Village of Magdalena, Socorro County, New
Notice of Adoption of
Notice is hereby given of the title and of a general summary of the subject matter contained in Resolution No. 2020-18, duly adopted and approved by the Governing Body of the Village of Magdalena, New Mexico (the “Governmental Unit”), on October 26, 2020. Complete copies of the Resolution are available for public inspection during normal and regular business hours in the office of the Clerk/Treasurer, 108 N. Main Street, Suite B, Magdalena, New Mexico 87825.
The title of the Resolution is:
VILLAGE OF MAGDALENA, SOCORRO COUNTY, NEW MEXICO
RESOLUTION NO. 2020-18
AUTHORIZING THE EXECUTION AND DELIVERY OF A LOAN AND SUBSIDY AGREEMENT (“LOAN AGREEMENT”) AND INTERCEPT AGREEMENT BY AND BETWEEN THE VILLAGE OF MAGDALENA, SOCORRO COUNTY, 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 TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000), TOGETHER WITH INTEREST, AND ADMINISTRATIVE FEES THEREON, AND TO ACCEPT A LOAN SUBSIDY OF NO MORE THAN SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($750,000), FOR THE PURPOSE OF FINANCING THE COSTS OF DESIGNING AND CONSTRUCTING A NEW MUNICIPAL WATER WELL AND WATER LINE IMPROVEMENT/REPLACEMENT TO SUPPLY POTABLE WATER TO THE GOVERNMENTAL UNIT AND AS FUNDING ALLOWS, REHABILITATION TO THE EXISTING WELL AND THE ADDITION OF A NEW STORAGE TANK AND RELATED EXPENDITURES; PROVIDING FOR THE PLEDGE AND PAYMENT OF THE PRINCIPAL, ADMINISTRATIVE FEES AND INTEREST DUE UNDER THE LOAN AGREEMENT SOLELY FROM THE REVENUES OF THE ONE-QUARTER OF ONE PERCENT (0.25%) MUNICIPAL GROSS RECEIPTS TAX, IMPOSED BY THE ORDINANCE PASSED AND APPROVED BY THE GOVERNMENTAL UNIT ON JUNE 18, 1985 WITH AN EFFECTIVE DATE OF JANUARY 1, 1986, PURSUANT TO NMSA 1978, § 7-19-D-1 ET SEQ., AND DISTRIBUTED TO THE GOVERNMENTAL UNIT BY THE STATE TAXATION AND REVENUE DEPARTMENT TO THE NEW MEXICO FINANCE AUTHORITY OR ITS ASSIGNS PURSUANT TO THE INTERCEPT AGREEMENT FOR THE PAYMENT OF PRINCIPAL AND INTEREST DUE ON THE LOAN AGREEMENT; SETTING AN INTEREST RATE FOR THE LOAN; APPROVING THE FORM OF AND OTHER DETAILS CONCERNING THE LOAN AGREEMENT AND INTERCEPT AGREEMENT; RATIFYING ACTIONS HERETOFORE TAKEN; REPEALING ALL ACTION INCONSISTENT WITH THIS RESOLUTION; AND AUTHORIZING THE TAKING OF OTHER ACTIONS IN CONNECTION WITH THE EXECUTION AND DELIVERY OF THE LOAN AGREEMENT AND INTERCEPT AGREEMENT.
The title sets forth a general summary of the subject matter contained in the Resolution.
This notice constitutes compliance with NMSA 1978, § 6-14-6.
Published in the El Defensor Chieftain on October 29, 2020