City of Roswell Agenda Packet 2026-06-11
City to Advertise $25M Flood Recovery Loan with NMFA
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Description
The City of Roswell is proceeding to advertise for a public hearing on an ordinance authorizing a loan agreement with the New Mexico Finance Authority for up to $25.1 million to fund flood recovery improvement projects. The agreement will be secured by gross receipts tax revenues and is expected to mature no later than June 1, 2046.
Contract Details
Contract Amount
Not to exceed $25,100,000, together with interest thereon
Vendor
NEW MEXICO FINANCE AUTHORITY
Agency
Roswell Air Center Board, NM
Contract Type
FINANCIAL_SERVICES
Document Date
June 11, 2026
Contract Term
Loan maturity no later than June 1, 2046; interest payments due semiannually commencing December 1, 2026
Renewal Date
2046-06-01
Renewal Info
Loan agreement to be executed after public hearing and final Council approval; maturity not to exceed June 1, 2046. Ordinance is irrepealable once executed until all obligations are paid off. Not a revolving or renewable contract; standard municipal loan structure.
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