Section 3-39-6 - Irrepealable bond ordinance. - New Mexico Statutes

3-39-6. Irrepealable bond ordinance.

A.     Any municipality may issue bonds for:   

(1)     the purpose of preparing, acquiring, constructing or improving airport facilities;   

(2)     the purpose of refinancing, refunding and paying any bonds or obligations payable from any revenues of any municipal airport facility as provided in Section 3-39-7 NMSA 1978; or   

(3)     any combination of the aforesaid purposes set forth in Paragraphs (1) and (2).   

B.     The bonds are payable solely from a pledge of:   

(1)     net income derived by the municipality from the airport facility financed with the proceeds;   

(2)     net income of all or designated municipal airport facilities whether or not financed in whole or in part with the proceeds;   

(3)     contributions, grants or other financial assistance from the state or federal governments or any other sources;   

(4)     the additional special funds authorized by Section 3-39-12 NMSA 1978; or   

(5)     any combination of these sources.   

C.     The bonds shall be authorized by ordinance which is irrepealable as long as any obligation on the bonds is unpaid by the municipality.