ROSWELL NEW MEXICO
AGENDA ITEM ABSTRACT
AGENDA ITEM ABSTRACT
13.
Finance Committee
- Meeting Date:
- 06/04/2026
COMMITTEE:
Finance
CONTACT:
Tammi Smith
CHAIR:
Kurt Gass
ACTION REQUESTED:
Consider recommending approval to advertise for a public hearing for Ordinance 26-XX;: An Ordinance to refund the Series 2017 Joint Water & Sewer Improvement Bonds. (Rogers)
BACKGROUND:
Initiated by: Hessel Yntema IV
This proposed ordinance would authorize the City of Roswell to refinance, pay, and discharge the outstanding Joint Water and Sewer Improvement Bond issued in 2017. It would also provide a mechanism to fund a loan agreement reserve account and provide for the payment of the principal and interest solely from the net revenues of the Joint Water and Sewer Utility System.
This proposed ordinance would authorize the City of Roswell to refinance, pay, and discharge the outstanding Joint Water and Sewer Improvement Bond issued in 2017. It would also provide a mechanism to fund a loan agreement reserve account and provide for the payment of the principal and interest solely from the net revenues of the Joint Water and Sewer Utility System.
FINANCIAL CONSIDERATION
See Fiscal Impact below.
It is anticipated that by refinancing this bond, the City would likely save approximately $750,000.00.
It is anticipated that by refinancing this bond, the City would likely save approximately $750,000.00.
LEGAL REVIEW:
The proposed ordinance is legally sufficient.
BOARD AND COMMITTEE ACTION:
The Legal Committee considered this item at their May 28th meeting and voted 5-0 recommending approval to Finance Committee.
STAFF RECOMMENDATION:
Proceed as presented.