The Albuquerque City Council has published notice of Council Bill No. O-25-86, an ordinance that authorizes the issuance and sale of short-term lodgers’ tax improvement revenue bonds, taxable series 2025. The total principal amount for these bonds will not exceed $1 million.
The ordinance is sponsored by Renee Grout. It outlines that the funds raised from the bond sale will be used for a range of projects related to tourist facilities and attractions within Albuquerque. These projects include studying, designing, developing, constructing, reconstructing, rehabilitating, renovating, modernizing, signing, enhancing and otherwise improving sites aimed at attracting visitors to the city.
Payment for these bonds will come from revenues generated by the city’s lodgers’ tax. The ordinance also provides details about how certain determinations regarding the bond sale may be delegated under the Supplemental Public Securities Act. Additional provisions in the bill address terms and documentation concerning the bonds and ratify previous actions taken on this matter.
The measure further repeals any prior actions inconsistent with its contents and authorizes other necessary steps in connection with issuing and selling these bonds.
