14-1-7: COSTS OF INSPECTION:

The costs and expenses of the screening, inspection and examination of all projects available for acquisition hereunder shall be deemed to be engineering fees and included in the cost of acquisition. (Ord. 310, 5-2-1960)

14-1-8: PROCEEDS FROM SALE OF BONDS; WHERE APPLIED:

The proceeds from the sale of any bonds hereunder shall be applied to the payment of the following items:

   A.   The full acquisition cost and expenses of any project acquired hereunder.

   B.   All costs and expenses involved in and connected with the acquisition, including expenses of acquiring, altering and constructing buildings and other necessary facilities, machinery and equipment.

   C.   All costs and expenses involved in moving, relocating, reorganizing and/or organizing the business or businesses, to or in the city, or within fifteen (15) miles thereof, said moving expenses to include all costs connected with the actual moving plus the cost of planning, preparing, and arranging for the relocation in the city, or within fifteen (15) miles thereof, and all other expenses incidental to actually moving, reorganizing, relocating or organizing and transplanting from site where purchased to the city, a full and complete operating complement of the business or businesses purchased and acquired hereunder.

   D.   All other items of expense which might be incurred by the city bond purchasers and the company, including fees of consultants, engineers, auditors, brokers, and attorneys in connection with the locating, investigating and acquisition of the business or businesses, the cost of the bond issue, and any court actions that may be necessary.

   E.   The principal of the bonds to be issued hereunder may include interest on the bonds for the period necessary to complete acquisition of the project to finance which said bonds are issued.

   F.   The actual cost of the extension and installation of any utility to the project site. (Ord. 310, 5-2-1960)

14-1-9: TIME LIMITS:

In order to create a project in an orderly manner, the following time limits shall apply:

   A.   No more than ninety (90) days shall elapse from the date of the initial agreements to the submission of the feasibility report.

   B.   No more than ninety (90) days shall elapse from the date of submission of the feasibility report to the date of consummation of the project.

   C.   In extenuating circumstances these limits may be extended by the city council. Any extension of time will be granted only after due consideration of the circumstances involved. (Ord. 310, 5-2-1960)

14-1-10: SUBSIDIARY COMPANIES:

As herein recited, the city may acquire one or more businesses or projects, which may have an established name and product and wherein it is deemed desirable to retain said name; and in the event of such a situation a leasing-operating company of a project may have the right to form a subsidiary company, and as used herein and for the purposes hereof, the term "subsidiary company" shall be construed to mean a New Mexico corporation wherein the leasing-operating company of a project owns at least fifty one percent (51%) of the authorized capital stock of such subsidiary company, which shall become the leasing and operating company of the particular business so acquired, and in that event all of the terms and conditions of this chapter shall apply to the newly formed subsidiary company. (Ord. 310, 5-2-1960)