City of Belen, New Mexico
Adoption of Resolution
Notice is hereby given of the title and of a general summary of the subject matter contained in a Resolution duly adopted and approved by the Governing Body of the City of Belen, New Mexico (the “Governmental Unit”), on May 17, 2021. Complete copies of the Resolution are available for public inspection during normal and regular business hours in the office of the City Clerk, 100 South Main Street, Belen, New Mexico 87002.
The title of the Resolution is:
AUTHORIZING THE EXECUTION AND DELIVERY OF A LOAN AND SUBSIDY AGREEMENT (“LOAN AGREEMENT”) AND INTERCEPT AGREEMENT BY AND BETWEEN THE CITY OF BELEN, NEW MEXICO (THE “GOVERNMENTAL UNIT”) AND THE NEW MEXICO FINANCE AUTHORITY, EVIDENCING A SPECIAL LIMITED OBLIGATION OF THE GOVERNMENTAL UNIT TO PAY A PRINCIPAL AMOUNT OF NO MORE THAN ONE HUNDRED FORTY-SIX THOUSAND SIX HUNDRED SEVENTY-FIVE DOLLARS ($146,675), TOGETHER WITH INTEREST, AND ADMINISTRATIVE FEES THEREON, AND TO ACCEPT A LOAN SUBSIDY OF NO MORE THAN FOUR HUNDRED FORTY THOUSAND TWENTY-FIVE DOLLARS ($440,025), FOR THE PURPOSE OF FINANCING THE COSTS OF, A PROJECT THAT INCLUDES BUT IS NOT LIMITED TO, REPLACING WATER LINES AND ASSOCIATED APPURTENANCES TO BE INSTALLED ADJACENT TO AND BENEATH ARAGON ROAD BETWEEN MESA ROAD TO THE WEST AND NM 314 TO THE EAST; PROVIDING FOR THE PLEDGE AND PAYMENT OF THE PRINCIPAL, ADMINISTRATIVE FEES AND INTEREST DUE UNDER THE LOAN AGREEMENT SOLELY FROM TWO ONE-SIXTEENTH OF ONE PERCENT (0.0625%) INCREMENTS TOTALING ONE-EIGHTH OF ONE PERCENT (0.125%) OF THE MUNICIPAL INFRASTRUCTURE GROSS RECEIPTS TAX IMPOSED BY THE GOVERNMENTAL UNIT’S ORDINANCE NO. 1991-5 §§ 1—4 AND ORDINANCE NO. 1991-6 §§ 1—4 WITH AN EFFECTIVE DATE OF JULY 1, 2012 AND CODIFIED AS SECTIONS 3.08.010 AND 3.08.020 OF THE CITY OF BELEN MUNICIPAL CODE, WHICH TAXES WERE DE-EARMARKED AND ARE NOW ENFORCEABLE UNDER NMSA 1978, § 7-19D-9, AS AMENDED, AND ARE NOW DESIGNATED AS INCREMENTS OF THE MUNICIPAL GROSS RECEIPTS TAX; PROVIDING FOR THE DISTRIBUTION OF THE PLEDGED REVENUES TO BE REDIRECTED BY THE STATE TAXATION AND REVENUE DEPARTMENT TO THE NEW MEXICO FINANCE AUTHORITY OR ITS ASSIGNS PURSUANT TO AN INTERCEPT AGREEMENT FOR THE PAYMENT OF PRINCIPAL AND INTEREST DUE ON THE LOAN AGREEMENT; SETTING AN INTEREST RATE FOR THE LOAN; APPROVING THE FORM OF AND OTHER DETAILS CONCERNING THE LOAN AGREEMENT AND THE INTERCEPT 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 AGREEMENT AND THE INTERCEPT AGREEMENT.
The title sets forth a general summary of the subject matter contained in the Resolution.
This notice constitutes compliance with NMSA 1978,
Published in the Valencia County News-Bulletin on
May 20, 2021.
The Valencia County News-Bulletin is a locally owned and operated community newspaper, dedicated to serving Valencia County since 1910 through the highest journalistic and professional business standards. The VCNB is published weekly on Thursdays, including holidays both in print and online.