An ordinance authorizing and providing for the issuance by the City of Farmington, New Mexico of its revenue bonds designated “Pollution Control Revenue Refunding Bonds, 2012 Series (Public Service Company of New Mexico San Juan Project)” to be issued in an aggregate principal amount of $20,000,000 to be issued pursuant to the provisions of the Pollution Control Revenue Bond Act, Chapter 397, laws of 1973 of the State of New Mexico, 31st Legislature, 1st session, as amended for the purpose of refunding the Pollution Control Revenue Bonds 2007 Series A (Public Service Company Of New Mexico San Juan Project), the proceeds of which were used to provide financing for the costs to Public Service Company of New Mexico of acquiring, constructing, reconstructing, improving, maintaining, equipping and furnishing facilities (“facilities”) for the reduction, abatement and prevention of pollution caused by solid waste disposal at units 1, 2, 3, and 4 at the San Juan Generating Station, electric power generating plant located in San Juan County, New Mexico, interests in which are owned by Public Service Company of New Mexico, a corporation organized and existing under the laws of the State of New Mexico, said revenue bonds to be payable by the City solely from the revenues payable to the City by Public Service Company of New Mexico pursuant to a certain Amended and Restated Installment Sale Agreement between the City, as vendor, and Public Service Company of New Mexico, as vendee, and certain other moneys pledged therefore hereunder, said revenue bonds never to constitute an indebtedness of the City within the meaning of any state constitutional provision or statutory limitation, and never to constitute or give rise to any pecuniary liability of the City or a charge against its general credit or taxing powers and declaring that emergency circumstances exist with respect thereto
Amending Section 6.9.2 of the Unified Development Code
Repealing Chapter 26, Article 3, Division 4, of the Farmington City Code dealing with use of sewers and adopting a new Division 4 to Article 3, Chapter 26 of the City Code
Implementing the “Affordable Housing Plan for Northeast San Juan County, NM” in accordance with the Affordable Housing Act, NMSA 1978, §6-27-1 and establishing procedures for the eligibility requirements for non-individual and individual qualifying grantees to receive lands, buildings and infrastructure pursuant to New Mexico Constitution, Article IX, Section 14E
Authorizing the execution and delivery of a Loan and Subsidy Agreement (“Loan Agreement”) by and between the City of Farmington, New Mexico (the “governmental unit”) and the New Mexico Finance Authority, evidencing a special limited obligation of the governmental unit to pay a principal amount of no more than $4,469,250, together with interest, expenses, including costs of issuance and administrative fees thereon, and to accept a loan subsidy of no more than $1,489,750, for the purpose of financing the costs of improving and bettering the governmental unit’s water utility system by replacing and upgrading water meters, acquiring and installing ancillary equipment for reading the meters and billing customers for use of such water utility system and any construction in connection with the foregoing, all located within and without the boundaries of the governmental unit; providing for the payment of the principal of, administrative fees and interest due under the Loan Agreement solely from the net revenues of the water utility system of the governmental unit; setting a maximum interest rate for the loan; approving the form of and other details concerning the Loan Agreement; ratifying actions heretofore taken; repealing all action inconsistent with this ordinance; and authorizing the taking of other actions in connection with the execution and delivery of the Loan Agreement.
Amending certain sections of the Unified Development Code