The Lodger's Tax Committee met on 4/14/2022 to review the first round of applications for events taking place after July 1, 2022. The committee recommends the following awards:
FY23- Part 1
Total requested today: $106,942 (54% of annual grants budget)
We are requesting approval of Ordinance #S2022-2: AUTHORIZING THE EXECUTION AND DELIVERY OF A LOAN AGREEMENT AND INTERCEPT AGREEMENT BY AND BETWEEN THE CITY OF GALLUP, NEW MEXICO (THE “GOVERNMENTAL UNIT”) AND THE NEW MEXICO FINANCE AUTHORITY (THE “FINANCE AUTHORITY”), EVIDENCING A SPECIAL, LIMITED OBLIGATION OF THE GOVERNMENTAL UNIT TO PAY A PRINCIPAL AMOUNT OF UP TO $5,600,000, TOGETHER WITH INTEREST THEREON, FOR THE PURPOSE OF FINANCING THE COST OF DESIGNING, CONSTRUCTING AND EQUIPPING A WATER SUPPLY PIPE AND RELATED IMPROVEMENTS, INCLUDING ACQUIRING EQUIPMENT FOR SUCH PURPOSES; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL AND INTEREST DUE UNDER THE LOAN AGREEMENT SOLELY FROM THE ENVIRONMENTAL SURCHARGE IMPOSED BY THE CITY; DELEGATING AUTHORITY TO MAKE CERTAIN DETERMINATIONS CONCERNING THE TERMS OF 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.
The proposed Wastewater Reclamation Mainline Project is designed to deliver up to 1.25 Million Gallons per day of treated sewage effluent from the existing wastewater treatment plant to the existing golf course through a newly constructed 12 inch diameter, 5 mile long transmission pipeline system.
The bond amount of up to $5.6 million will require an annual debt service payment of approximately $400,000 charged to the environmental surcharge fund with a repayment period of 20 years.