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Council hears final pricing on Well #9 interim bonds; city also applied to Water Trust Board for $22M
Summary
Staff announced final pricing for interim financing for the Well #9 USDA project — a 4% rate maturing May 1, 2029 — and City Manager Roseann Peralta said the city has submitted a Water Trust Board application for $22 million to support water projects.
Katherine Mckinney presented final pricing for the City of Belen Gross Receipts Tax Improvement Revenue Bonds, Series 2020B, for interim financing of the Well #9 USDA project. She said the city pledged one-quarter percent of its gross receipts tax for repayment and reported "the final rate on the bonds was 4% mature May 1st of 2029;" in the meeting packet she stated the bonds amount as "1 million 191 thousand." The project is scheduled to go out to bid and the ultimate bonds will be issued later in the year.
During the City Manager report, Roseann Peralta told the council the city "submitted the Water Trust Board application for $22Million" to help fund water infrastructure priorities. Peralta also noted Camino Phase I is going out to bid and Well #9 will go to bid. Councilors asked about timelines and staff said bids and subsequent bond issuance steps are proceeding according to the financing schedule.
Councilors did not debate the financing terms at length; the presentation was provided for transparency before bidding and final bond issuance.
