On May 22, 2024, the City of Albuquerque announced the publication of Council Bill No. O-24-10, sponsored by Klarissa J. Peña by request. The bill authorizes the issuance and sale of Gross Receipts Tax Improvement Revenue Bonds in one or more series, with an aggregate principal amount not exceeding $22,500,000.
The funds from these bonds will be used to finance various capital improvements. These include designing, developing, constructing, reconstructing, rehabilitating, renovating, modernizing, signing, enhancing and otherwise improving several city projects such as the Southwest Public Safety Center, city youth shelters, Cibola Loop Multigenerational Center, Gibson Health Hub, Westside Emergency Housing Shelter and the Albuquerque Railyards. Additionally, part of the funds will be allocated for acquiring a law enforcement helicopter.
The ordinance also provides for payment of the Series 2024 bonds from certain gross receipts tax revenues and details on collecting these taxes. It approves delegating authority to make specific determinations regarding the bond sale pursuant to the Supplemental Public Securities Act and outlines terms and other details concerning the Series 2024 bonds.
Furthermore, it ratifies actions previously taken related to this matter and repeals any actions inconsistent with this ordinance while authorizing other necessary actions in connection with issuing and selling the Series 2024 bonds.
