GRT Refunding - NMFA Application (FC Pkt).pdf
City of Santa Fe, New Mexico LEGISLATIVE SUMMARY
Resolution No. 2016GRT Refunding - NMFA Application SPONSOR(S):
Councilor Maestas
SUMMARY:
The proposed resolution authorizes and approves submission of a completed application for financial assistance and project approval to the New Mexico Finance Authority to refund, refinance and defease certain outstanding senior lien and subordinate lien gross receipts tax revenue bonds and loans of the City of Santa Fe, New Mexico.
PREPARED BY:
Rebecca Seligmru1, Legislative Liaison Assistant
FISCAL IMPACT: Yes DATE:
April 13, 2016
ATTACHMENTS: Resolution FIR
1
CITY OF SANTA FE, NEW MEXICO
2
RESOLUTION NO.
3
INTRODUCED BY:
4 Councilor Joseph Maestas
5 6 7
8 9
10
A RESOLUTION
11
AUTHORIZING AND APPROVING SUBMISSION OF A COMPLETED APPLICATION
12
FOR FINANCIAL ASSISTANCE AND PROJECT APPROVAL TO THE NEW MEXICO
13
FINANCE
14
OUTSTANDING SENIOR LIEN AND SUBORDINATE LIEN GROSS RECEIPTS TAX
15
REVENUE BONDS AND LOANS OF THE CITY OF SANTA FE, NEW MEXICO.
AUTHORITY
TO REFUND, REFINANCE AND DEFEASE CERTAIN
16 17
WHEREAS, the City of Santa Fe, New Mexico ("Governmental Unit") is a qualified entity
18
under the New Mexico Finance Authority Act, Sections 6-21-1 through 6-21-31, NMSA 1978
19
("Act"), and the Santa Fe City Council ("Governing Body") is authorized to borrow funds and/or
20
issue bonds for financing of pnblic projects or for refinancing of outstanding bonds for benefit of the
21
Governmental Unit; and
22
WHEREAS, the New Mexico Finance Authority ("Finance Authority") has instituted a
23
program for financing of projects from the public project revolving fund created under the Act and
24
has developed an application procedure whereby the Governing Body may submit an application
25
("Application") for financial assistance from the Finance Authority for public projects; and
1
WHEREAS, the Governing Body has unde1taken a plan to refund, refinance and defease its
2
outstanding (1) Municipal Recreation Complex/Subordinate Lien Gross Receipts Tax Reftmding
3
Bonds, Series 2005, (2) Gross Receipts Tax Refunding Revenue Bonds, Series 2006B, (3)
4
Subordinate Lien Gross Receipts Tax/Wastewater System Improvement Revenue Bonds, Series
5
2006C, (4) 2008 Land Acquisition Finance Authority Loan, and (5) Gross Receipts Tax Revenue
6
Bonds, Series 2008 (collectively, "Project") for the benefit of the Governmental Unit, and
7
WHEREAS, the application prescribed by the Finance Authority has been completed and
8
submitted to the Governing Body and this resolution ratifying and approving submission of the
9
completed Application to the Authority for its consideration and review is required as part of the
10
11 12 13
Application. NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THE CITY OF SANTA FE, NEW MEXICO Section 1.
All action (not consistent with the provision hereof) heretofore taken by the
14
Governing Body and the officers and employees thereof directed toward the Application and the
15
Project, be and the same is hereby ratified, approved and confirmed.
16 17 18
Section 2.
The completed Application submitted to the Governing Body, be and the
same is hereby ratified, approved and confirmed. Section 3.
Authorized Officers and employees of the Governmental Unit are hereby
19
directed and requested to submit the completed Applicatiou to the Finance Authority for its review,
20
and are further authorized to take such other action as may be requested by the Finance Authority in
21
its consideration and review of the Application and to further proceed with arrangements for
22
financing and undertaking the Project.
23 24
25
Section 4.
All acts and resolutions in conflict with this resolution are hereby rescinded,
annulled and repealed. Section 5.
This resolution shall take effect immediately upon its adoption.
2
1
PASSED APPROVED AND ADOPTED this __ day of ____, 2016.
