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...
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