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.