CITY OF LAS CRUCES Equipment Acquisition Financing Through New Mexico Finance Authority Ordinance for NMFA Loan Authorization June 28, 2010
FY 2010 vs 2008 Fire Apparatus Sources and Uses of Funds Loan Proceeds $938,875 $896,598 Project Fund $925,000 $800,000 DSR Issue Cost $0 $13,875 $89,660 $6,938 Total Uses Total Maturity 10 yrs 8 yrs Interest Rate 2.896% 3.799%
Equipment Financing Additional Features Fire Fund pledge from State locked Maintains replacement schedule for fire apparatus Takes advantage of low market rates No debt service reserve requirement (maximizes project funding)
Council Options Approve ordinance resulting in loan proceeds available for acquisition of new fire apparatus Disapprove ordinance, canceling loan process and new apparatus not purchased Provide other direction to staff regarding the acquisition of funding or equipment
NMFA BORROWINGS BY CLC FY AMT (MIL.) PURPOSE YRS INT 95 $2.9 TELECOMM 10 5.1% 02 $0.6 MVRDA COMP 5 3.1% 03 $0.4 JU WATER PUMP 04 $0.2 JU WWTP 20 3.9% 05 $0.3 JU WW MANHOLE REHAB 3.4%
STREETS/ARROYO CROSSINGS NMFA BORROWINGS BY CLC FY AMT (MIL.) PURPOSE YRS INT 07 $0.3 JU WATER WELLS 20 3.3% $0.8 FIRE AERIAL TRK 8 3.6% $1.8 STREETS HVY EQ 3.7% $9.9 STREETS/ARROYO CROSSINGS 15 3.9%
JU SW RECYCLING PROGRAM FACILITY NMFA BORROWINGS BY CLC FY AMT (MIL.) PURPOSE YRS INT 08 $1.1 JU SW RECYCLING PROGRAM FACILITY 8 3.7% $2.1 JU WATER STOR 20 3.9% $6.3 JU WATER RECLAM $27.4 LAS CRUCES CNTR 25 4.5% $0.9 FIRE 2 PUMPERS 3.8% $0.3 STREETS HVY EQ $3.6 STREETS REHAB 10
NMFA BORROWINGS BY CLC * FY AMT (MIL.) PURPOSE YRS INT 08 $2.1 GRIGGS/WALNUT PLUME REMEDIATION 20 * $2.9 JU WATER RECLAM PHASE II $11.3 JU WATER SYSTEM EAST MESA * IN APPLICATION PROCESS