(A) Appropriations.
(1) Monies disbursed to the city from the Municipal Urban Development Fund shall not be expended for any project unless an appropriation has been approved by the City Council. No appropriation shall be approved unless the money is to be used as authorized by the New Mexico Urban Development Law.
(2) Appropriations of funds received by the city from the Municipal Urban Development Fund shall accompany the area designation or the appropriate urban development plan, land development plan, or substantial modification of any such approved plan when it is submitted to the City Council for its approval. Notification of the public hearings on the area designation, plan or substantial modification thereof shall be sent to all units of government participating in property tax revenue derived from property within the urban renewal project.
(B) Transfer of funds between projects. The Mayor is authorized to transfer funds between projects, as established by appropriations, if the transfer does not result in an increase or decrease in a project in excess of the cumulative amount of $30,000 or 10% of the total amount appropriated for a project, whichever is lower.
(C) Semiannual Status Report. The Urban Development Agency shall prepare a semiannual report of the status of funds distributed to the city from the Municipal Urban Development Fund. The report shall describe the status of all projects being undertaken with monies from the Fund. The Mayor shall transmit the report to the Council, and shall distribute it to all units of government participating in property tax revenue derived from property within the urban renewal project.
('74 Code, § 7-12-3) (Ord. 3-1978)