0001| AN ACT | 0002| RELATING TO HEALTH CARE; AMENDING AND ENACTING CERTAIN SECTIONS OF | 0003| THE NMSA 1978 CHANGING THE HOSPITAL EQUIPMENT LOAN ACT TO THE | 0004| HEALTH CARE FINANCE ACT AND PROVIDING FINANCING OPPORTUNITIES FOR | 0005| HEALTH CARE PROVIDERS IN THE STATE; DECLARING AN EMERGENCY. | 0006| | 0007| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0008| Section 1. Section 4-48A-29 NMSA 1978 (being Laws 1987, Chapter 49, Section 10, as | 0009| amended) is amended to read: | 0010| "4-48A-29. AGREEMENTS WITH THE NEW MEXICO HEALTH CARE FINANCE | 0011| COUNCIL--AUTHORITY--SECURITY--RESTRICTIONS AND LIMITATIONS.-- | 0012| A. The board of trustees of a special hospital district may enter into a lease, loan | 0013| or other financing agreement, with a term not exceeding thirty years from the date of execution, | 0014| with the New Mexico health care finance council created under the Health Care Finance Act to | 0015| acquire funds for a health-related project as defined in that act and for refunding revenue bonds | 0016| previously issued for such project or for any combination thereof. | 0017| B. The board of trustees of a special hospital district entering into agreement with | 0018| the New Mexico health care finance council may pledge irrevocably all or a portion of the | 0019| revenues derived from the operation of a hospital facility and revenues derived from the leasing | 0020| of or other contractual arrangement for the operation of a hospital facility for the payment of | 0021| rentals, principal and interest and any other amount or obligation required under the lease, loan or | 0022| other financing agreement with the council. | 0023| C. At a regular or special meeting called for the purpose of approving the | 0024| execution and delivery of a lease, loan or other financing agreement with the New Mexico health | 0025| care finance council as authorized in this section, the board of trustees may adopt a resolution | 0001| declaring the necessity for entering into the lease, loan or other financing agreement with the | 0002| council; authorizing the entering into of the lease, loan or other financing agreement with the | 0003| council; and designating the source of the pledged revenues for the payment or repayment of | 0004| rentals, principal and interest and any other amounts and obligations required under the lease, | 0005| loan or other financing agreement with the council. | 0006| D. The rentals, principal and interest and any other amounts and obligations owed | 0007| under a lease, loan or other financing agreement with the New Mexico health care finance | 0008| council shall be payable solely out of all or a portion of the revenues derived from the ownership | 0009| and operation of a hospital facility and revenues derived from the leasing of or other contractual | 0010| arrangement for the operation of a hospital facility. The amount and obligations under a lease, | 0011| loan or other financing agreement with the council entered into under the authority of the Special | 0012| Hospital District Act shall never constitute an indebtedness of the special hospital district or the | 0013| county or counties in which the special hospital district is located within the meaning of any state | 0014| constitutional provision or statutory limitation and shall never constitute or give rise to a | 0015| pecuniary liability or charge against the general credit or taxing power of the special hospital | 0016| district or the county or counties in which the special hospital district is located. | 0017| E. The rentals, principal and interest and any other amounts and obligations owed | 0018| under a lease, loan or other financing agreement with the New Mexico health care finance | 0019| council shall be secured by the pledge of the revenues out of which such rentals, principal and | 0020| interest and any other amounts and obligations shall be payable and may be secured by a | 0021| mortgage covering all or any part of a hospital facility. | 0022| F. The resolution or proceedings under which the lease, loan or other financing | 0023| agreement are authorized to be entered into or any mortgage relating thereto may contain any | 0024| agreement and provisions customarily contained in instruments securing leases, loans or other | 0025| financing arrangements, including, without limiting the generality of the foregoing, provisions | 0001| respecting the designation and collection of the revenues from a hospital facility covered by such | 0002| proceedings or mortgage, the maintenance and insurance of such hospital facility, the creation | 0003| and maintenance of special funds derived from the revenues relating to such hospital facility and | 0004| the rights