§ 2-13-200. Multi-term contracts; specified period.

(a)

A multi-term contract for items of tangible personal property, construction or services, in an amount under sixty thousand dollars ($60,000.00) per fiscal year, may be entered into for any period of time deemed to be in the best interests of the city not to exceed four (4) years; provided that the term of the contract and conditions of renewal or extension, if any, are included in the specifications and funds are available for the first fiscal period at the time of contracting. If the amount of the contract is sixty thousand dollars ($60,000.00) or more per fiscal year, the term shall not exceed eight (8) years, including all extensions and renewals, except that for any such contract entered into pursuant to the Public Building Energy Efficiency and Water Conservation Act (Public Facility Energy Efficiency and Water Conservation Act, Chapter 6, Article 23 NMSA 1978), the term shall not exceed ten (10) years, including all extensions and renewals. Payment and performance obligations for succeeding fiscal periods shall be subject to the availability and appropriation of funds therefor.

(b)

A multi-term contract for the services of trustees, escrow agents, registrars, paying agents, letter of credit issuers and other forms of credit enhancement and other similar services, bond attorneys, underwriters and financial advisors with regard to the issuance, sale and delivery of public securities, may be for the life of the securities or as long as the securities remain outstanding.

(Ord. No. 1185, § 20, 6-22-04; Ord. No. 1273, § 10, 6-13-06; Ord. No. 1304, § 6, 7-24-07; Ord. No. 1546 , § 7, 11-13-17)