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Deming council approves ordinance to sell GRT revenue bonds to buy a fire truck
Summary
Following a public hearing and presentation by bond counsel, the council approved an ordinance authorizing sale of Gross Receipts Tax revenue bonds to finance acquisition of a fire truck; staff said proceeds will be issued through the New Mexico Finance Authority and loan payments will be taken from GRT receipts.
At a public hearing, the council considered an ordinance authorizing sale of the City of Deming’s Gross Receipts Tax (GRT) revenue bonds to finance acquisition of a fire truck.
Bond counsel Linda Melendres explained the ordinance’s terms and the procedures for issuing bonds through the New Mexico Finance Authority; staff said final bond terms will be set after council approval and the Finance Authority’s steps to issue the debt.
City Manager Aaron Sera said the loan payment would be pulled from gross receipts tax before the funds reach the city and said that, in his view, the arrangement "would not effect the City. The City would remain solvent." No members of the public spoke during the hearing.
Councilor Irmaisela A. Rodriguez moved to approve the ordinance; Mayor Pro Tem Stephen Westenhofer seconded. The motion carried by roll call vote: Councilor Monjaras Aye; Councilor Milo Aye; Councilor Rodriguez Aye; Mayor Pro Tem Westenhofer Aye.
With council approval, staff will proceed with the process to have the New Mexico Finance Authority issue the bonds and, upon issuance, use proceeds to acquire the fire truck.
