Section 7-24A-14 - Bond ordinance. - New Mexico Statutes

7-24A-14. Bond ordinance.

A.     The governing body may adopt an ordinance providing for issuance of bonds to enable the county or municipality to acquire land, buildings, buses or other equipment required for public transit, a vehicle emission inspection program or for road, street or highway construction, repair or maintenance or for refunding bonds previously issued for such purpose or any such purposes.   

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

(1)     gross income derived by the county or municipality from the transit facilities or vehicle emission inspection facilities financed with the proceeds and other transit facilities not so financed; provided that when gross revenues are so pledged, the county or municipality may apply to the payment of the expense of maintaining and operating the transit facilities, the gross revenues of which are so pledged, the county's or municipality's revenues derived from sources other than the proceeds of ad valorem taxes and may, in the proceedings authorizing the issue of bonds, covenant and agree to apply to the payment of the maintenance and operation expenses so much of the revenues as may be necessary for such purposes or as may be specified in the proceedings;   

(2)     income derived from franchises granted by the governing body of a county or municipality;   

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

(4)     county or municipal gasoline tax revenue; or   

(5)     any one or a combination of these sources.   

C.     The ordinance is irrepealable as long as any indebtedness on the bonds is unpaid by the county or municipality.