Bloomfield council to discuss loan extension
FARMINGTON — The Bloomfield City Council will discuss extending a loan agreement with the New Mexico Finance Authority and changing the scope of the project during a meeting Monday at City Hall.
The $1.4 million loan was approved in May 2011 for replacing and upgrading utilities along U.S. Highway 64. The utilities had to be replaced and upgraded due to a state-mandated highway expansion project.
The project was completed under budget, and the city has $79,853 remaining.
If councilors approve the loan extension, that money will be used to finance landscaping along the highway.
In 2011, the city agreed to repay the loan in $8,000 monthly increments over a period of 20 years.