions and omissions as may be approved by such individual Authorized Officers, and the Executive Director/Secretary is hereby authorized to attest the Loan/Grant Agreement. The execution of the Loan/Grant Agreement shall be conclusive evidence of such approval.
Section 7. Security. The Loan Amount and Administrative Fee shall be solely secured by a super subordinate lien (but not an exclusive super subordinate lien) on the pledge of the Pledged Revenues herein made and as set forth in the Loan/Grant Agreement.
Section 8. Disposition of Proceeds: Completion of the Project.
A. Project Account. The Borrower/Grantee hereby consents to creation of the Project Account by the NMFA. Until the Completion Date, the amount of the Loan/Grant credited to the Project Account shall be used and paid out solely for Eligible Items necessary to acquire and complete the Project in compliance with applicable law and the provisions of the Loan/Grant Agreement.
B. Completion of the Project. The Borrower/Grantee shall proceed to complete the Project with all due diligence. Upon the Completion Date, the Borrower/Grantee shall execute a certificate stating that completion of and payment for the Project has been completed. Following the Completion Date or the earlier expiration of the time allowed for disbursement of Loan/Grant funds as provided in the Loan/Grant Agreement, any balance remaining in the Project Account shall be transferred and deposited into the Water Project Fund or otherwise distributed as provided in the Loan/Grant Agreement.
C. NMFA Not Responsible. Borrower/Grantee shall apply the funds derived from the Loan/Grant Agreement as provided therein, and in particular Article VII of the Loan/Grant Agreement. The NMFA shall not in any manner be responsible for the application or disposal by the Borrower/Grantee or by its officers of the funds derived from the Loan/Grant Agreement or of any other funds held by or made available to the Borrower/Grantee in connection with the Project. NMFA shall not be liable for the refusal or failure of any other agency of the State to transfer any portion of the Loan/Grant Amount in its possession, custody and control to the NMFA for disbursement to the Borrower/Grantee, or to honor any request for such transfer or disbursement of the Loan/Grant Amount.
Section 9. Payment of Loan Amount and ACH Authorization. Pursuant to the Loan/Grant Agreement, the Borrower/Grantee shall pay the Loan Amount and Administrative Fee directly from the Pledged Revenues to the NMFA as provided in the Loan/Grant Agreement in an amount sufficient to pay principal and other amounts due under the Loan/Grant Agreement and to cure any deficiencies in the payment of the Loan Amount or other amounts due under the Loan/Grant Agreement. The Borrower/Grantee hereby consents to the creation of an ACH authorization agreement for the purpose of making regular electronic payments of the Loan Amount and Administrative Fee, if at any applicable point in time during the Agreement Term the Borrower/Grantee desires to use such payment method for the purposes of the Loan.
Section 10. Super Subordinate Lien on Pledged Revenues. The Loan/Grant Agreement shall be issued with a super subordinate lien (but not an exclusive super subordinate lien) on the Pledged Revenues on parity with the lien of the Super Subordinate Obligations on the Pledged Revenues and a lien inferior to the lien of the Senior Obligations and the Subordinate Obligations on the Pledged Revenues. The Pledged Revenues are hereby authorized to be pledged, and are hereby pledged, and the Borrower/Grantee grants a security interest therein, for the payment of the principal and interest and Administrative Fee due under the Loan/Grant Agreement, subject to the uses thereof permitted by and the priorities set forth in this Resolution and the Loan/Grant Agreement. The Loan/Grant Agreement constitutes an irrevocable super subordinate lien, but not necessarily an exclusive super subordinate lien, on the Pledged Revenues on a parity with the lien of the Super Subordinate Obligations on the Pledged Revenues.
Section 11. Authorized Officers. Authorized Officers are hereby individually authorized and directed to execute and deliver any and all papers, instruments, opinions, affidavits and other documents and to do and cause to be done any and all acts and things necessary or proper for carrying out this Resolution, the Loan/Grant Agreement and all other transactions contemplated hereby and thereby. Authorized Officers are hereby individually authorized to do all acts and things required of them by this Resolution and the Loan/Grant Agreement for the full, punctual and complete performance of all the terms, covenants and agreements contained in this Resolution and the Loan/Grant Agreement including but not limited to, the execution and delivery of closing documents in connection with the execution and delivery of the Loan/Grant Agreement.
Section 12. Amendment of Resolution. Prior to the Closing Date, the provisions of this Resolution may be supplemented or amended by resolution of the Governing Body with respect to any changes which are not inconsistent with the substantive provisions of this Resolution. On and after the Closing Date, this Resolution may be amended without receipt by the Borrower/Grantee of any additional consideration, but only with the prior written consent of the NMFA.
Section 13. Resolution Irrepealable. After the Loan/Grant Agreement has been executed and delivered, this Resolution shall be and remain irrepealable until all obligations due under the Loan/Grant Agreement shall be fully discharged, as herein provided.
Section 14. Severability Clause. If any section, paragraph, clause or provision of this 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 this Resolution.
Section 15. Repealer Clause. All bylaws, orders, ordinances, 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 ordinance, or part thereof, heretofore repealed.
Section 16. Effective Date. Upon due adoption of this Resolution, it shall be recorded in the book of the Borrower/Grantee kept for that purpose, authenticated by the signatures of the Chair and Executive Director/Secretary of the Borrower/Grantee, and this Resolution shall be in full force and effect thereafter, in accordance with law; provided, however, that if recording is not required for the effectiveness of this Resolution, this Resolution shall be effective upon adoption of this Resolution by the Governing Body.
