New Mexico Statutes 3-39-6. Irrepealable bond ordinance
A. Any municipality may issue bonds for:
Terms Used In New Mexico Statutes 3-39-6
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(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
(2).
(3) any combination of the aforesaid purposes set forth in Paragraphs (1) and 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 N.M. Stat. Ann.; 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.