Town Council

Agenda — 1 item

1. Resolution 2025-03: Approval / Disapproval of Resolution 2025-03: </span></strong><strong><span style="font-family:"Times New Roman",serif;">A RESOLUTION AUTHORIZING </span></strong></p><p style="margin:0in;font-size:16px;font-family:"Arial",sans-serif;"><strong><span style="font-family:"Times New Roman",serif;"> THE EXECUTION AND DELIVERY OF A COLONIAS INFRASTRUCTURE </span></strong></p><p style="margin:0in;font-size:16px;font-family:"Arial",sans-serif;"><strong><span style="font-family:"Times New Roman",serif;"> PROJECT FUND LOAN/GRANT AGREEMENT (“Agreement” or </span></strong></p><p style="margin:0in;font-size:16px;font-family:"Arial",sans-serif;"><strong><span style="font-family:"Times New Roman",serif;"> “loan/grant agreement”) BY AND BETWEEN THE NEW MEXICO </span></strong></p><p style="margin:0in;font-size:16px;font-family:"Arial",sans-serif;"><strong><span style="font-family:"Times New Roman",serif;"> FINANCE AUTHORITY (“NMFA,” OR “LENDER/GRANTOR”) AND THE TOWN OF SILVER CITY, GRANT COUNTY, NEW MEXICO (“BORROWER/GRANTEE”), IN THE TOTAL AMOUNT OF nine hundred twelve thousand eight hundred three dollars ($912,803), EVIDENCING AN OBLIGATION OF THE BORROWER/GRANTEE TO UTILIZE THE LOAN/GRANT AMOUNT SOLELY FOR THE PURPOSE OF FINANCING THE COSTS OF CONSTRUCTING 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 LOAN AMOUNT OF ninety-one thousand two hundred eighty dollars ($91,280) 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 EIGHT HUNDRED TWENTY-ONE THOUSAND FIVE HUNDRED TWENTY-THREE DOLLARS ($821,523); 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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