and remedies available in event of default to the New Mexico health care finance | 0005| council under a mortgage, all as the board of trustees shall deem advisable and as shall not | 0006| conflict with the provisions of the Special Hospital District Act. | 0007| G. No notice, consent or approval by any governmental body, commission or | 0008| public officer shall be required as a prerequisite to the entering into of a lease, loan or other | 0009| financing agreement with the New Mexico health care finance council or the making of a | 0010| mortgage under the authority of the Special Hospital District Act, except as provided in this | 0011| section." | 0012| Section 2. Section 4-48B-28 NMSA 1978 (being Laws 1987, Chapter 49, Section 9, as | 0013| amended) is amended to read: | 0014| "4-48B-28. AGREEMENTS WITH THE NEW MEXICO HEALTH CARE FINANCE | 0015| COUNCIL--AUTHORITY--SECURITY--RESTRICTIONS AND LIMITATIONS.-- | 0016| A. A county or counties agreeing jointly under Section 4-48B-9 NMSA 1978, a | 0017| county or counties entering into an agreement with a municipality under Section 4-48B-9 NMSA | 0018| 1978 or a hospital governing board appointed under Section | 0019| 4-48B-10 NMSA 1978 may enter into a lease, loan or other financing agreement, with a term not | 0020| exceeding thirty years from the date of execution, with the New Mexico health care finance | 0021| council created under the Health Care Finance Act to acquire funds for a health-related project as | 0022| defined in that act and for refunding revenue bonds previously issued for such project or for any | 0023| combination thereof. | 0024| B. Any county or hospital governing board entering into an agreement with the | 0025| New Mexico health care finance council may pledge irrevocably all or a portion of the revenues | 0001| derived from the operation of the county hospital or jointly owned county-municipal hospital and | 0002| revenues derived from the leasing of or other contractual arrangement for the operation of the | 0003| county hospital or jointly owned county-municipal hospital for the payment of rentals, principal | 0004| and interest and any other amount or obligation required under the lease, loan or other financing | 0005| agreement with the New Mexico health care finance council. | 0006| C. At a regular or special meeting called for the purpose of approving the | 0007| execution and delivery of a lease, loan or other financing agreement with the New Mexico health | 0008| care finance council as authorized in this section, any county or hospital governing board may | 0009| adopt a resolution or other proceedings declaring the necessity for entering into the lease, loan or | 0010| other financing agreement with the council; authorizing the entering into of the lease, loan or | 0011| other financing agreement with the council; and designating the source of the pledged revenues | 0012| for the payment or repayment of rentals, principal and interest and any other amounts and | 0013| obligations required under the lease, loan or other financing agreement with the council. | 0014| D. The rentals, principal and interest and any other amounts and obligations owed | 0015| under a lease, loan or other financing agreement with the New Mexico health care finance | 0016| council shall be payable solely out of all or a portion of the revenues derived from the ownership | 0017| and operation of a county hospital or jointly owned county-municipal hospital and revenues | 0018| derived from the leasing of or other contractual arrangement for the operation of a county | 0019| hospital or jointly owned county-municipal hospital. The amount and obligations under a lease, | 0020| loan or other financing agreement with the council entered into under the authority of the | 0021| Hospital Funding Act shall never constitute an indebtedness of a county or municipality within | 0022| the meaning of any state constitutional provision or statutory limitation and shall never constitute | 0023| or give rise to a pecuniary liability or a charge against the general credit or taxing power of the | 0024| county or municipality. | 0025| E. The rentals, principal and interest and any other amounts and obligations owed | 0001| under a lease, loan or other financing agreement with the New Mexico health care finance | 0002| council shall be secured by the pledge of the revenues out of which such rentals, principal and | 0003| interest and any other amounts and obligations shall be payable and may be secured by a | 0004| mortgage covering all or any part of the county hospital or jointly owned county-municipal | 0005| hospital. | 0006| F. The resolution or proceedings under which the lease, loan or other financing | 0007| agreement