2 3 4 5
JAVIER M. GONZALES, MAYOR ATTEST:
6 7 8
YOLANDA Y. VIGIL, CITY CLERK
9 10
APPROVED AS TO FORM:
11 12 13
. BRENNAN, CITY ATTORNEY
14 15
16 17 18
19 20 21 22 23 24 25
MlLegislation/Resolutions 2016/ GRT Refunding - NMFA Application (W2683525)
3
FIR No.
City of Santa Fe Fiscal Impact Report (FIR)
tJ.:J D3
This Fiscal Impact Report (FIR) shall be completed for each proposed bill or resolution as to its direct impact upon the City's operating budget and is intended for use by any of the standing committees of and the Governing Body of the City of Santa Fe. Bills or resolutions with no fiscal impact still require a completed FIR. Bills or resolutions with a fiscal impact must be reviewed by the Finance Committee. Bills or resolutions without a fiscal impact generally do not require review by the Finance Committee unless the subject of the bill or resolution is fmancial in nature.
General Information Section A. X Resolution: (Check) Bill: (A single FIR may be used for related bills and/or resolutions) Short Title(s): A RESOLUTION AUTHORIZING AND APPROVING SUBMISSION OF A COMPLETED APPLICATION FOR FINAN CIAL ASSISTANCE AND PROJECT APPROVAL TO THE NEW MEXICO FINANCE AUTHORITY TO REFUND, REFINANCE AND DEFEASE CERTAIN OUTSTANDING SENIOR LIEN AND SUBORDINATE LIEN GROSS RECEIPTS TAX REVENUE BONDS AND LOANS OF THE CITY OF SANTA FE, NEW MEXICO. Sponsor(s): Councilor Maestas
e1"' n"ce �Dcse,, pa:r irn 1t�_______________________ 1.n"'a"' Reviewing Department(s): ;:. F"' """ "'-" Persons Completing FIR: Oscar Rodriguez
Date:
4/13/16
Phone: ---"'95�5�-�6�53�0�--
Reviewed by City Attorney: --f-tt,L!.!l.,l(:,t.J.1.+t-_;,_cJL'=-'-'-""_.::,"-"-----'Date:
-ft-·Vh�-'
'1-l!-----'-'(, _b ____
7
'f - I '-f..,.. 2 0\,b _______ _,..,__-'
Resolution No. 2016GRT Refunding - NMFA Application SPONSOR(S):
Councilor Maestas
SUMMARY:
The proposed resolution authorizes and approves submission of a completed application for financial assistance and project approval to the New Mexico Finance Authority to refund, refinance and defease certain outstanding senior lien and subordinate lien gross receipts tax revenue bonds and loans of the City of Santa Fe, New Mexico.
PREPARED BY:
Rebecca Seligmru1, Legislative Liaison Assistant
FISCAL IMPACT: Yes DATE:
April 13, 2016
ATTACHMENTS: Resolution FIR
1
CITY OF SANTA FE, NEW MEXICO
2
RESOLUTION NO.
3
INTRODUCED BY:
4 Councilor Joseph Maestas
5 6 7
8 9
10
A RESOLUTION
11
AUTHORIZING AND APPROVING SUBMISSION OF A COMPLETED APPLICATION
12
FOR FINANCIAL ASSISTANCE AND PROJECT APPROVAL TO THE NEW MEXICO
13
FINANCE
14
OUTSTANDING SENIOR LIEN AND SUBORDINATE LIEN GROSS RECEIPTS TAX
15
REVENUE BONDS AND LOANS OF THE CITY OF SANTA FE, NEW MEXICO.
