The money would come from the gross receipts taxes it collects. The county passed an ordinance in 2014 that allows it to use .375 percent of the gross receipts taxes received from businesses for capital projects.
The loan agreement, included in the packet, states the money stream will more than cover the loan payments, the “coverage ratio” being 125 percent. It also states there are no other “obligations” or debt payments tapping this money steam.
The money would be borrowed from the New Mexico Finance Authority, which would charge a $16,400 “processing fee.” The interest rate would be 2.5 percent.
The money must be used within three years and the loan payments would run from 2020 to 2037.
No other information about the administration building or site was included in the packet.