Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Alamogordo delays vote on $12 million natatorium loan amid cost and contingency concerns
Summary
The commission postponed final adoption of Ordinance 17‑22 authorizing a $12 million loan for a municipal natatorium, asking staff for more detail after bond counsel cited preliminary 25‑year net interest costs in the mid‑4% range and commissioners questioned contingency and scope.
The Alamogordo City Commission on March 24 postponed a scheduled final vote on Ordinance 17‑22, which would authorize delivery of a loan and intercept agreement providing $12 million for construction and equipping of a municipal natatorium. The item was deferred to the commission’s April 14 meeting by unanimous vote.
City bond counsel Chris Muirhead briefed the commission that the New Mexico Finance Authority, as lender, is expected to deliver loan terms after selling bonds; preliminary runs showed a net interest cost ‘‘about 4.35%’’ for a 25‑year bond that is callable at year 10. Muirhead said the Finance Authority would…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
