ROSWELL NEW MEXICO
AGENDA ITEM ABSTRACT
AGENDA ITEM ABSTRACT
Item No. 3.
Regular City Council Meeting
- Meeting Date:
- 06/11/2026
COMMITTEE:
Finance
CONTACT:
Tammi Smith
CHAIR:
Kurt Gass
ACTION REQUESTED:
Proposed Ordinance 26-06 - Approval to advertise for a public hearing for Ordinance 26-06: authorizing the execution and delivery of a loan agreement with New Mexico Finance Authority for improvement projects related to flood damage. (Gass/Rogers)
BACKGROUND:
Initiated by Mac Rogers
Requesting approval to advertise for a public hearing on Ordinance 26-06, which authorizes 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 authorized an increase in GRT to fund flood recovery bonds. On March 28, 2025, the 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 on Ordinance 26-06, which authorizes 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 authorized an increase in GRT to fund flood recovery bonds. On March 28, 2025, the 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:
Legal has reviewed this item.
BOARD AND COMMITTEE ACTION:
The Legal Committee considered this item at its May 28, 2026, meeting and voted 5-0 to recommend approval to the Finance Committee. The Finance Committee recommended approval at its meeting on June 4, 2026, to be placed on the consent agenda.
STAFF RECOMMENDATION:
Proceed as presented.