City Contributing Majority of Funds for the $93 Million Project
April 2, 2013
Albuquerque- The Paseo Del Norte/I-25 interchange project came another step closer to construction today, as Mayor Berry signed the bond documents officially securing the bonds to fund the project.
Because of the City’s high credit ratings and excellent reputation among investors, the City was able to price its bonds at 2.86%, which is below current market levels. The $46 million of bond proceeds, along with the City’s cash contribution, will fund $50 million of the $93 million project.
"I would like to thank the voters for supporting this critical project that is going to create jobs, ease traffic congestion, enhance safety and provide and economic boost to the City of Albuquerque," said Mayor Berry. "The fact that we were able to secure a competitive interest rate and save the taxpayers money speaks volumes about the city’s financial situation and where we are headed after some tough economic times."
The funding will be released to the city next week and turned over to the New Mexico Department of Transportation, who is managing the design and construction of the project. In addition to the $50 million from the city, Bernalillo County is contributing $5 million, the state $30 million and the federal government $8 million.