Council Bill No. O-24-34, sponsored by Klarissa Pena, authorizes the issuance, sale, and delivery of City of Albuquerque Municipal Infrastructure Gross Receipts Tax Revenue Bonds, Series 2024. The principal amount is not to exceed $9,250,000. The bonds aim to finance energy efficiency projects associated with city facilities and cover related issuance expenses.
The payment for these bonds will be sourced from the revenues of a 0.0625% increment of municipal infrastructure gross receipts tax imposed on all businesses in the city as per Section 7-19D-11 NMSA 1978 and City Ordinance No. 14-1992 adopted on March 16, 1992.
The ordinance details various aspects concerning the Series 2024 Bonds and approves the delegation of authority to make certain determinations regarding their sale under the Supplemental Public Securities Act. It also includes terms and other specifics about the bonds while approving pertinent documents and making specific appropriations. Additionally, it ratifies actions previously taken in this regard.