AUTHORITY
TO REFUND, REFINANCE AND DEFEASE CERTAIN
16 17
WHEREAS, the City of Santa Fe, New Mexico ("Governmental Unit") is a qualified entity
18
under the New Mexico Finance Authority Act, Sections 6-21-1 through 6-21-31, NMSA 1978
19
("Act"), and the Santa Fe City Council ("Governing Body") is authorized to borrow funds and/or
20
issue bonds for financing of pnblic projects or for refinancing of outstanding bonds for benefit of the
21
Governmental Unit; and
22
WHEREAS, the New Mexico Finance Authority ("Finance Authority") has instituted a
23
program for financing of projects from the public project revolving fund created under the Act and
24
has developed an application procedure whereby the Governing Body may submit an application
25
("Application") for financial assistance from the Finance Authority for public projects; and
1
WHEREAS, the Governing Body has unde1taken a plan to refund, refinance and defease its
2
outstanding (1) Municipal Recreation Complex/Subordinate Lien Gross Receipts Tax Reftmding
3
Bonds, Series 2005, (2) Gross Receipts Tax Refunding Revenue Bonds, Series 2006B, (3)
4
Subordinate Lien Gross Receipts Tax/Wastewater System Improvement Revenue Bonds, Series
5
2006C, (4) 2008 Land Acquisition Finance Authority Loan, and (5) Gross Receipts Tax Revenue
6
Bonds, Series 2008 (collectively, "Project") for the benefit of the Governmental Unit, and
7
WHEREAS, the application prescribed by the Finance Authority has been completed and
8
submitted to the Governing Body and this resolution ratifying and approving submission of the
9
completed Application to the Authority for its consideration and review is required as part of the
10
11 12 13
Application. NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THE CITY OF SANTA FE, NEW MEXICO Section 1.
All action (not consistent with the provision hereof) heretofore taken by the
14
Governing Body and the officers and employees thereof directed toward the Application and the
15
Project, be and the same is hereby ratified, approved and confirmed.
16 17 18
Section 2.
The completed Application submitted to the Governing Body, be and the
same is hereby ratified, approved and confirmed. Section 3.
Authorized Officers and employees of the Governmental Unit are hereby
19
directed and requested to submit the completed Applicatiou to the Finance Authority for its review,
20
and are further authorized to take such other action as may be requested by the Finance Authority in
21
its consideration and review of the Application and to further proceed with arrangements for
22
financing and undertaking the Project.
23 24
25
Section 4.
All acts and resolutions in conflict with this resolution are hereby rescinded,
annulled and repealed. Section 5.
This resolution shall take effect immediately upon its adoption.
2
1
PASSED APPROVED AND ADOPTED this __ day of ____, 2016.
2 3 4 5
JAVIER M. GONZALES, MAYOR ATTEST:
6 7 8
YOLANDA Y. VIGIL, CITY CLERK
9 10
APPROVED AS TO FORM:
11 12 13
. BRENNAN, CITY ATTORNEY
14 15
16 17 18
19 20 21 22 23 24 25
MlLegislation/Resolutions 2016/ GRT Refunding - NMFA Application (W2683525)
3
FIR No.
City of Santa Fe Fiscal Impact Report (FIR)
tJ.:J D3
This Fiscal Impact Report (FIR) shall be completed for each proposed bill or resolution as to its direct impact upon the City's operating budget and is intended for use by any of the standing committees of and the Governing Body of the City of Santa Fe. Bills or resolutions with no fiscal impact still require a completed FIR. Bills or resolutions with a fiscal impact must be reviewed by the Finance Committee. Bills or resolutions without a fiscal impact generally do not require review by the Finance Committee unless the subject of the bill or resolution is fmancial in nature.
General Information Section A. X Resolution: (Check) Bill: (A single FIR may be used for related bills and/or resolutions) Short Title(s): A RESOLUTION AUTHORIZING AND APPROVING SUBMISSION OF A COMPLETED APPLICATION FOR FINAN CIAL ASSISTANCE AND PROJECT APPROVAL TO THE NEW MEXICO FINANCE AUTHORITY TO REFUND, REFINANCE AND DEFEASE CERTAIN OUTSTANDING SENIOR LIEN AND SUBORDINATE LIEN GROSS RECEIPTS TAX REVENUE BONDS AND LOANS OF THE CITY OF SANTA FE, NEW MEXICO. Sponsor(s): Councilor Maestas
e1"' n"ce �Dcse,, pa:r irn 1t�_______________________ 1.n"'a"' Reviewing Department(s): ;:. F"' """ "'-" Persons Completing FIR: Oscar Rodriguez
Date:
4/13/16
Phone: ---"'95�5�-�6�53�0�--
Reviewed by City Attorney: --f-tt,L!.!l.,l(:,t.J.1.+t-_;,_cJL'=-'-'-""_.::,"-"-----'Date:
-ft-·Vh�-'
'1-l!-----'-'(, _b ____
7
'f - I '-f..,.. 2 0\,b _______ _,..,__-'
