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County bond attorney details $20.15M NMFA loan for new county hospital
Summary
Quay County's bond attorney presented a pricing certificate for a $20,150,000 New Mexico Finance Authority loan (Loan No. PPRF-6685) intended to finance a new county hospital, including repayment schedule, interest rate (max 5.0%), and final maturity of Dec. 15, 2054.
Quay County Bond Attorney Luis Carrasco presented a Pricing Certificate related to a $20,150,000 New Mexico Finance Authority (NMFA) loan (Loan No. PPRF-6685) that would support construction of a new county hospital. The certificate summarizes final terms and confirms that the loan's true interest cost and maturity conform to the county's ordinance authorizing the borrowing.
The certificate records the aggregate original principal of $20,150,000, par plus premium proceeds totaling $21,598,918.30, a maximum interest rate of 5.000% on any payment date, a combined true interest cost of 4.364016%, and a final principal payment date of Dec. 15, 2054. The pricing document also specifies the loan is callable beginning Dec. 15, 2035. The minutes note that a copy of the pricing certificate was provided to the board and attached to the meeting packet.
No final vote on accepting loan terms was recorded in the Oct. 27 minutes; the certificate was presented for informational and record purposes. The county will follow the process in the approved ordinance for finalizing the Loan Agreement and noted that the pricing officer exercised delegated authority to set the final terms within the ordinance parameters.
