A municipality is a body politic and corporate under the name and form of government selected by its qualified electors. A municipality may:
A. sue or be sued;
B. enter into contracts or leases;
C. acquire and hold property, both real and personal;
D. have a common seal which may be altered at pleasure;
E. exercise such other privileges that are incident to corporations of like character or degree that are not inconsistent with the laws of New Mexico;
F. protect generally the property of its municipality and its inhabitants;
G. preserve peace and order within the municipality; and
H. establish rates for services provided by municipal utilities and revenue-producing projects, including amounts which the governing body determines to be reasonable and consistent with amounts received by private enterprise in the operation of similar facilities.