(A) Municipal Revenue Permanent Fund created. There is created the Municipal Revenue Permanent Fund, hereinafter called the “Permanent Fund”, into which may be deposited all receipts for sale, lease, rental or licensing of any real or personal property owned or claimed by the municipality, and not immediately necessary for the public uses of the municipality.
(1) Income in the Permanent Fund shall be invested by the finance officer of the municipality in accordance with the investment standards as provided by NMSA § 6-10-10.
(2) Any amount of the principal in the Permanent Fund shall not be appropriated except by majority vote of all members of the governing body.
(B) Municipal Revenue Permanent Fund; exclusions. Notwithstanding division (A) above, receipts from sale, lease, rental or licensing of any real or personal property owned or claimed by the municipality, for uses of airport, parking, convention centers and daycare centers, shall not be deposited into the Permanent Fund.
(C) Municipal Revenue Interest Income Fund created. There is created the “Municipal Revenue Interest Income Fund”, hereinafter called the “Interest Fund”. Interest earned on the investment of money from the Municipal Revenue Permanent Fund shall be deposited into the Interest Fund.
(D) Disposition of Municipal Revenue Interest Income Fund. Any amount in the Interest Fund may be appropriated for general purposes of the municipality by a majority vote of all members of the governing body.
(Ord. 548, passed - -1984)