The state pledges and agrees with the holder of any bonds issued under the Hospital Equipment Loan Act that the state will not alter the rights vested in the council to fulfill the terms of any agreements made with the bondholders or in any way impair the rights or remedies of the holders until the […]
All expenses incurred by the council in carrying out the provisions of the Hospital Equipment Loan Act shall be payable solely from funds provided under that act. History: Laws 1983, ch. 290, § 28.
A. All property acquired or held by the council under the Hospital Equipment Loan Act, income therefrom and bonds issued under the Hospital Equipment Loan Act, plus the interest payable and income derived from the bonds, shall be exempt from taxation by the state or any subdivision thereof. Upon dissolution of the council, its assets, […]
As used in the Hospital Equipment Loan Act: A. “board” means the board of directors of the council; B. “bonds” means bonds, notes, interim certificates, bond anticipation notes or other evidences of indebtedness of the council issued pursuant to the Hospital Equipment Loan Act, including refunding bonds; C. “cost” as applied to health-related equipment means […]
The bonds issued under the authority of the Hospital Equipment Loan Act shall be legal investments in which all public officers or public bodies of this state, insurance companies, banks and savings and loan associations, organized under the laws of this state, may invest funds. History: Laws 1983, ch. 290, § 30.
The council shall, following the close of each fiscal year, submit an annual report of its activities for the preceding year to the governor and to the legislative finance committee. Each member of the legislature may receive a copy of such report by requesting a copy from the chairman of the council. Each report shall […]
The Hospital Equipment Loan Act shall be liberally construed to accomplish its purposes. History: Laws 1983, ch. 290, § 32.
As used in the Hospital Equipment Loan Act in connection with refinancing, renewing, funding, refunding or paying any bonds, “bonds” also means any bond, note, certificate or other evidence of indebtedness previously issued or incurred by any health facility, municipality, county, special hospital district or other political subdivision to refinance, finance or aid in financing […]
A. There is created a public body politic and corporate, separate and apart from the state, constituting a governmental instrumentality to be known as the “New Mexico hospital equipment loan council” for the performance of essential public functions. B. The council shall be governed by a board of directors consisting of five members. The governor, […]
A. The members of the board shall be appointed for staggered terms of four or fewer years each so that the term of at least one member expires on January 1 of each year. Each member shall hold office for the term of his appointment and until his successor has been appointed and qualified. Any […]
The members of the board shall receive no compensation for their services but shall receive reimbursement for actual and necessary expenses at the same rate and basis as provided in the Per Diem and Mileage Act [10-8-1 to 10-8-8 NMSA 1978]. History: Laws 1983, ch. 290, § 7.
A majority of the members of the board then serving shall constitute a quorum for the transaction of business. The affirmative vote of at least a majority of a quorum present shall be necessary for any action to be taken by the authority. No vacancy in the membership of the council shall impair the right […]
The board shall meet at least annually and may meet more often as required by the business of the council. History: Laws 1983, ch. 290, § 9.
