Town Council to Explore Adding More Town Debt

Category: Front Page News Front Page News
Published: 22 December 2011 22 December 2011

By Charlie McKee

On Tuesday evening, Nov. 22, the Town Council approved Resolution No. 2011-39, which will allow the Council to explore yet another bond measure to issue Series 2012 revenue bonds for an undisclosed amount. This bond measure would incur $147,000 annual debt service over the proposed 6-year life of the debt and would be financed through private placement. The private placement of the funding avoids SEC rules of disclosure, according to George K. Baum & Co, who has managed the Town's most recent bond issuance.

 

The Town Council just completed a 6-month effort, which resulted in the municipal bond issuance of Series 2011 Bonds on Oct. 25, 2011, banking $6.3 million in bond revenues to fund capital projects in Silver City. The Council has identified the specific capital projects for which these funds will be used: golf course club house,  athletic fields, swimming pool, roof parks building and tennis courts. The town is in negotiations on what additional capital improvement projects would demand more funding and more debt in 2012.

Prior to the approval of the bond resolution, both the Town Council and citizens focused on the importance of “thinking local” during the upcoming holiday season. Mayor James Marshall proclaimed Dec. 3 through 10, 2011, “Think and Buy Local Week” in honor of a statewide effort to keep local dollars in the community through support of local businesses. Cissy McAndrew, Executive Director of the Southwest New Mexico Green Chamber of Commerce, accepted the proclamation and announced the First Annual Tamale Festival to take place on Saturday, Dec. 10, from 10 am to 4 pm on Broadway to promote local vendors.

Continuing on the theme of “thinking local” during the holidays, Lori Ford, Executive Director of CATS local access TV, announced during the public input segment that the public is invited to the CATS Annual Membership Party on Saturday, Dec. 17, from 5 to 8 pm at the Silco Theater.   In addition, Councilor José Ray Jr. announced a film for children at the Silco Theater this Saturday afternoon, Nov. 26, while Councilor Michael Morones encouraged town citizens to shop downtown after Thanksgiving and to attend the Lighted Christmas Parade on Saturday evening.

During the Reports segment of the meeting, Sam Castello, Executive Director of the Wellness Coalition, reported on the results of the Americorps Statewide Launch held in Silver City on Oct. 20 and 21. The event, which was a kickoff to start New Mexico's Americorps service year, brought 245 Americorps community-service personnel into the town and infused an estimated $38K direct revenue into the local economy. In addition, the Americorps workers, while in the community, provided 1,200 hours of community service to such organizations as Serenity Acres, the Grant County Food Drive, and Habitat for Humanity.

The Town Manager, Alex Brown, also reported that he had received bids for the demolition of Penny Park, which would be presented at the next Town Council meeting. In addition, he is hoping to have news at the next meeting regarding the removal of the town's surplus metal waste, which should be valuable for recycling.

Marshall then adjourned the meeting for an hour-long, closed Executive Session and subsequently reconvened the meeting to address New Business. During the New Business segment, the following resolutions were approved:

·       Resolution No. 2011-39:  Consideration of adoption of an ordinance, authorizing issuance of the Town of Silver City, NM, gross receipts tax improvement revenue bonds, Series 2012, to finance acquisition and construction of certain capital improvements;

·       Resolution No. 2011-38: Authorization for the town's Office of Sustainability to apply for a grant to the New Mexico Recycling Coalition for a conveyor and bailer to increase efficiency in collection of recycled materials and to reduce recycling transportation costs by up to $100,000 per year;

·       Resolution No. 2011-36:  Authorization to apply for $390,000 to rehabilitate up to six homes in Silver City, under the New Mexico Community Development Block Grant Program; and

·       Resolution No. 2011-37:  Call for the Regular Municipal Election on March 6, 2012, to elect the Mayor and Councilors of Districts 2, 3, and 4 according to the newly re-districted town boundaries.

In addition, the Council approved the Pawnbroker Bond of K. Dunagan, dba Best Pawn, at 115 & 117 Market Street, Silver City. The Town Council meeting was then adjourned.

 

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