LEGAL NOTICE – Intent to Adopt Industrial Revenue Bond Ordinance

NOTICE OF INTENT TO ADOPT INDUSTRIAL REVENUE BOND ORDINANCE FOR PUBLICATION CITY OF BELEN, NEW MEXICO NOTICE OF INTENT TO ADOPT INDUSTRIAL REVENUE BOND ORDINANCE Notice is hereby given that at its regular meeting on June 17, 2024, commencing at the hour of 6:00 p.m., the City Council of the City of Belen, New Mexico will conduct a public hearing to consider a proposed Ordinance, the title of which appears below. The meeting will take place at the regular meeting place of the Council at Belen City Hall, 100 S. Main St., Belen, New Mexico. Information regarding the location of the meeting will be posted on the website of the City. A complete copy of the Ordinance is available for public inspection during normal and regular business hours at the Office of the City Clerk at 100 S. Main St., Belen, New Mexico. The title of the proposed Ordinance is: CITY OF BELEN, NEW MEXICO BOARD OF CITY COUNCILORS ORDINANCE NO. _______] AUTHORIZING THE ISSUANCE AND SALE OF CITY OF BELEN, NEW MEXICO TAXABLE INDUSTRIAL REVENUE BONDS (SKY RANCH ENERGY STORAGE II LLC PROJECT), IN A MAXIMUM PRINCIPAL AMOUNT OF UP TO $131,000,000 IN ONE OR MORE SERIES TO PROVIDE FUNDS TO FINANCE THE EQUIPPING OF AN INDUSTRIAL REVENUE BOND PROJECT FOR USE BY SKY RANCH ENERGY STORAGE II LLC OR ITS SUCCESSORS OR ASSIGNS; AUTHORIZING THE EXECUTION AND DELIVERY OF AN INDENTURE, A LEASE, A BOND PURCHASE AGREEMENT, A SUBLEASE, THE BONDS AND OTHER DOCUMENTS IN CONNECTION WITH THE ISSUANCE OF THE BONDS AND THE PROJECT; AUTHORIZING A PAYMENT IN LIEU OF TAXES TO THE CITY BY THE COMPANY BY THE COMPANY; AND MAKING CERTAIN DETERMINATIONS AND FINDINGS RELATING TO THE BONDS AND THE PROJECT; RATIFYING CERTAIN ACTIONS TAKEN PREVIOUSLY; AND REPEALING ALL ACTIONS INCONSISTENT WITH THIS ORDINANCE. As proposed in the Ordinance: (1) the Bonds will be issued under the authority of the New Mexico City Industrial Revenue Bond Act, Chapter 3, Article 32, NMSA 1978, as amended; (2) the proceeds of the Bonds will finance the acquisition of equipment for an electric energy storage facility in the City of Belen, New Mexico (the Project) for the use by Sky Ranch Energy Storage II LLC, (the Company); and (3) the Project will be leased to the Company. Under the terms of a proposed Lease Agreement (each, a Lease) between the City and the Company, the Company will be obligated to pay rent for the Project sufficient to pay, when due, the principal of, interest on and redemption price, if any, of the Bonds and to make certain other payments as provided in each Lease. The Bonds will be issued pursuant to an Indenture (the Indenture) among the Company, the City, the bond purchaser and a depositary. The Bonds will be sold to a bond purchaser pursuant to the terms of a proposed Bond Purchase Agreement. THE PRINCIPAL OF, INTEREST ON AND REDEMPTION PRICE OF THE BONDS WILL NEVER CONSTITUTE AN INDEBTEDNESS OF THE CITY WITHIN THE MEANING OF ANY PROVISION OR LIMITATION OF THE CONSTITUTION OR STATUTES OF THE STATE OF NEW MEXICO. THE BONDS WILL NEVER CONSTITUTE NOR GIVE RISE TO A PECUNIARY LIABILITY OF THE CITY OR A CHARGE AGAINST ITS GENERAL CREDIT OR TAXING POWERS. The Bonds will mature, bear interest, be subject to prior redemption and contain other terms and provisions all in accordance with the Indenture and the Ordinance. This notice is given pursuant to Section 3-17-3 NMSA 1978. Published in the Valencia County News-Bulletin May 23, 2024