The City of Elephant Butte (the “City”), hereby gives notice of a regular meeting of the Governing Body (the “City Council”) for Wednesday, March 16, 2016 at 2:00 p.m. at the City of Elephant Butte Municipal Building (“Municipal Building”), located at 103 Water Street, Elephant Butte, New Mexico. At such meeting the City Council will consider for adoption the Ordinance described below. Complete copies of the proposed Ordinance are available to interested persons upon request and payment of a reasonable charge during the normal and regular business hours of the City Clerk in the Municipal Building at 103 Water Street, Elephant Butte, New Mexico.
If you are an individual with a disability, who is in need of any form of auxiliary aid or service to attend or participate in the meeting, please contact the City Clerk at 103 Water Street, Elephant Butte, New Mexico or (575) 744-4892, ext. 100, at least one week prior to the meeting or as soon as possible. Various formats accessible by the City Clerk can be provided when needed (including Agenda, Minutes and Public Documents). The meeting agenda will be available to the public no later than 72 hours in advance of the meeting, copies of which may be obtained by visiting or contacting the City Clerk’s Office at the address and telephone number listed above.
The title (subject to amendment or substitution) of the proposed Ordinance is:
CITY OF ELEPHANT BUTTE
ORDINANCE NO. 159
AN ORDINANCE AUTHORIZING THE EXECUTION AND DELIVERY OF A LOAN AGREEMENT AMONG THE SIERRA COUNTY JOINT POWERS COMMISSION (THE “GOVERNMENTAL UNIT”), SIERRA COUNTY, NEW MEXICO (“SIERRA COUNTY”), THE VILLAGE OF WILLIAMSBURG (“WILLIAMSBURG”), THE CITY OF TRUTH OR CONSEQUENCES (“T OR C”), THE CITY OF ELEPHANT BUTTE (“ELEPHANT BUTTE”), AND THE NEW MEXICO FINANCE AUTHORITY (THE “FINANCE AUTHORITY”), INTERCEPT AGREEMENTS AMONG THE GOVERNMENTAL UNIT, THE FINANCE AUTHORITY, SIERRA COUNTY, WILLIAMSBURG, T OR C AND ELEPHANT BUTTE EVIDENCING THE SPECIAL LIMITED OBLIGATION OF THE GOVERNMENTAL UNIT, SIERRA COUNTY, WILLIAMSBURG, T OR C, AND ELEPHANT BUTTE TO PAY THE PRINCIPAL AMOUNT OF $36,329,129 TOGETHER WITH INTEREST THEREON FOR THE PURPOSE OF PLANNING, DESIGN AND CONSTRUCTION OF A NEW HOSPITAL FOR USE BY THE GOVERNMENTAL UNIT, FUNDING A LOAN AGREEMENT RESERVE ACCOUNT AND PAYING A LOAN PROCESSING FEE; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL AND INTEREST DUE UNDER THE LOAN AGREEMENT SOLELY FROM THE NET SYSTEM REVENUES OF THE GOVERNMENTAL UNIT AND THE DISTRIBUTIONS OF COUNTY HOSPITAL EMERGENCY GROSS RECEIPTS TAX REVENUES RECEIVED BY SIERRA COUNTY PURSUANT TO NMSA 1978, SECTION 7-20E-12.1 (2010) AND THE MUNICIPAL GROSS RECEIPTS TAX REVENUES RECEIVED BY WILLIAMSBURG, T OR C AND ELEPHANT BUTTE PURSUANT TO NMSA 1978, SECTION 7-19D-9 (2007) AND THE MUNICIPAL INFRASTRUCTURE GROSS RECEIPTS TAX REVENUES RECEIVED BY ELEPHANT BUTTE PURSUANT TO NMSA 1978, SECTION 7-19D-11 (2003), AND DISTRIBUTED BY THE NEW MEXICO DEPARTMENT OF TAXATION AND REVENUE PURSUANT TO NMSA 1978, SECTIONS 7-1-6.1 (2007), 7-1-6.4 (2006) AND 7-1-6.15 (2015); PROVIDING FOR THE DISTRIBUTIONS OF COUNTY HOSPITAL EMERGENCY GROSS RECEIPTS TAX, MUNICIPAL GROSS RECEIPTS TAX AND MUNICIPAL INFRASTRUCTURE GROSS RECEIPTS TAX REVENUES FROM THE NEW MEXICO TAXATION AND REVENUE DEPARTMENT TO BE REDIRECTED TO THE FINANCE AUTHORITY OR ITS ASSIGNS FOR THE PAYMENT OF PRINCIPAL AND INTEREST DUE ON THE LOAN AGREEMENT PURSUANT TO INTERCEPT AGREEMENTS WITH EACH PARTICIPANT (AS DEFINED IN THE RECITALS BELOW); 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 AND INTERCEPT AGREEMENTS.
A general summary of the subject matter of the Ordinance is contained in its title.
This Notice constitutes compliance with NMSA 1978, Section 3-17-3 (1973).
THE CITY COUNCIL OF
OF ELEPHANT BUTTE, NEW MEXICO
/S/ Karen Rieth, City Clerk