city-of-truth-or-consequences-city-commission-agenda-october-23-2024_165.pdf
$1.07M Water System Improvement Bond Sold to Bank of the Southwest
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Description
The City of Truth or Consequences awarded Bank of the Southwest a $1,065,984 bond purchase agreement at a 5% interest rate, financing predevelopment activities for the city's Water System Improvement Project, with principal repayment due by December 2026. This bond supports necessary upgrades as per USDA requirements.
Contract Details
Contract Amount
$1,065,984
Vendor
BANK OF THE SOUTHWEST
Agency
City of Truth or Consequences, NM
Contract Type
FINANCIAL_SERVICES
Document Date
October 23, 2024
Contract Term
Dated December 2024, Maturity Date December 1, 2026 (24 months)
Renewal Date
2026-12-01
Renewal Info
Optional prior redemption by the City on any date; principal and interest due by maturity. No stated auto-renewal.
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