Council Bill No. O-24-20, sponsored by Klarissa J. Peña, has been enacted as Enactment No. O-2024-014. The ordinance authorizes the issuance and sale of the City of Albuquerque, New Mexico Short-Term Lodgers' Tax Improvement Revenue Bonds, Taxable Series 2024. The aggregate principal amount for these bonds will not exceed $1,000,000.
The funds from these bonds are earmarked for studying, designing, developing, constructing, reconstructing, rehabilitating, renovating, modernizing, signing, enhancing and otherwise improving tourist-related facilities and attractions within the city. Specifically, the improvements will focus on Isotopes Stadium.
The ordinance provides for the payment of the Series 2024 Bonds from lodgers' tax revenues and includes provisions for collecting certain lodgers' tax revenues. Additionally, it approves the delegation of authority to make determinations regarding the sale of these bonds pursuant to the Supplemental Public Securities Act.
Further terms and details concerning the Series 2024 Bonds have been provided within the ordinance. Certain documents related to these bonds have also been addressed. Actions previously taken in relation to this matter have been ratified while all actions inconsistent with this ordinance have been repealed. Finally, authorization has been given for taking other necessary actions in connection with the issue and sale of these bonds.
