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Las Cruces OKs up to $21 million bond to pay settlement in Teresa Gomez case
Summary
The Las Cruces City Council on Jan. 6 authorized issuing up to $21 million in taxable municipal gross receipts tax revenue bonds to pay a settlement with the estate of Teresa Gomez; councilors voted to pledge a portion of local gross receipts tax revenue and set borrowing limits.
The Las Cruces City Council on Monday approved an ordinance authorizing the issuance and sale of up to $21,000,000 in taxable municipal gross receipts tax revenue bonds to pay a settlement agreement with the estate of Teresa Gomez.
The measure, council bill 25-018 (ordinance 3089), directs bond proceeds for the settlement and allows the city manager and the financial services director to finalize sale terms within set parameters: no more than $21 million in principal, an interest rate not to exceed 10 percent and a final maturity date no later than June 1, 2046. The pledged revenue for repayment is the second- and third-quarter one-quarter percent shares of the municipal gross receipts tax.
The city’s treasurer, Erica Hakkas, summarized the ordinance before the vote and said the bonds are expected to be issued through a negotiated public sale with an underwriter. "The bond proceeds will be used to…
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