(A) There is hereby created a Quality of Life Tax Trust Fund pursuant to § 4-3-3-4(F) for the purpose of implementing and operating projects and programs which support or are initiated with revenues generated from the municipal gross receipts tax imposed by § 4-3-3-1, such tax being known as the Quality of Life Tax.
(B) The Mayor, with the advice of the City of Albuquerque Investment Committee herewith known as the Investment Committee, is authorized and directed to convey any funds appropriated to the Quality of Life Trust Fund to the City Treasurer, with instructions to administer such fund as the Quality of Life Trust Fund in order to support financially the operations of the Biological Park, the Explora Science Center, and the Balloon Museum, specifically to reduce entrance fees for New Mexico residents. The Trust Fund shall be permanent and irrevocable. Funds appropriated shall be invested in securities permitted by § 4-1-10, subject to the city's investment policy as currently adopted or as may be amended from time to time by the Investment Committee and according to the recommendations and oversight of the Investment Committee. Such funds shall be conveyed to the Quality of Life Trust Fund as soon as feasible and in such amount as shall create a minimum $10,000,000 endowment by the tenth year of the Quality of Life Tax. The City Treasurer and the Investment Committee are directed to invest these funds in securities permitted by the city's investment policy in order to maximize returns and provide a stable income. The City Treasurer and Investment Committee shall consider long-term investments to meet these objectives.
(C) The fiscal year for the trust shall end on June 30 of each year. Within 30 days after the end of each fiscal year, the City Treasurer shall furnish the Mayor a report of all investment activity of the past year in connection with the administration of the fund. The following reinvestment procedures shall used: 90% of the annual earnings generated by investments shall be used for the purpose set for in § 4-3-3-4(F); the remaining 10% of the earnings shall be added to the principal of the trust.
(D) Effective date. This section shall become effective five days after publication in full. Section 4-3-3-4 of this article shall become effective on July 1, 1995, unless an election is held pursuant to Section 7-19D-9(D) NMSA 1978, on § 4-3-3-4, in which case the effective date shall be either July 1 or January 1, whichever date occurs first after the expiration of three months from the date when the results of the election are certified to be in favor of the ordinance's adoption.
(Ord. 11-1995)