Town Council

Agenda — 1 item

1. Approval / Disapproval of RESOLUTION 2025-28: A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF the amended and restated COLONIAS INFRASTRUCTURE PROJECT FUND LOAN/GRANT AGREEMENT (“Agreement” or “loan/grant agreement”) BY AND BETWEEN THE NEW MEXICO FINANCE AUTHORITY (“NMFA,” OR “LENDER/GRANTOR”) AND THE TOWN OF SILVER CITY, GRANT COUNTY, NEW MEXICO (“BORROWER/GRANTEE”), IN THE TOTAL AMOUNT OF ONE MILLION FOUR HUNDRED FORTY-TWO THOUSAND ONE HUNDRED ELEVEN DOLLARS ($1,442,111), EVIDENCING AN OBLIGATION OF THE BORROWER/GRANTEE TO UTILIZE THE LOAN/GRANT AMOUNT SOLELY FOR THE PURPOSE OF FINANCING THE COSTS OF CONTRUCTING THE MILL ROAD SEWER BYPASS, WHICH INCLUDES A NEW SEWER LIFT STATION AND FORCE MAIN, AND SOLELY IN THE MANNER DESCRIBED IN THE LOAN/GRANT AGREEMENT; PROVIDING FOR THE PLEDGE AND PAYMENT OF THE administrative fee and LOAN AMOUNT OF ONE HUNDRED FORTY-FOUR THOUSAND TWO HUNDRED ELEVEN DOLLARS ($144,211) SOLELY FROM THE REVENUES DERIVED FROM a ONE-FOURTH OF ONE PERCENT (0.25%) INCREMENT OF A MUNICIPAL LOCAL OPTION GROSS RECEIPTS TAX Enacted pursuant to THE TAX ORDINANCE (AS DEFINED IN THIS RESOLUTION), of WHICH SEVENTY-FIVE percent (75%) of such increment is pledged to the payment of the loan and which TAX has been de-earmarked and IS ENFORCEABLE UNDER NMSA 1978, § 7-19d-9, as amended; and acceptance of a Grant Amount of ONE MILLION TWO HUNDRED NINETY-SEVEN NINE HUNDRED DOLLARS ($1,297,900); 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.

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