Regular Items 12.
Legal Committee
- Meeting Date:
- 05/28/2026
COMMITTEE:
Legal
CONTACT:
C. Josh Nairn-Mahan
CHAIR:
Will Cavin
ACTION REQUESTED:
Consider recommending approval to advertise for a public hearing for Ordinance 26-XX authorizing the execution and delivery of a loan agreement with NMFA for improvement projects related to flood damage. (Rogers)
BACKGROUND:
Initiated by Mac Rogers
Requesting approval to advertise for a public hearing Ordinance 26-XX authorizing the execution and delivery of a loan agreement with NMFA for improvement projects related to flood damage. As part of the 2025 legislative session SB 383 allowed for the issuance of an increase in GRT to fund flood recovery Bonds. On March 28, 2025 Council passed Ordinance 25-02 increasing GRT. This agreement would allow the City to Sell bonds in September.
Requesting approval to advertise for a public hearing Ordinance 26-XX authorizing the execution and delivery of a loan agreement with NMFA for improvement projects related to flood damage. As part of the 2025 legislative session SB 383 allowed for the issuance of an increase in GRT to fund flood recovery Bonds. On March 28, 2025 Council passed Ordinance 25-02 increasing GRT. This agreement would allow the City to Sell bonds in September.
FINANCIAL CONSIDERATION:
None at this time.
LEGAL REVIEW:
Legally sufficient
BOARD AND COMMITTEE ACTION:
This is the first Council consideration of this item
STAFF RECOMMENDATION:
Proceed as presented.