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 Proje...
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