Section 17. 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,
Bernalillo County, New Mexico
Notice Of Adoption Of Resolution
Notice is hereby given of the title and of a general summary of the subject matter contained in Resolution No. ____________ , duly adopted and approved by the Board of Directors of Albuquerque Bernalillo County Water Utility Authority on November 20, 2024. A complete copy of the Resolution is available for public inspection during normal and regular business hours in the office of the Executive Director/Secretary, at One Civic Plaza, 5th Floor, Room 5027, Albuquerque, New Mexico 87102.
The title of the Resolution is:
ALBUQUERQUE BERNALILLO COUNTY WATER UTILITY AUTHORITY
Bernalillo county, new mexico
RESOLUTION NO. ____________
A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A WATER PROJECT FUND LOAN/GRANT AGREEMENT BY AND BETWEEN THE NEW MEXICO FINANCE AUTHORITY (“NMFA”) AND THE ALBUQUERQUE BERNALILLO COUNTY WATER UTILITY AUTHORITY (THE “BORROWER/GRANTEE”), IN THE TOTAL AMOUNT OF $2,000,000 ($1,800,000 Grant amount/$200,000 Loan Amount), EVIDENCING A SPECIAL LIMITED OBLIGATION OF THE BORROWER/GRANTEE TO UTILIZE THE LOAN/GRANT AMOUNT SOLELY FOR THE PURPOSE OF FINANCING THE COSTS OF CONSTRUCTION OF 14,000 EXISTING WATER METERS WITH ADVANCED METERING INFRASTRUCTURE AND DEVICES, AND SOLELY IN THE MANNER DESCRIBED IN THE LOAN/GRANT AGREEMENT; PROVIDING FOR THE PLEDGE AND PAYMENT OF THE LOAN AMOUNT AND AN ADMINISTRATIVE FEE SOLELY FROM a super subordinate lien (but not an exclusive super subordinate lien) on THE NET SYSTEM REVENUES OF THE WATER AND WASTEWATER UTILITY SYSTEM OF THE BORROWER/GRANTEE; CERTIFYING THAT THE LOAN/GRANT AMOUNT, TOGETHER WITH OTHER FUNDS AVAILABLE TO THE BORROWER/GRANTEE, IS SUFFICIENT TO COMPLETE THE PROJECT; APPROVING THE FORM OF AND OTHER DETAILS CONCERNING THE LOAN/GRANT AGREEMENT; RATIFYING ACTIONS 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/GRANT AGREEMENT.
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, APPROVED AND ADOPTED THIS 20TH DAY OF NOVEMBER, 2024. BY A VOTE OF ____ FOR AND ____ AGAINST.
ALBUQUERQUE BERNALILLO COUNTY WATER UTILITY AUTHORITY, bernalillo COUNTY, NEW MEXICO
By
Commissioner Eric Olivas, Chair
[SEAL]
ATTEST:
By
Mark Sanchez, Executive Director/Secretary
Governing Body Member _____________________ then moved adoption of the foregoing Resolution, duly seconded by Governing Body Member _____________________.
The motion to adopt the Resolution, upon being put to a vote, was passed and adopted on the following recorded vote:
Yes:
No:
Excused:
Members of the Governing Body having voted in favor of the motion, the Chair declared the motion carried and the Resolution adopted, whereupon the Chair and Executive Director/Secretary signed the Resolution upon the records of the minutes of the Governing Body.
After consideration of matters not relating to the Resolution, the meeting upon motion duly made, seconded and carried, was adjourned.
ALBUQUERQUE BERNALILLO COUNTY WATER UTILITY AUTHORITY, bernalillo COUNTY, NEW MEXICO
By
Commissioner Eric Olivas, Chair
[SEAL]
ATTEST:
By
Mark Sanchez, Executive Director/Secretary
STATE OF NEW MEXICO )
) ss.
COUNTY OF BERNALILLO )
I, Mark Sanchez, the duly qualified and acting Executive Director/Secretary of the Albuquerque Bernalillo County Water Utility Authority (the “Borrower/Grantee”), do hereby certify:
1. The foregoing pages are a true, perfect, and complete copy of the record of the proceedings of the Board of Directors of the Borrower/Grantee (the “Governing Body”), had and taken at a duly called regular meeting held at the One Civic Plaza, Albuquerque, New Mexico 87102, on November 20, 2024 at the hour of 2:30 p.m., insofar as the same relate to the adoption of Resolution No. ____________ and the execution and delivery of the proposed Loan/Grant Agreement, a copy of which is set forth in the official records of the proceedings of the Governing Body kept in my office. None of the action taken has been rescinded, repealed, or modified.
2. Said proceedings were duly had and taken as therein shown, the meeting therein was duly held, and the persons therein named were present at said meeting, as therein shown.
3. Notice of the meeting was given in compliance with the permitted methods of giving notice of meetings of the Governing Body as required by the State Open Meetings Act, NMSA 1978, § 10-15-1, as amended, including the Borrower/Grantee’s open meetings Resolution No. ___________, adopted and approved on _____________ in effect on the date of the meeting.
IN WITNESS WHEREOF, I have hereunto set my hand this [27th day of December, 2024].
ALBUQUERQUE BERNALILLO COUNTY WATER UTILITY AUTHORITY, bernalillo COUNTY, NEW MEXICO
[SEAL]
By
Mark Sanchez, Executive Director/Secretary
Exhibit A
ALBUQUERQUE BERNALILLO COUNTY WATER UTILITY AUTHORITY
OUTSTANDING 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 |
|
NMED Loan CWSRF EQ 146 (2024) |
R-23-19 |
4,000,000 |
4,000,000 |
|
|
|
Total |
4,370,000 |
EXHIBIT “B”
Notice of Meeting, Meeting Agenda and
Affidavit of Publication of Notice of Adoption of Resolution