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Council approves Water Trust Board loan for water storage tank project
Summary
The council authorized a New Mexico Finance Authority Water Trust Board loan and grant package to design and repair a water storage tank and booster station, with an anticipated closing July 24, 2026 and a low administrative interest rate referenced in staff remarks.
The council approved Ordinance 3115 on June 15 authorizing the city to enter a New Mexico Finance Authority Water Trust Board loan/grant agreement to design, construct and repair a water storage tank and booster station.
Staff described the program as primarily grant‑driven with some low‑interest loan components. The ordinance text in the meeting materials listed a maximum repayable principal amount shown in the transcript as 186,833 and a maturity no later than June 1, 2048; presenters noted a 0.25% administrative fee consistent with other state revolving loan programs. Assistant Utilities Director Dominique Rodriguez explained the application process to the Water Trust Board as an annual, semi‑competitive submission that frequently awards grants combined with a small loan portion.
Council members asked whether the Water Trust Board process was competitive and how the city qualifies; staff confirmed project scoping reports and demonstrated need are part of the evaluation. The council then voted to adopt the ordinance authorizing the NMFA agreement; roll call recorded yes votes from council members present and the mayor, with Councilor Muñoz absent.
Ending: The city is authorized to proceed with the NMFA loan/grant agreement; staff anticipated closing in late July and will return with project execution details and timeline.