are authorized to be entered into or any mortgage relating thereto may contain any | 0008| agreement and provisions customarily contained in instruments securing leases, loans or other | 0009| financing arrangements, including, without limiting the generality of the foregoing, provisions | 0010| respecting the designation and collection of the revenues from the county hospital or jointly | 0011| owned county-municipal hospital covered by such proceedings or mortgage, the maintenance and | 0012| insurance of those hospitals, the creation and maintenance of special funds derived from the | 0013| revenues relating to such hospital and the rights and remedies available in event of default to the | 0014| New Mexico health care finance council under a mortgage, all as the hospital governing board | 0015| may deem advisable. The resolution or proceedings authorizing any lease, loan or other | 0016| financing agreement and any mortgage securing those obligations may provide the procedure and | 0017| remedies in the event of default and the payment of the rentals, principal and interest or other | 0018| amounts and obligations thereunder or in the performance of any agreement. No breach of any | 0019| agreement shall impose any pecuniary liability upon or a charge against the general credit or | 0020| taxing power of a county or municipality. | 0021| G. No notice, consent or approval by any governmental body, commission or | 0022| public officer shall be required as a prerequisite to the entering into of a lease, loan or other | 0023| financing agreement with the New Mexico health care finance council or the making of a | 0024| mortgage under the authority of the Hospital Funding Act, except as provided in this section." | 0025| Section 3. Section 6-10-10.1 NMSA 1978 (being Laws 1988, Chapter 61, Section 2, as | 0001| amended) is amended to read: | 0002| "6-10-10.1. SHORT-TERM INVESTMENT FUND CREATED--DISTRIBUTION OF | 0003| EARNINGS--REPORT OF INVESTMENTS.-- | 0004| A. There is created in the state treasury the "short-term investment fund". The | 0005| fund shall consist of all deposits from governmental entities and Indian tribes or pueblos that are | 0006| placed in the custody of the state treasurer for short-term investment purposes pursuant to this | 0007| section. The state treasurer shall maintain a separate account for each governmental entity and | 0008| Indian tribe or pueblo having deposits in the fund. | 0009| B. If any local public body is unable to receive payment on public money at the | 0010| rate of interest as set forth in Section 6-10-36 NMSA 1978 from financial institutions within the | 0011| geographic boundaries of the governmental unit, then a local public finance official having | 0012| money of that local public body in his custody required for expenditure within thirty days or less | 0013| may, with the consent of the appropriate local board of finance, if any, remit some or all of such | 0014| money to the state treasurer, bank, savings and loan association or credit union for deposit for the | 0015| purpose of short-term investment as allowed by this section. | 0016| C. Before any local funds are invested or reinvested for the purpose of short-term | 0017| investment pursuant to this section, the local public body finance official shall notify and make | 0018| such funds available to banks, savings and loan associations and credit unions located within the | 0019| geographical boundaries of their respective governmental unit, subject to the limitation on credit | 0020| union accounts. To be eligible for such funds, the financial institution shall pay to the local | 0021| public body the rate established by the state treasurer pursuant to a policy adopted by the state | 0022| board of finance for such short-term investments. | 0023| D. The local public body finance official shall specify the length of time each | 0024| deposit shall be in the short-term investment fund, but in any event the deposit shall not be made | 0025| for more than one hundred eighty-one days. The state treasurer through the use of the state fiscal | 0001| agent shall separately track each such deposit and shall make such information available to the | 0002| public upon written request. | 0003| E. The state treasurer shall invest the fund as provided for state funds under | 0004| Section 6-10-10 NMSA 1978 and may elect to have the short-term investment fund consolidated | 0005| for investment purposes with the state funds under the control of the state treasurer; provided that | 0006| accurate and detailed accounting records are maintained for the account of each participating | 0007| entity and Indian tribe or pueblo and that a proportionate amount of interest earned is