us-nm/stat
NMSA 1978, § 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.
Source: official text