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, with the advice and consent of the senate, shall appoint the members of the board.
C. Each member of the board shall be a resident of the state, and in addition:
(1) two members shall be officers or directors of financial institutions located in New Mexico;
(2) two members shall be officers or directors of a health facility located in New Mexico. Such members shall have been employed for a total of five years as officers or directors of any health facility;
(3) one member shall be appointed from and represent the public and shall not be directly or indirectly affiliated with any health facility; and
(4) no more than three members shall be of the same political party.
D. The council shall be separate and apart from the state and shall not be subject to the supervision or control of any board, bureau, department or agency of the state except as specifically provided in the Hospital Equipment Loan Act. In order to effectuate the separation of the state from the council, no use of the terms "state agency" or "instrumentality" in any other law of the state shall be deemed to refer to the council unless the council is specifically referred to therein, except that the council is a state agency and instrumentality for the purposes of Article 8, Section 3 of the constitution of New Mexico.
History: Laws 1983, ch. 290, § 5; 1986, ch. 60, § 6; 1987, ch. 49, § 2; 2006, ch. 90, § 2; 2006, ch. 92, § 2.
2006 amendments. — Laws 2006, ch. 90, § 2 and Laws 2006, ch. 92, § 2, effective May 17, 2006, enact identical amendments to 58-23-5 NMSA 1978 that provide in Subsection D that the council is a state agency or instrumentality for the purposes of Article 8 of the constitution of New Mexico. Pursuant to 12-1-8 NMSA 1978, this section is set out as amended by Laws 2006, ch. 92, §2.
Applicability. — Laws 2006, ch. 92, § 4 makes the provisions of this act applicable to property tax years beginning on or after January 1, 2006.
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.