(A) Word Forms. For the purpose of this policy, unless a contrary intention clearly appears, the following words have meanings interpreted as follows:
(1) Verbs used in the present tense include the future tense. Verbs used in the future tense include the present tense.
(2) The singular includes the plural. The plural includes the singular.
(3) The word "may" is permissive; the words "shall" and "will" are mandatory, subject to specific exceptions allowed by this policy.
(4) Any reference to particular governmental officials shall include their authorized representatives, to the extent permitted by the Act.
(B) For the purpose of this article, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
ACT. Sections 3-33-1 through 3-33-43, NMSA 1978, as amended and supplemented from time to time.
ACTIVE SPECIAL ASSESSMENT DISTRICT. Any proposed special assessment district from the time of approval by the City Council of Resolution Number One until approval of the final adjusting change order and the filing of liens.
ADJUSTMENT OF ASSESSMENT. The adjustment in the estimated maximum benefit or assessment resulting from the division of the property to be assessed or assessed into smaller tracts or parcels or the combining of smaller parcels into one or more larger parcels or the changing of the configuration or legal description of such parcels. Adjustment of assessment may also include the reallocation of the assessment lien, without loss of priority, among parcels under single ownership that are subject to the assessment lien in order to permit the removal of the lien from one or more parcels where adequate security for the lien is demonstrated by the assessed parcels under such single ownership or provided by the owner.
ASSESSMENT ROLL. The list of all tracts or parcels of property within the SAD, the name and address of the last known record owner and the amount to be assessed against each tract or parcel.
BOND ATTORNEY. An attorney or firm of attorneys under contract with the city to review resolutions and ordinances pertinent to SADs and to opine as to the legality and tax exempt status of bonds issued for financing SAD Improvements.
CITY COUNCIL. The governing body of the City of Albuquerque.
CONSTRUCT or CONSTRUCTION. The planning, designing, engineering, constructing, reconstructing, installing, extending, bettering, altering, building, rebuilding, improving, purchasing or otherwise acquiring any improvement described in § 6-8-1-3.
CONSULTING ENGINEER. A professional engineer or engineering firm duly licensed under the laws of the state and under contract with the city to design engineering works and perform such other engineering duties as requested on behalf of the city for SADs.
CREDIT ENHANCEMENT. Security provided by an independent third party financial institution or surety company which is designed to ensure that sufficient funds are available to pay SAD bonds, regardless of the adequacy of payments received from special assessment liens, including but not limited to municipal bond insurance, irrevocable letters of credit and bank guarantees.
ESTIMATED MAXIMUM BENEFIT ROLL. The list containing a description of all tracts or parcels of property within the SAD, the name and address of the last known record owner and the estimated maximum benefit accruing to each tract or parcel of property from the improvements proposed for the SAD and the estimated cost of the SAD to each tract or parcel of property.
IMPROVEMENT. Any one or combination of the projects set forth in § 6-8-1-3.
INTEREST RATE DIFFERENTIAL. A portion of the interest rate borne by a special assessment lien which exceeds the initial average rate of interest for the combined or a particular series of bonds for an SAD.
MAYOR. The chief executive officer of the city with all executive and administrative powers of the city or a representative designated by the Mayor.
OBSOLETE SUBDIVISION. A subdivision in which the platting is inconsistent with modern planning practices and which also is a premature subdivision. Such subdivisions are represented by a pattern of developmental inadequacies under current city standards and requirements, especially including the following:
(1) Inadequate street right-of-way and street access control to prevent high levels of traffic from outside of the subdivision;
(2) Lack of an overall grading and drainage plan which is compatible with modern planning practices and the absence of drainage easements or rights-of-way consistent with that plan.
OWNER. The person or legal entities with legal or equitable title to the property and exercising management and control responsibilities with respect to the property.
PREMATURE SUBDIVISION. A subdivision that has been platted and sold into multiple private ownership prior to installation or financial guarantee of all required improvements for land development.
PUBLIC RIGHT-OF-WAY. That public area of land deeded, dedicated by plat, or otherwise acquired by any unit of government and owned in fee simple for the purposes of movement of vehicles, pedestrian traffic, and/or for provision of public utility services and/or for conveyance of storm water (drainage).
RATIFICATION. Consent to an increase in the estimated maximum benefits and/or agreement to pay an additional assessment by the owner arising out of a request for additional improvements, such as drivepads, curb cuts, median cuts, water and sanitary sewer service lines or for the correction of errors in the assessment procedure.
RECORD OWNER. The owner of the tract or parcel of property to be assessed in the SAD as shown on the records of the County Assessor or any other source the City Clerk or Consulting Engineer deems reliable, including both the buyer and seller of property that is being sold on a real estate contract.
RESIDENTIAL PROPERTY. Residential zoned property that is either developed or may be developed to a maximum of 12 dwelling units per acre.
SAD ENGINEER. The Special Assessment District engineer of the Public Works Department of the city.
SAD REVIEW COMMITTEE (SRC). Individuals from the Public Works Department, Department of Finance and Administrative Services, Capital Improvement Program, Legal Department, and the Planning Department and such others designated by the Mayor who collectively review and coordinate SADs. A representative of the City Council Department shall be an ex-officio member of the SAD Review Committee.
SPECIAL ASSESSMENTS. Assessments against tracts or parcels of property specially benefited by improvements included in an SAD to defray a portion of the costs of the improvements.
SPECIAL ASSESSMENT LIENS. Liens imposed upon property specially benefited by improvements included in an SAD after expiration of any designated period when special assessments may be paid in full by an owner.
SPECIAL ASSESSMENT DISTRICT (SAD). The combining of improvements specified in § 6-8-1-3(C)(2) in one or more locations into one project for the purpose of constructing such improvements in accordance with this Special Assessment District Policy.
SUPPLEMENTAL REVENUES. Revenues of the city, in addition to payments from special assessment liens, which are legally available for pledging to the payment of a particular series of SAD bonds, but consisting only of gasoline tax revenues, surplus revenues derived from operation of the city's water and sanitary sewer system, and franchise fees not to exceed $1,000,000 to be pledged before the year 2005 imposed and collected by the city.
(Ord. 44-1996)