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.