At the time of the issuance of any bonds pursuant to the Hospital Equipment Loan Act, each member of the board shall execute a surety bond in the sum of twenty-five thousand dollars ($25,000). To the extent any member of the board is already required by state law to provide a surety bond, that member need not obtain another bond as long as the bond required by state law is in at least the sum specified in this section and covers the member's activities for the council. In lieu of such bonds, the chairman of the board may execute a blanket fidelity bond covering each member and the employees of the council. Each fidelity bond shall be conditioned upon the faithful performance of the duties of the respective office of the member or the employee and shall be issued by a surety company authorized to transact business in this state as surety. At all times after the issuance of any surety bonds, each member and employee shall maintain such surety bonds in full force and effect. All costs of the surety bonds shall be borne by the council.
History: Laws 1983, ch. 290, ยง 10.
Structure New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 23 - Hospital Equipment Loans
Section 58-23-1 - Short title.
Section 58-23-2 - Legislative findings.
Section 58-23-3 - Definitions.
Section 58-23-4 - Additional definitions.
Section 58-23-5 - Council; created; members; qualifications; board.
Section 58-23-6 - Council; board of directors; terms and conditions of service.
Section 58-23-7 - Board; expenses.
Section 58-23-8 - Board; quorum.
Section 58-23-9 - Meetings of the board.
Section 58-23-10 - Board; bonding requirements.
Section 58-23-12 - Council; duties.
Section 58-23-14 - Optional powers.
Section 58-23-15 - Issuance of bonds.
Section 58-23-16 - Terms of payment and sale of bonds.
Section 58-23-16.1 - Interest rates; refunding; approval by council; findings.
Section 58-23-17 - Use of bond proceeds.
Section 58-23-18 - Bonds secured by trust indenture.
Section 58-23-19 - Security for payment of bonds.
Section 58-23-20 - General obligation bonds; payment and security.
Section 58-23-21 - Bonds; no obligation of state.
Section 58-23-22 - Council; pledge; recording of lien not required.
Section 58-23-23 - Purchase of bonds; cancellation; purchase price.
Section 58-23-24 - Bonds; negotiable instruments.
Section 58-23-25 - Council members; limitation on personal liability.
Section 58-23-26 - Deposit of money.
Section 58-23-27 - Bondholders; pledge; agreement of the state.
Section 58-23-28 - Council expenses; liability of state or political subdivision prohibited.
Section 58-23-29 - Exemption from taxation; assets to state upon dissolution.
Section 58-23-30 - Bonds; legal investments.
Section 58-23-31 - Loan program; annual report; contents; audit.