The Village of Taos Ski Valley

Resolution No. 97-7

Authorizing the Mayor to request an

Emergency Loan from the State Board of Finance

       WHEREAS, the Village of Taos Ski Valley (hereinafter referred to as Village) becomes effective on July 1, l996;

       WHEREAS, the Village has a statutory obligation to provide emergency services to residents and visitors within its boundaries:

       WHEREAS, the Village will not realize sufficient revenue from the proceeds of Gross Receipt Taxes until March of l997 to provide these services;

       WHEREAS, The Village does not have the authority to borrow money against its future revenues from conventional lenders;

       WHEREAS, the State Board of Finance has the authority to loan reasonable sums of money to a municipality provided an emergency exists;

       WHEREAS, the Village has requested the Board of Finance to loan it $150,000.00 as set forth in Exhibit A;

       WHEREAS, The Board of Finance will consider the Village's request on July 9, 1996; and

       WHEREAS, The Village Mayor needs the authority to act before the Board of Finance on behalf of the Village

       NOW THEREFORE BE IT RESOLVED THAT:

       1. The Village Council finds that inability of the Village to provide law enforcement, fire and emergency medical services results in a direct threat and an immediate danger to the public health, safety and welfare of the residents and visitors within the boundaries of the Village and is therefore an emergency situation; and,

       2. The Village Mayor is authorized to appear before the Board of Finance and to negotiate a loan in the amount of $150,000.00; and,

       3. The Mayor is further authorized to sign or execute a note or other instrument to evidence the indebtedness if the Board of Finance grants the Village a loan at such rate of interest and upon such terms he deems appropriate.

PASSED, ADOPTED AND APPROVED BY THE GOVERNING BODY OF TAOS SKI VALLEY THIS 1st Day of JULY, 1996.

                                                                      ___________________________________

                                                                                                                   Mayor

ATTEST:

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       Clerk-Treasurer

Vote: For _____ Against _______