Torrance County Notice of Intent to Adopt Bond Ordinance
NOTICE OF INTENT TO ADOPT BOND ORDINANCE
TORRANCE COUNTY, NEW MEXICO
NOTICE OF MEETING AND INTENT TO ADOPT BOND ORDINANCE
Torrance County, New Mexico (the “County”), hereby gives notice of a regular Board of County Commissioners meeting on Thursday, November 12, 2026, at 9:00 a.m., in the Commission Chambers at the Administrative Offices of the County, located at 205 S Ninth Street, Estancia, New Mexico. At such meeting, the Board of County Commissioners will hold a public hearing concerning, and will consider for adoption, an ordinance (the “Ordinance”) relating to the County's Taxable Industrial Revenue Bonds (Britton Storage Project), Series 2026 (the “Bonds”). Complete copies of the Ordinance are available for public inspection during the normal and regular business hours of the County Clerk at 205 S Ninth Street, Estancia, New Mexico.
The title of the Ordinance (subject to amendment or substitution) is:
TORRANCE COUNTY, NEW MEXICO
BOARD OF COUNTY COMMISSIONERS
ORDINANCE NO. 2026-__
AUTHORIZING THE ISSUANCE AND SALE OF TORRANCE COUNTY, NEW MEXICO TAXABLE INDUSTRIAL REVENUE BONDS (BRITTON STORAGE PROJECT), SERIES 2026, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $150,000,000 (THE “BONDS”); TO PROVIDE FUNDS TO FINANCE THE ACQUISITION, CONSTRUCTION, EQUIPPING AND INSTALLATION OF ENERGY STORAGE FACILITIES TO BE CONSTRUCTED LOCATED WITHIN THE COUNTY BUT OUTSIDE THE BOUNDARIES OF ANY INCORPORATED MUNICIPALITY; AUTHORIZING THE EXECUTION AND DELIVERY OF AN INDENTURE, A LEASE AGREEMENT, A BOND PURCHASE AGREEMENT, A SUBLEASE AGREEMENT (TO THE EXTENT NECESSARY), THE BONDS, ONE OR MORE SUBSERIES OF THE BONDS, AND OTHER DOCUMENTS IN CONNECTION WITH THE ISSUANCE OF THE BONDS AND ANY SUBSERIES OF THE BONDS; MAKING CERTAIN DETERMINATIONS AND FINDINGS RELATING TO THE BONDS OF EACH SERIES; RATIFYING CERTAIN ACTIONS TAKEN PREVIOUSLY; AND REPEALING ALL ACTIONS INCONSISTENT WITH THIS ORDINANCE.
The title sets forth a general summary of the subject matter contained in the Ordinance.
As proposed in the Ordinance: (1) the Bonds will be issued under the authority of the New Mexico County Industrial Revenue Bond Act, Chapter 4, Article 59 NMSA 1978; (2) the proceeds of the Bonds will finance the acquisition, construction, and installation of an energy storage facility and associated equipment and real property used to store energy from a solar power facility in the County (the “Project”) for use by Exus North America Holdings, LLC, or any affiliated entity thereof and their respective successors, assigns and/or their affiliates (collectively, the “Company”); and (3) the Project will be leased to the Company by the County.
Under the terms of the proposed Lease Agreement (the “Lease”) between the County 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 the Lease. Each series or subseries of Bonds will be issued pursuant to an Indenture (the “Indenture”) proposed to be entered into among the Company, the County, the purchaser of the Bonds 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 COUNTY WITHIN THE MEANING OF ANY PROVISION OR LIMITATION OF THE CONSTITUTION OR LAWS OF THE STATE OF NEW MEXICO. THE BONDS WILL NEVER CONSTITUTE NOR GIVE RISE TO A PECUNIARY LIABILITY OF THE COUNTY 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 constitutes compliance with Section 4-37-7 NMSA 1978.
The public is invited to attend and participate in the meeting to consider the ordinance. If you cannot be present, you may mail your comments for delivery before November 10, 2026 to: Torrance County, P.O. Box 48, Estancia, N.M., 87016, or hand deliver them to the Administrative Offices of Torrance County, located at 205 S Ninth Street, Estancia, New Mexico.
Dated this 21 day of October, 2026.
TORRANCE COUNTY, NEW MEXICO
By: /s/ Sylvia Chavez
County Clerk