The association shall establish a subcommittee of three board members, who will be the board chairperson and two other board members selected by the chairperson with the consent of the association board. The mayor will be the chairperson of the subcommittee. The mayor, or the mayor’s designee, will set the agenda, schedule public meetings as needed and publish notice of meetings in compliance with the New Mexico Open Meetings Act.
The subcommittee will be authorized to do the following:
A. Approve expenditures for the lease of water allotments for the association up to the amount of the town clerk-treasurer’s procurement code authorization, which is presently $20,000 per transaction.
B. Recommend to the association board approval of expenditures for the lease of water allotments in excess of the town clerk-treasurer’s procurement code authority.
C. Review and recommend approval of expenditures for the purchase of water rights and for other water-related transactions by the town. Since the association can only lease water allotments, the board of trustees, not the association’s board, will have final approval authority for the purchase of water rights.
(Ord. 2006-11 § 1)