Regular City Council Meeting


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  Item No. 18.       
Meeting Date: 03/11/2021  
COMMITTEE: Finance  
CONTACT: Juan Fuentes CHAIR: Jason Perry

ACTION REQUESTED:
Proposed Ordinance 21-02 – Consider to advertise and hold a public hearing on Proposed Ordinance 21-02 authorizing a loan agreement with the New Mexico Finance Authority for financial assistance for equipment and project at the Municipal Landfill. (Perry/Fuentes)
BACKGROUND:
Through official action of the City Council, the Solid Waste Department was authorized to purchase a new landfill compactor from Wagner CAT in the amount of $1,234,434 using the SW Fund cash on hand and adopted Resolution No. 21-03 to seek a loan to reimburse itself for the expense.
 
On February 8, 2021, Souder, Miller & Associates (SMA) completed calculations of the available airspace for landfill Unit 4 and projected to be filled by July 2021.  SMA has submitted a proposal for Design/Construction services for Unit 5A to transition after Unit 4 is closed.  SMA is estimating Unit 5A cost to be around $3.3 million.
 
The proposed ordinance authorizes the City to enter into a loan agreement with the New Mexico Finance Authority (NMFA) for a special obligation of up to $6,400,000.
FINANCIAL CONSIDERATION
Daniel M. Alsup, Bond Counsel, will present an overview of the ordinance required to seek financial assistance from NMFA.
LEGAL REVIEW:
The Proposed Ordinance has been reviewed by City Attorney.
 
Ordinances must be approved by a majority of the Governing Body.
BOARD AND COMMITTEE ACTION:
Finance Committee voted (3-0) in favor and recommend for consideration to the City Council on Thursday, March 4, 2021.
STAFF RECOMMENDATION:
Consider to advertise and hold a public hearing on Proposed Ordinance 21-02 authorizing a loan agreement with the New Mexico Finance Authority for financial assistance for equipment and project at the Municipal Landfill.
Attachments
ATT 1 Proposed Ordinance 21-02NMFA Loan - Solid Waste


    

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