The City of Albuquerque has announced the publication of Council Bill No. O-24-65, which authorizes the issuance and sale of a taxable industrial revenue bond for the SolAero Technologies Project. The bond, series 2025, will have a maximum principal amount of $72,600,000. The funds are intended to expand and modernize space-grade solar cell manufacturing capabilities.
The ordinance is sponsored by Renee Grout and involves several key actions related to the bond issuance. These include the execution and delivery of an indenture, lease agreement, bond purchase agreement, bond itself, and other necessary documents associated with both the issuance and the project.
The bill makes certain determinations and findings regarding the bond and project while also ratifying previous actions taken in this context. Additionally, it repeals any actions that are inconsistent with this ordinance.
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