Section 3-39-6 - Irrepealable bond ordinance.
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.