City Council approved two resolutions Thursday that will allow the city to apply for funding from the New Mexico Finance Authority.
One resolution authorizes the city to apply for funds through the NMFA’s Drinking Water State Revolving Loan Fund to replace the city’s out-of-date water lines and valves that have become inoperable. DWRLF funding is a state loan program that provides low-cost financing to eligible communities.
The other resolution allows the city to apply for a loan of $440,894 to purchase 16 police vehicles and related equipment. Because the Police Department wants to order the vehicles before financing can be completed, the loan will be used to reimburse the city’s general fund, according to another resolution the council adopted.
The purchase of the vehicles and the financing were included in the 2013 mid-year budget adjustments and the loan will be repaid over a three-year period.
The council also approved a resolution for a preliminary budget for the city’s upcoming fiscal year, ending June 30, 2014. City Manager Larry Fry said the preliminary budget estimates where the city will be based on how it operates now and does not include personnel changes or capital outlay items. The city plans to have a final budget ready in July.
In other business, the council approved to advertise for two public hearings at its next meeting. One will be for the sale of vacant land at 419 E. Brasher Road and the other will pertain to the city’s proposed adoption of the Convention Center Financing Act.
Earlier this year, Gov. Susana Martinez signed House Bill 73 into law, allowing communities with populations under 70,000 to impose room fees to benefit convention centers. Councilor Steve Henderson said the ordinance would put the city on a level playing field with larger cities and allow for expansion of the Roswell Convention and Civic Center.