Legal Notices-Government

SANDOVAL COUNTY, NEW MEXICO
NOTICE OF INTENT TO ADOPT ORDINANCE

Notice is hereby given of the title and general subject matter contained in an ordinance which the Board of County Commissioners of Sandoval County, New Mexico, the governing body of the County, intends to adopt at a meeting on or after October 11, 2023 at the hour of 6:00 p.m. at Commission Chambers, 1500 Idalia Rd, Building D, Bernalillo, New Mexico 87004 relating to the authorization, issuance and sale by Sandoval County, New Mexico of its lease revenue bonds.

The title of the proposed Ordinance (subject to modification or amendment) is:

AN ORDINANCE AMENDING AND EXTENDING A PREVIOUSLY APPROVED COUNTY LOCAL OPTION GROSS RECEIPTS TAX.

Said Ordinance amends Ordinance Number 3-15-18.10A(2), effective January 1, 2019 (the “Prior Ordinance”) to reflect that the use of revenues from the gross receipts tax imposed pursuant to the Prior Ordinance is unrestricted; however, that such revenues are dedicated and pledged to the payment of debt service on indebtedness issued by the County to finance the construction and equipping of the Sandoval County District 13 Courthouse (the “Bonds”) as long as such indebtedness (or any obligations issued by the County to refinance such indebtedness) remain outstanding. Said Ordinance extends the delayed repeal of the Prior Ordinance to December 31, 2048. Further, said Ordinance provides that to the extent the amendments described above may be deemed to be a change in the dedication of gross receipts tax revenue imposed by the Prior Ordinance which would impair or otherwise affect the imposition of the gross receipts tax increment described above or the refunding of the Bonds, the County hereby imposes a county gross receipts tax in an amount equal to the current mathematical equivalent of said increment (expressed as a percentage of said county gross receipts taxes) for the amended purposes and for the extended duration described above.

Observer: September 21, 2023