Albuquerque Journal from Albuquerque, New Mexico • Page 1

WEATHER A10 BRIDGE C3 BUSINESS OUTLOOK CLASSIFIED D1 COMICS B6 CROSSWORD C3 DEAR ABBY C3 EDITORIALS A8-9 HEALTH C1 HOROSCOPE C3 LEGALS D4 LOTTERY A2 METRO N.M. A4 MOVIES C3, D1 OBITUARIES A7 Albuquerque Journal online www.ABQjournal. com INSIDE Soaring hit BOX OFFICE A6 Animated movie took flight with a $68 million opening weekend HEALTH C1 SPORTS B1 Adios, Paris Rafael Nadal falls in one of greatest upsets 129 152 54 7 Copyright 2009, Journal Publishing Co. Daily 50 cents U. Fi 1, 2009 What To Do With Debt? MORGAN Bernalillo County borrowed about $42 million to buy the office building at 500 Marquette NW.

It never went through with the purchase but is stuck with the debt. Copyright 2009 Albuquerque Journal By Dan McKay Journal Staff Writer Bernalillo County borrowed about $42 million last year to buy its dream home the swanky 500 Marquette office building in Downtown Albuquerque. The problem? It never bought the place. That leaves the county government in an unusual situation this summer: making arrangements to pay off the debt for a building it buy. not like a home County Manager Thaddeus Lucero said of the $42 million bond issue.

pay it immediately. So what does a government do with an extra $42 million lying around? Invest it. County Treasurer Patrick Padilla estimated the money is earning interest income of around 3.7 percent. The interest the county pays on the debt is 3.8 percent. Regardless, the county says the amount made from the investment income is roughly equal to the $1.67 million it will pay in debt service in the coming fiscal year for the bonds.

The situation is temporary, county executives say. They can the bonds next summer, a process in which the county will essentially give back the $42 million and be free of the debt. Plans to buy an office building 500 Marquette or otherwise are on hold. really think the county should be shopping for a said County Commissioner Art De La Cruz, who on the commission last year when the bonds were sold. County Borrowed, Buy Site See MARQUETTE on PAGE A2 GM Plans To File For Chapter 11 Move Will Give Taxpayers 60 Percent Ownership Stake By Jim Kuhnhenn and Ken Thomas The Associated Press WASHINGTON General Motors, the humbled auto giant that has been part of American life for more than 100 years, will file for bankruptcy protection this morning in a deal that will give taxpayers a 60 percent ownership stake and expand the reach into big business.

It would be the largest industrial bankruptcy in U.S. history and the fourth-largest overall. In addition, a GM bankruptcy would be unprecedented as the federal government would pump billions more into the company. Underscoring the extraordinary role, President Barack Obama planned to announce his support for restructuring strategy at a midday appearance at the White House, much as he did in April when Chrysler sought court protection. GM President and CEO Fritz Henderson planned to hold a news conference in New York immediately after announcement.

Administration officials said late Sunday that the federal government would pump $30 billion into GM as it makes its way through bankruptcy court. besides the $20 billion in money that the Treasury already lent to the automaker. The $30 billion is to help GM through the Chapter 11 proceeding and move it through its restructuring plan. It have the money to run the business right now. The money would PAT Archbishop Michael Sheehan, center, blesses one of the four new bells that will be installed in the south bell tower of the Cathedral Basilica of St.

Francis in Santa Fe. The bells are expected to ring next week. Each bell has a name, a note and inscription, and they were baptized Sunday. Songs From On High Bells will toll once again at Cathedral Basilica of St. Francis By Phil Parker Journal Northern Bureau ANTA FE Hundreds gathered outside the Cathedral Basilica of St.

Francis on Sunday afternoon to watch Archbishop Michael Sheehan bless and baptize the four newest members: bells that will be placed in the south tower. Donors stood by the bells as they were baptized, as they would for a child. The director of finance and administration, Jim Cutropia, said the event has been two years in the making, since Sheehan asked the parish of the cathedral to leave a gift in commemoration of the Cuarto Centenario, the 400th anniversary celebration, set to begin this year, of the Spanish settlement of Santa Fe. Each bell is meant to signify 100 years in the history of the church, the oldest to Family Members Reunite After 26 Years Apart Joline Gutierrez Krueger his Tuesday, Luis Federico will put together the final pieces of his family, broken 26 years ago by what he says was a horrible misunderstanding. He was 3 when he says the state of Texas swooped down on a house in El Paso and snatched him and his two younger siblings, Sergio and Beatriz, into foster care, away from his mother, who had left them in the care while she bought groceries and paid bills.

The relative had gone partying instead of babysitting. Even so, the state returned her kids to her. Luis, Sergio and Beatriz never went home again. mom have a car and had trouble getting to court. She speak good says Luis, now 29.

missed the court dates, so she lost At least, the way he LUIS FEDERICO: Finds long- lost siblings SERGIO MATHIS: Second-oldest brother BEATRIZ FERNANDEZ: Reunites soon with siblings See FAMILY on PAGE A2 See GM on PAGE A3 REEd SA ASSOcIATEd PRESS A sale sticker is seen on a vehicle at Santa Monica Chevrolet in Santa Monica, on Wednesday. GM is expected to announce that it will file for bankruptcy protection today. See BELLS on PAGE A3 The four new bells for the Cathedral Basilica of St. Francis, in celebration of the 400th year. Each represents a century of the history.

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