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County adopts ordinance to enable $497 million industrial revenue bonds for 330 MW solar‑battery project
Summary
Sandoval County adopted an ordinance authorizing issuance of up to $497,000,000 of industrial revenue bonds and a payment‑in‑lieu‑of‑tax (PILOT) schedule for a 330‑megawatt solar and battery project; bond counsel and county staff said litigation could halt closing but the county’s obligation would be limited to tax treatment only.
Sandoval County commissioners voted on July 23 to adopt an ordinance authorizing industrial revenue bonds that would support a 330‑megawatt solar and battery generation project and establish a payment‑in‑lieu‑of‑tax framework for the county and local school districts.
County bond counsel and staff described the ordinance as the final step in a multi‑part transaction that authorizes up to $497 million in conduit financing. Dan Opperman of the Taft Law Firm, serving as bond counsel, told the commission the ordinance and related agreements — an indenture, lease and bond purchase agreement — were in substantially final form and that statutory notices had been published.
Rob…
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