Regular City Council Meeting


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  Item No. 7.       
Meeting Date: 04/08/2021  
COMMITTEE: Finance  
CONTACT: Juan Fuentes CHAIR: Jason Perry

ACTION REQUESTED:
Proposed Ordinance 21-02 - Hold a public hearing and vote 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:
Initiated by: Juan Fuentes
 
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.  
 
On March 11, 2021, the City Council authorized publication of Ordinance 21-02 authorizing a loan agreement with the New Mexico Finance Authority (NMFA).
 
On March 29, 2021, bids were opened for Landfill Unit 5A with a base bid of $3,596,785.60 (including GRT).
FINANCIAL CONSIDERATION
Erik Harrigan, RBC Capital, will present a financial analysis and 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, and at the March 11, 2021, City Council meeting the Council voted 8-1 to advertise for a public hearing.
STAFF RECOMMENDATION:
Hold a public hearing and vote 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 21-02 Landfill NMFA Loan
ATT 2 - Proposed Ordinance 21-02 Landfill NMFA Loan Agreement


    

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