credited to | 0008| each of the separate government accounts. The state treasurer may invest a portion of the funds | 0009| in banks, savings and loan associations or credit unions subject to the requirements of this | 0010| section. The fund shall be invested to achieve its objective, which is to realize the maximum | 0011| return consistent with safe and prudent management. | 0012| F. At the end of each month, all interest earned from investment of the short-term | 0013| investment fund shall be distributed by the state treasurer to the contributing entities and Indian | 0014| tribes or pueblos in amounts directly proportionate to the respective amounts deposited in the | 0015| fund and the length of time the amounts in the fund were invested. The state treasurer shall | 0016| charge participating entities, Indian tribes and pueblos a fee of five basis points for the | 0017| investment services provided pursuant to this section. | 0018| G. As used in this section: | 0019| (1) "local public body" means any political subdivision of the state, | 0020| including school districts and any post-secondary educational institution; and | 0021| (2) "short-term" means less than thirty days. | 0022| H. In addition to the deposit of funds of local public bodies, the state treasurer | 0023| may also accept for deposit, deposit and account for, in the same manner as funds of local public | 0024| bodies, funds of the following governmental entities if the governing authority of the entity | 0025| approves by resolution the deposit of the funds for the short-term investment: | 0001| (1) the agricultural commodity commission | 0002| established under the Agricultural Commodity Commission Act; | 0003| (2) the Albuquerque metropolitan arroyo flood control authority | 0004| established under the Arroyo Flood Control Act; | 0005| (3) the business improvement district management committee established | 0006| under the Business Improvement District Act; | 0007| (4) the New Mexico community assistance council established under the | 0008| New Mexico Community Assistance Act; | 0009| (5) the governing authority of only special districts authorized under | 0010| Chapter 73 NMSA 1978; | 0011| (6) the board of trustees established under the Economic Advancement | 0012| District Act; | 0013| (7) the board of directors of a corporation or foundation established under | 0014| the Educational Assistance Act; | 0015| (8) a board of directors established under the Flood Control District Act; | 0016| (9) the New Mexico health care finance council established under the | 0017| Health Care Finance Act; | 0018| (10) the authority established under the Industrial and Agricultural | 0019| Finance Authority Act; | 0020| (11) the authority established under the Las Cruces Arroyo Flood Control | 0021| Act; | 0022| (12) the authority established under the Mortgage Finance Authority Act; | 0023| (13) the authority established under the Municipal Mortgage Finance Act; | 0024| (14) the authority established under the Public School Insurance Authority | 0025| Act; | 0001| (15) the authority established under the Southern Sandoval County Arroyo | 0002| Flood Control Act; | 0003| (16) a board of trustees established under the Special Hospital District | 0004| Act; and | 0005| (17) the authority established under the New Mexico Finance Authority | 0006| Act. | 0007| I. In addition to the deposit of funds of local public bodies, the state treasurer may | 0008| also accept for deposit and deposit and account for, in the same manner as funds of local public | 0009| bodies, funds of any Indian tribe or pueblo in the state if authorized to do so under a joint powers | 0010| agreement executed by the state treasurer and the governing authority of the Indian tribe or | 0011| pueblo under the provisions of the Joint Powers Agreements Act." | 0012| Section 4. Section 6-14-2 NMSA 1978 (being Laws 1970, Chapter 10, Section 2, as | 0013| amended) is amended to read: | 0014| "6-14-2. DEFINITIONS.--As used in the Public Securities Act: | 0015| A. "net effective interest rate" means the interest rate based on the actual price | 0016| paid to a public body for its public securities, calculated to maturity according to standard tables | 0017| of bond values; | 0018| B. "public body" means this state or any department, board, agency or | 0019| instrumentality of the state, any county, city, town, village, school district, other district, | 0020| educational institution or any other governmental agency or political subdivision of the state; and | 0021| C. "public securities" means any bonds, notes, warrants or other obligations now | 0022| or hereafter authorized to be issued by any public body pursuant to the provisions of any general | 0023| or special law enacted by the legislature, but does not include bonds, notes, warrants or other | 0024| obligations issued pursuant to: | 0025| (1) the Industrial Revenue Bond Act; | 0001| (2) the County Improvement District Act; | 0002| (3) Sections 3-33-1 through 3-33-43 NMSA 1978; | 0003| (4) the Pollution Control Revenue Bond Act; | 0004| (5) the County Pollution Control Revenue Bond Act; | 0005| (6) the County Industrial Revenue Bond Act; | 0006| (7) the Metropolitan Redevelopment Code; | 0007| (8) the Supplemental Municipal Gross Receipts Tax Act; | 0008| (9) the Health Care Finance Act; or | 0009| (10) the New Mexico Finance Authority Act." | 0010| Section 5. Section 6-18-4 NMSA 1978 (being Laws 1983, Chapter 161, Section 4, as | 0011| amended) is amended to read: | 0012| "6-18-4. DEFINITIONS.--As used in the Public Securities Short-Term Interest Rate Act, | 0013| unless the context otherwise requires: | 0014| A. "bond" means any bond, debenture, note, refunding or renewal bond or note, | 0015| warrant or other security evidencing an obligation authorized to be issued by a public body | 0016| pursuant to any provision of law of this state, including the Public Securities Short-Term Interest | 0017| Rate Act; | 0018| B. "governing body" means the city council or other body or officer of a public | 0019| body in which the legislative powers are vested; | 0020| C. "indebtedness" means any debt evidenced by a bond issued by a public body | 0021| pursuant to any law of this state that constitutes a debt for the purposes of Section 12 or 13 of | 0022| Article 9 of the constitution of New Mexico and the issuance of which must be submitted to a | 0023| vote of the qualified electors of the public body pursuant to those sections and any bond issued | 0024| for the purpose of paying or refunding any such bond; | 0025| D. "bond legislation" means an ordinance or a resolution or other appropriate | 0001| enactment adopted by a governing body providing for the authorization or sale of bonds and any | 0002| trust agreement, credit agreement, letter of credit, reimbursement agreement or other credit | 0003| facility, dealer agreement, issuing or paying agent agreement, purchase commitment agreement, | 0004| escrow agreement, remarketing agreement, index agent agreement or other agreement with | 0005| respect to the bonds to which the public body or trustee for the bonds is a party; and | 0006| E. "public body" means any municipality, any county, any school district, any | 0007| special district, any H class county, the New Mexico health care finance council, state institutions | 0008| enumerated in Section 6-13-2 NMSA 1978, the water quality control commission, the state board | 0009| of finance, the New Mexico finance authority or the state." | 0010| Section 6. Section 58-23-1 NMSA 1978 (being Laws 1983, Chapter 290, Section 1, as | 0011| amended) is amended to read: | 0012| "58-23-1. SHORT TITLE.--Chapter 58, Article 23 NMSA 1978 may be cited as the | 0013| "Health Care Finance Act"." | 0014| Section 7. Section 58-23-2 NMSA 1978 (being Laws 1983, Chapter 290, Section 2) is | 0015| amended to read: | 0016| "58-23-2. LEGISLATIVE FINDINGS.--The legislature finds that: | 0017| A. the delivery of high-quality community-based health care in New Mexico has | 0018| in recent years become increasingly dependent upon creative and innovative solutions to assist in | 0019| delivery of health care at a time when the means for financing and supervising solutions to assist | 0020| in delivery of health care have become increasingly expensive and complicated; | 0021| B. the increased costs of delivery of high-quality community-based health care by | 0022| New Mexico health-care providers is necessarily passed on to patients receiving care from the | 0023| health-care providers, resulting in higher medical bills, increased health insurance premiums and | 0024| higher medicare and medicaid payments; | 0025| C. the problems relating to the delivery of health care cannot be remedied solely | 0001| through the operation of private enterprise or efforts by individual communities, but can be | 0002| alleviated through the creation of a program to facilitate and enable the investment of private | 0003| capital and the allocation of public capital for the purpose of financing health care support | 0004| facilities and services; | 0005| D. the creation of a program to coordinate and cooperate with health-care | 0006| providers and local communities is essential to alleviating the problematic conditions relating to | 0007| the provision of health care and is in the public interest; and | 0008| E. alleviating these conditions by the encouragement of private investment is a | 0009| public purpose and a beneficial use for which money provided by the sale of revenue bonds may | 0010| be borrowed, expended, advanced, loaned and granted." | 0011| Section 8. Section 58-23-3 NMSA 1978 (being Laws 1983, Chapter 290, Section 3, as | 0012| amended) is amended to read: | 0013| "58-23-3. DEFINITIONS.