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After reviewing several funding options August 9, Truth or Consequences (T-or-C) City Commissioners agreed to pursue a New Mexico Finance Authority (NMFA) loan offer and proceed with development of a Law Enforcement Complex on municipal property formerly housing the National Guard Armory.
George K. Baum & Company representative Mark Valenzuela presented commissioners with three primary funding options, the NMFA proposal, a dual proposal from BBVA Compass bank and an option to sell development bonds on the public market.
In outlining the offers, Valenzuela said his firm was recommending the NMFA proposal, primarily due to the opportunity to secure an approximate 1.93-percent interest rate over a proposed 25-year plan.
While this option would require the city to maintain a reserve equivalent to a projected annual payment, Valenzuela said the total cost including interest and related service fees would tally to approximately $2.78 million. He pointed out that this represented only a modest increase over the construction estimate of $2.18 million for the 25-year agreement.

NMFA Gives Nod On New Hospital Funding 

During a November 19 meeting, board members with the New Mexico Finance Authority (NMFA) approved a $36 million funding request from Sierra Vista Hospital (SVH), opening the door for construction of a new clinic and hospital facility. With the NMFA approval, SVH Chief Executive Officer Mike Zimmerman noted that the necessary money is now on the table and said hospital leaders will soon be asked to decide whether or not to move forward with the project. As previously reported, recent improvements in SVH’s financial status have allowed the hospital to set aside a considerable amount of reserve funds, which the CEO maintains are sufficient to manage all costs associated with the proposed construction, in house Zimmerman said a special meeting of SVH’s Joint Powers Commission (JPC) and governing board had been scheduled for Wednesday, January 6…