City of Albuquerque - File #: O-23-80

• File #: O-23-80
• Type: Ordinance
• Status: In Council - Final Action
• File created: 4/17/2023
• In control: Finance & Government Operations Committee
• Title: Amending "Article 2: City Funds, Part 1: Urban Enhancement Trust Fund Ordinance" (Pe?a, by request)
• Sponsors: Klarissa J. Peña (By Request)

Date	Action By	Action	Result
5/15/2023	City Council	Accepted with a Recommendation Do Pass
5/8/2023	Finance & Government Operations Committee	Sent to Council with a recommendation of Do Pass	Pass
4/17/2023	City Council	Introduced and Referred
4/17/2023	President	Referred

CITY of ALBUQUERQUE
TWENTY FIFTH COUNCIL


COUNCIL BILL NO. O-23-80 ENACTMENT NO. ________________________

SPONSORED BY: Klarissa Pe?a by request


ORDINANCE
title
Amending "Article 2: City Funds, Part 1: Urban Enhancement Trust Fund Ordinance" (Pe?a, by request)
body
WHEREAS, The Urban Enhancement Trust Fund and advisory UETF Committee were established in 1983 by the Albuquerque City Council; and
WHEREAS, The UETF Ordinance has only been modified twice in 40 years and is in need of updates to terms that reflect current department and division names, advisory board identity and arts and cultural programming goals; and
WHEREAS, The current UEFT Citizen Committee worked with city staff to evaluate and recommend these changes to the Mayor.
BE IT ORDAINED BY THE COUNCIL THE GOVERNING BODY OF THE CITY OF ALBUQUERQUE:
? 4-2-1-1 INTENT.
It is the intent of the city to create an Urban Enhancement Trust Fund (UETF) to enhance and enrich the culture of the city. The principal of the trust fund shall be maintained intact. The interest earned thereon shall be utilized to enrich the city's cultural life.
('74 Code, ? 4-1-1)(Ord. 65-1983; Am Ord. 28-1994)
? 4-2-1-2 ADMINISTRATION OF THE TRUST FUND.
(A) The Mayor with the advice of the City of Albuquerque Investment Committee ("Investment Committee") is authorized and directed to convey any funds appropriated to the Urban Enhancement Trust Fund to the City Treasurer or a trustee, with instructions to administer such fund as the Urban Enhancement Trust Fund for the uses and purposes set forth in ?? 4-2-1-1 et seq. The trust fund shall be permanent and irrevocable. Funds appropriated to the Urban Enhancement Trust Fund shall be invested in securities permitted by ?4-1-10 and subject to the city's investment policy in effect at the time of adoption of this section or as may be amended from time to time, and according to the recommendations and oversight of the Investment Committee.
(B) If a truste...