--As used in the Health Care Finance Act: | 0014| A. "board" means the board of directors of the council; | 0015| B. "bonds" means bonds, notes, interim certificates, bond anticipation notes or | 0016| other evidences of indebtedness of the council issued pursuant to the Health Care Finance Act, | 0017| including refunding bonds; | 0018| C. "cost" as applied to a health-related project means any and all costs incurred | 0019| by a participating heath-care provider, including but not limited to the following: | 0020| (1) all direct or indirect costs of the acquisition, including repair, | 0021| restoration, reconditioning, financing and refinancing or installation of the health-related project; | 0022| (2) the cost of any property interest in the health-related project, including | 0023| an option to purchase or a lease-hold interest; | 0024| (3) the cost of architectural, engineering, planning, drafting, legal and any | 0025| incidental or related services necessary for acquisition or installation of the health-related project; | 0001| (4) the cost of all financing charges and interest accrued prior to the | 0002| acquisition or refinancing of the health-related project for a maximum of two years after or prior | 0003| to such acquisition or refinancing; | 0004| (5) all direct and indirect costs incurred in connection with the health- | 0005| related project, including out-of-pocket expenses; the cost of financing; legal, accounting, | 0006| financial, advisory and consulting expenses; the cost of any policy of insurance; the cost of | 0007| printing, engraving and reproduction services; and costs associated with any trust indenture; and | 0008| (6) any costs incurred by the council for the administration of any | 0009| program for health-related projects; | 0010| D. "council" means the New Mexico health care finance council; | 0011| E. "health-care provider" means any entity or person providing health-related | 0012| services, including all customary and necessary supporting services, licensed by the department | 0013| of health or the board of medical examiners; | 0014| F. "health-related project" means any real or personal property, insurance | 0015| contract, working capital requirement, contract for services, technical assistance, services or | 0016| operational necessity that is found and determined by the council to be needed, directly or | 0017| indirectly, for health care, treatment or research or as otherwise might be needed by a | 0018| participating health-care provider; | 0019| G. "participating health-care provider" means a public or private nonprofit or for- | 0020| profit corporation, association, foundation, trust, cooperative, agency or other person or | 0021| organization that is a health-care provider in New Mexico and contracts with the council for the | 0022| financing or refinancing of a health-related project. Public, district, county, city, county- | 0023| municipal or other municipal hospitals and hospitals affiliated with an institution of higher | 0024| education in New Mexico may be participating health-care providers; and | 0025| H. "program" means the New Mexico health care finance program created by the | 0001| Health Care Finance Act and administered by the council." | 0002| Section 9. Section 58-23-4 NMSA 1978 (being Laws 1992, Chapter 41, Section 7) is | 0003| amended to read: | 0004| "58-23-4. ADDITIONAL DEFINITIONS.--As used in the Health Care Finance Act in | 0005| connection with refinancing, renewing, funding, refunding or paying any bonds, "bonds" also | 0006| means any bond, note, certificate or other evidence of indebtedness previously issued or incurred | 0007| by any health-care provider, municipality, county, special hospital district or other political | 0008| subdivision to refinance, finance or aid in financing a project that would have constituted a | 0009| health-related project had it been originally financed by the council." | 0010| Section 10. Section 58-23-5 NMSA 1978 (being Laws 1983, Chapter 290, Section 5, as | 0011| amended) is amended to read: | 0012| "58-23-5. COUNCIL--CREATED--MEMBERS--QUALIFICATIONS--BOARD.