§ 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.

Legislative History

1953 Comp., § 14-40-6, enacted by Laws 1965, ch. 300; 1971, ch. 206, § 1.