Revenue bonds issued by a county under the authority of the Hospital Funding Act shall not be the general obligation of the county within the meaning of Article 9, Sections 10 and 13 of the constitution of New Mexico. The bonds shall be payable solely out of all or a portion of the net revenues derived from the operation of the county hospital or jointly owned county-municipal hospital and revenues derived from the leasing of or other contractual arrangement for the operation of a county hospital or jointly owned county-municipal hospital for which the bonds are issued. Revenue bonds and interest coupons issued under authority of that act shall never constitute an indebtedness of the county within the meaning of any state constitutional provision or statutory limitation and shall never constitute nor give rise to a pecuniary liability of the county or a charge against its general credit or taxing powers, and this fact shall be plainly stated on the face of each bond.
History: 1978 Comp., § 4-48B-22, enacted by Laws 1981, ch. 83, § 22.
Structure 2021 New Mexico Statutes
Article 48B - Hospital Funding
Section 4-48B-1 - Short title.
Section 4-48B-2 - Purpose of act.
Section 4-48B-3 - Definitions.
Section 4-48B-4 - Annual report.
Section 4-48B-5 - Power of counties.
Section 4-48B-7 - Power to lease hospitals.
Section 4-48B-8 - Sick and indigent persons; agreements for care with state and county agencies.
Section 4-48B-11 - Federal aid.
Section 4-48B-12 - Tax levies authorized.
Section 4-48B-13 - County hospital; power to lease; expenditure of proceeds from tax levy.
Section 4-48B-14 - Payment of charges; persons committed by district court.
Section 4-48B-15 - Election on special levy.
Section 4-48B-16 - Validation of earlier elections.
Section 4-48B-18 - Hospital revenue bonds; authority to issue; pledge of revenues.
Section 4-48B-19 - Use of proceeds of bond issue.
Section 4-48B-20 - Revenue bonds; terms.
Section 4-48B-21 - Ordinance authorizing revenue bonds.
Section 4-48B-22 - Hospital revenue bonds not general county obligations.
Section 4-48B-23 - Revenue bonds; security; restrictions and limitations.
Section 4-48B-24 - Revenue bonds; exemption from taxation.
Section 4-48B-25 - Election not required.
Section 4-48B-26 - No notice or publication required.
Section 4-48B-27 - Hospitals declared necessary public buildings.