Mayor Tim Keller, City of Albuquerque | City of Albuquerque
Mayor Tim Keller, City of Albuquerque | City of Albuquerque
The City of Albuquerque is set to issue general obligation bonds totaling $111,850,000 for a range of community projects. This authorization comes under Council Bill No. O-24-4, sponsored by Klarissa Pena.
The funds from the bonds will be allocated towards projects relating to public safety, community centers, homelessness, metropolitan redevelopment, community enhancement, parks and recreation, energy and water conservation, public buildings, facilities and systems, streets and transportation, museums, cultural facilities, libraries, and storm sewers. The bonds consist of $102,850,000 in general purpose general obligation bonds (Series 2024A) and $9,000,000 in general obligation storm sewer bonds (Series 2024B).
The issuance and sale of these bonds were authorized at a city election held on November 7, 2023. The approval includes the levy and collection of ad valorem taxes for the payment of the bonds, as well as the delegation of authority to make certain determinations regarding the sale of the bonds.
The ordinance also covers the forms, terms, purchase, payment, execution, and other provisions concerning the Series 2024 bonds. It ratifies prior actions taken in connection with the issuance of the bonds, ensuring that the necessary funding is in place for the designated community projects.
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