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Los Lunas approves $14 million SIB loan for I-25 interchange, East/West Corridor Phase I
Summary
The Village Board on April 23 approved Ordinance 487 authorizing a $14 million State Infrastructure Bank loan at 1.5% to fund construction engineering and management for the I-25 Interchange and East/West Corridor Phase I Project; the loan will be repaid over 15 years from state-shared and municipal gross receipts tax revenue.
The Village of Los Lunas Board of Trustees voted April 23 to adopt Ordinance 487, authorizing a $14 million State Infrastructure Bank loan to complete funding for the Los Lunas I-25 Interchange and East/West Corridor Phase I Project. The ordinance passed on a 3-0 vote (Councilors Romero, Ortiz and Chavez voting in favor).
Public Works Director Michael Jaramillo and Bond Counsel Dan Opperman presented the loan terms during a public hearing convened at 6:13 p.m. Bond Counsel Dan Opperman said the ordinance "authorizes a $14 million loan at an interest rate of 1.5 percent, to be repaid over 15 years in annual installments," secured solely by state-shared and municipal gross receipts tax revenues and intended to cover construction engineering and management costs associated with the project.
Mayor Charles Griego closed the public hearing after the presentation; there were no public comments on the item. The Council then moved to return to regular session and the motion to adopt Ordinance 487 was made by Councilor Christopher Ortiz and seconded by Councilor Matthew Chavez.
With the ordinance adopted, staff may proceed with the financing steps required by the State Infrastructure Bank and related loan documents. Project implementation and construction scheduling remain subject to the standard permitting and contracting processes.
