AN ACT

RELATING TO THE PUBLIC PEACE, HEALTH, SAFETY AND WELFARE; CREATING THE ALBUQUERQUE-BERNALILLO WATER UTILITY AUTHORITY.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. WATER UTILITY AUTHORITY--CREATED--MEMBERSHIP--ADMINISTRATION OF UTILITY.--

A. The "Albuquerque-Bernalillo water utility authority" is created. The municipal members shall be three city councilors and the mayor and the county members shall be three county commissioners. The authority is a joint agency of the two governments and is subject to the state Procurement Code and other applicable state laws.

B. The authority shall administer the water and wastewater utility of Albuquerque and Bernalillo county, including the determination and imposition of rates for services.

C. All money received from rates, bonds or other sources shall be held in one or more accounts separate from other governmental accounts of the city or county.

D. All functions, appropriations, money, records, equipment and other real and personal property pertaining to the Albuquerque water and wastewater utility shall be transferred to the Albuquerque-Bernalillo water utility authority. Debts of the Albuquerque water and wastewater utility shall be debts of the Albuquerque-Bernalillo water utility authority. The authority shall not impair the rights of any bondholders of outstanding bonds of the Albuquerque water and wastewater utility. If there are outstanding bonds for which property taxes have been pledged, the authority shall issue revenue bonds to refund the bonds pledged by property taxes. All contractual obligations of the Albuquerque water and wastewater utility shall be binding on the authority. The public regulation commission shall audit the Albuquerque water and wastewater utility prior to the transfer of money, assets and debts to the Albuquerque-Bernalillo water utility authority.