FINANCIAL_SERVICESPENDING

Village of Los Lunas Council Meeting Agenda Packet April 2026

Los Lunas Seeks $14M NMDOT SIB Loan for I-25 Project

$14,000,000.00Los Lunas villageNEW MEXICO DEPARTMENT OF TRANSPORTATIONApril 23, 2026

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Description

The Village of Los Lunas plans to enter into a $14,000,000 State Infrastructure Bank loan agreement with the New Mexico Department of Transportation to finance engineering and construction management for the new I-25 Interchange and East/West Corridor project. The 15-year loan bears 1.5% annual interest and will be repaid from pledged State Share and Municipal Gross Receipts Tax revenues with annual payments of approximately $1.05 million.

Contract Details

Contract Amount

$14,000,000.00

Vendor

NEW MEXICO DEPARTMENT OF TRANSPORTATION

Agency

Los Lunas village, NM

Contract Type

FINANCIAL_SERVICES

Document Date

April 23, 2026

Contract Term

15 years, annually each year commencing 1 year after the Effective Date and terminating on the Maturity Date (final payment due 5/1/2041)

Renewal Date

2041-05-01

Renewal Info

Single 15-year loan term with no scheduled renewals; Village may prepay the loan in whole or in part upon 30 days’ written notice. Ordinance 487 makes the pledge of gross receipts tax revenues irrevocable until the loan is paid in full.

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