ALBUQUERQUE BERNALILLO COUNTY
WATER UTILITY AUTHORITY
BILL NO. R-25-13
RESOLUTION
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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 Nine Million Dollars ($9,000,000) Plus Accrued Interest; and Principal Forgiveness Funds In the Amount of One Million Dollars ($1,000,000) for a Total Funded Amount of Ten Million Dollars ($10,000,000) 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 Soley 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 water and sewer utility constituting a wastewater system (System), which includes a system for disposing of waste 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 this Project (defined below) will include funds from a one-time federal grant to the NMED from the Environmental Protection Agency (EPA); and
WHEREAS, t...
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