Corrales village councilors Tuesday will decide on seeking state approval to raise $1.6 million for infrastructure improvements.
Up for debate is a proposed resolution authorizing village staff to submit an application for financial assistance to the New Mexico Finance Authority (NMFA).
The action indicates the village’s intent to issue the last of $4 million in general obligation bonds approved by Corrales voters in November of 2023. The Village sold the first $2.4 million batch of bonds in June of 2024.
Village Administrator Melanie Romero told the Corrales Comment the sale was broken up into two parts to keep the mill levy constant and not raise property taxes.
The last sale, according to the agenda, is evenly split between improvements for the fire department and road and flood control projects.
The language of the proposed resolution identifies property acquisition, planning, design, construction and equipment purchase as some possible uses for the money.
The agenda states work is expected to start in June and be completed by September of 2028.
Also at the meeting, Nicholas Caine of Stifel Public Finance will provide a timeline for the bond sales. Assuming the council approves the NMFA application, the firm will provide related documents to the village. The council would then consider bond sale parameters and delegated signing authority in April.
According to the agenda, the NMFA Board of Directors will consider the loan application at its April 23 meeting.
Other steps include a due diligence wall with Stifel, setting of interest rates, publication of legal notice and the final closing of the sale, after which the money will be transferred to village coffers.
On the consent agenda, which is typically approved without discussion, are possible approvals of permits for May 30 and Sept. 13 Music in Corrales events, an April 4 Easter egg hunt and the May 13 Ask Academy Dance event.
HOW TO PARTICIPATE:
WHEN: 6:30 p.m. Jan.20
WHERE: Village of Corrales Council Chambers, 4324 Corrales Road VIRTUAL: via Zoom; Meeting ID: 883 3733 5604 Passcode: 060666.
Corrales council to vote on $1.6 million for fire and floods
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Corrales village councilors Tuesday will decide on seeking state approval to raise $1.6 million for infrastructure improvements.
Up for debate is a proposed resolution authorizing village staff to submit an application for financial assistance to the New Mexico Finance Authority (NMFA).
The action indicates the village’s intent to issue the last of $4 million in general obligation bonds approved by Corrales voters in November of 2023. The Village sold the first $2.4 million batch of bonds in June of 2024.
Village Administrator Melanie Romero told the Corrales Comment the sale was broken up into two parts to keep the mill levy constant and not raise property taxes.
The last sale, according to the agenda, is evenly split between improvements for the fire department and road and flood control projects.
The language of the proposed resolution identifies property acquisition, planning, design, construction and equipment purchase as some possible uses for the money.
The agenda states work is expected to start in June and be completed by September of 2028.
Also at the meeting, Nicholas Caine of Stifel Public Finance will provide a timeline for the bond sales. Assuming the council approves the NMFA application, the firm will provide related documents to the village. The council would then consider bond sale parameters and delegated signing authority in April.
According to the agenda, the NMFA Board of Directors will consider the loan application at its April 23 meeting.
Other steps include a due diligence wall with Stifel, setting of interest rates, publication of legal notice and the final closing of the sale, after which the money will be transferred to village coffers.
On the consent agenda, which is typically approved without discussion, are possible approvals of permits for May 30 and Sept. 13 Music in Corrales events, an April 4 Easter egg hunt and the May 13 Ask Academy Dance event.
HOW TO PARTICIPATE:
WHEN: 6:30 p.m. Jan.20
WHERE: Village of Corrales Council Chambers, 4324 Corrales Road VIRTUAL: via Zoom; Meeting ID: 883 3733 5604 Passcode: 060666.
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