CITY of ALBUQUERQUE
TWENTY FOURTH COUNCIL
COUNCIL BILL NO. O-21-72 ENACTMENT NO. ________________________
SPONSORED BY: Isaac Benton, by request
ORDINANCE
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Amending The Metropolitan Redevelopment Agency Ordinance To Create A Metropolitan Redevelopment Commission And Add Clarifying Definitions (Benton, by request)
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BE IT ORDAINED BY THE COUNCIL, THE GOVERNING BODY OF THE CITY OF ALBUQUERQUE:
SECTION 1. Amending Chapter 14, Article 8, Part 4 of the Metropolitan Development Ordinance, as follows:
"? 14-8-4-1 SHORT TITLE.
Sections 14-8-4-1 et seq. may be cited as the "Metropolitan Redevelopment Agency Ordinance."
? 14-8-4-2 LEGISLATIVE FINDINGS AND PURPOSE.
(A) The Council finds and declares that the New Mexico State Legislature has enacted the Metropolitan Redevelopment Code, Sections 3-60A-1 et seq. NMSA 1978, (hereinafter referred to as the "Metropolitan Redevelopment Code") conferring certain powers upon the City Council.
(B) The Council further finds and declares that the Metropolitan Redevelopment Code authorizes the creation by the Council of a Metropolitan Redevelopment Agency and the delegation to the Agency of the exercise of the metropolitan redevelopment project powers set forth in the Code.
(C) The Council further finds and declares that it is in the public interest to delegate said powers to a Metropolitan Redevelopment Agency.
(D) The Council further finds and declares that it is in the public interest to provide the staff for the Metropolitan Redevelopment Agency.
[(E) The Council further finds and declares that the Metropolitan Redevelopment Code authorizes creation by the Council of a Metropolitan Redevelopment Commission consisting of five commissioners.]
[? 14-8-4-3 DEFINITIONS.
(A) Bonds. Any bond, debenture, note, refunding or renewal bond or note, warrant or other security evidencing an obligation the proceeds of which, or a major portion thereof, are to be used...
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