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.

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