-- | 0013| A. There is created a public body politic and corporate, separate and apart from | 0014| the state, constituting a governmental instrumentality to be known as the "New Mexico health | 0015| care finance council" for the performance of essential public functions. | 0016| B. The council shall be governed by a board of directors consisting of five | 0017| members. The governor, with the advice and consent of the senate, shall appoint the members of | 0018| the board. The members shall serve at the pleasure of the governor. | 0019| C. Each member of the board shall be a resident of the state, and in addition: | 0020| (1) two members shall be officers or directors of financial institutions | 0021| located in New Mexico; | 0022| (2) two members shall be officers or directors of a health-care provider | 0023| located in New Mexico or health-care providers practicing in New Mexico for a total of five | 0024| years. Such members shall have been employed for a total of five years as officers or directors of | 0025| any health-care provider or practicing as a health-care provider for a total of five years; | 0001| (3) one member shall be appointed from and represent the public and shall | 0002| not be directly or indirectly affiliated with any health-care provider; and | 0003| (4) no more than three members shall be of the same political party. | 0004| D. The council shall be separate and apart from the state and shall not be subject | 0005| to the supervision or control of any board, bureau, department or agency of the state except as | 0006| specifically provided in the Health Care Finance Act. In order to effectuate the separation of the | 0007| state from the council, no use of the terms "state agency" or "instrumentality" in any other law of | 0008| the state shall be deemed to refer to the council unless the council is specifically referred to | 0009| therein." | 0010| Section 11. Section 58-23-7 NMSA 1978 (being Laws 1983, Chapter 290, Section 7) is | 0011| amended to read: | 0012| "58-23-7. BOARD--EXPENSES.--The members of the board shall receive no | 0013| compensation for their services but shall receive reimbursement for actual and necessary | 0014| expenses at the same rate and basis as provided for nonsalaried public officers in the Per Diem | 0015| and Mileage Act." | 0016| Section 12. Section 58-23-8 NMSA 1978 (being Laws 1983, Chapter 290, Section 8) is | 0017| amended to read: | 0018| "58-23-8. BOARD--QUORUM.--A majority of the members of the board then serving | 0019| shall constitute a quorum for the transaction of business. The affirmative vote of at least a | 0020| majority of a quorum present shall be necessary for any action to be taken by the council. No | 0021| vacancy in the membership of the council shall impair the right of a quorum to exercise all rights | 0022| and perform all duties of the loan program." | 0023| Section 13. Section 58-23-10 NMSA 1978 (being Laws 1983, Chapter 290, Section 10) | 0024| is amended to read: | 0025| "58-23-10. BOARD--BONDING REQUIREMENTS.--At the time of the issuance of any | 0001| bonds pursuant to the Health Care Finance Act, each member of the board shall execute a surety | 0002| bond in the sum of twenty-five thousand dollars ($25,000). To the extent any member of the | 0003| board is already required by state law to provide a surety bond, that member need not obtain | 0004| another bond as long as the bond required by state law is in at least the sum specified in this | 0005| section and covers the member's activities for the council. In lieu of such bonds, the chairman of | 0006| the board may execute a blanket fidelity bond covering each member and the employees of the | 0007| council. Each fidelity bond shall be conditioned upon the faithful performance of the duties of | 0008| the respective office of the member or the employee and shall be issued by a surety company | 0009| authorized to transact business in this state as surety. At all times after the issuance of any surety | 0010| bonds, each member and employee shall maintain such surety bonds in full force and effect. All | 0011| costs of the surety bonds shall be borne by the council." | 0012| Section 14. Section 58-23-11 NMSA 1978 (being Laws 1983, Chapter 290, Section 11) | 0013| is amended to read: | 0014| "58-23-11. POWERS.--The council is granted all powers necessary and appropriate to | 0015| carry out and effectuate its public and corporate purposes, including but not limited to the | 0016| following powers: | 0017| A. to adopt, amend and repeal bylaws, rules and regulations to effectuate the | 0018| purposes of the Health Care Finance Act; | 0019| B. to sue and be sued in its own name; | 0020| C. to have an official seal and alter it at will; | 0021| D. to maintain an office within the state; | 0022| E. to make and execute contracts and all other instruments necessary or | 0023| convenient for the performance of its duties and the exercise of its powers under the Health Care | 0024| Finance Act; | 0025| F. to employ architects, engineers, attorneys, inspectors, accountants and health- | 0001| care and financial experts and such other advisors, consultants, agents and other employees as | 0002| may be necessary, and to fix their compensation; | 0003| G. to procure insurance against any loss in connection with its property and other | 0004| assets, including surety bonds in such amounts and from such insurers as it may deem advisable; | 0005| H. to procure insurance or guarantees from any public or private entities, | 0006| including any department, agency or instrumentality of the United States, to secure payment: | 0007| (1) on a loan, lease or purchase payment owed by a participating health- | 0008| care provider to the council; and | 0009| (2) of any bonds issued by the council, including the power to pay the | 0010| premium on any such insurance or guarantee; | 0011| I. to procure letters of credit from any national or state banking association or | 0012| other entity authorized to issue a letter of credit to secure the payment of any bonds issued by the | 0013| council or to secure the payment of any loan, lease or purchase payment owed by a participating | 0014| health-care provider to the council, including the power to pay the cost of obtaining such letter of | 0015| credit; | 0016| J. to receive and accept from any source contributions, gifts or grants of money, | 0017| property, labor or other things of value to be held, used and applied to carry out the purposes of | 0018| the Health Care Finance Act, subject to the conditions upon which the grants, gifts or | 0019| contributions are made; | 0020| K. to provide or cause to be provided by or to a participating health-care provider, | 0021| by acquisition, lease, loan, fabrication, repair, restoration, reconditioning, refinancing or | 0022| installation, a health-related project to be located at or used by a health-care provider in this state; | 0023| L. to lease as lessor a health-related project to a participating health-care provider | 0024| upon such terms and conditions as the council may deem advisable and as are not in conflict with | 0025| the provisions of the Health Care Finance Act; | 0001| M. to sell for installment payments or otherwise, to option or contract for sale and | 0002| to convey all or any part of health-related project upon such terms and conditions as the council | 0003| may deem advisable and as are not in conflict with the provisions of the Health Care Finance | 0004| Act; | 0005| N. to make contracts and incur liabilities, borrow money at such rates of interest | 0006| as the council may determine, issue its bonds in accordance with the provisions of the Health | 0007| Care Finance Act and secure any of its bonds or obligations by mortgage or pledge of all or any | 0008| of its property, franchises and income or as otherwise provided in the Health Care Finance Act; | 0009| O. to make secured or unsecured loans for the purpose of providing temporary or | 0010| permanent financing or refinancing for the cost of health-related projects, including the retiring | 0011| of any outstanding obligations or advances issued and the reimbursement for the cost of any | 0012| health-related projects previously purchased or incurred by any participating health-care provider | 0013| for the cost of health-related projects and to charge and collect interest on such loans for such | 0014| loan payments and upon such terms and conditions as the council may deem advisable and as are | 0015| not in conflict with the provisions of the Health Care Finance Act. Loans may be made to | 0016| participating health care providers or to any bank, savings and loan association or other entity | 0017| that will, directly or indirectly, provide to participating health care providers such financing, | 0018| refinancing or reimbursement of the cost of health-related projects; | 0019| P. to invest and reinvest its funds and to take and hold property as security for the | 0020| investment of such funds as provided in the Health Care Finance Act; | 0021| Q. to purchase, lease or otherwise acquire health-related projects or any interest | 0022| therein, as the purposes of the council require; | 0023| R. to sell, convey, mortgage, pledge, assign, lease, exchange, transfer and | 0024| otherwise dispose of or encumber all or any part of its property and assets; | 0025| S. to the extent permitted under its contract, if any, with the holders of bonds of | 0001| the council, to consent to any modification with respect to the rate of interest, time and payment | 0002| of any installment of principal or interest or any other term of any loan, loan note, loan note | 0003| commitment, lease or agreement of any kind to which the council is a party; | 0004| T. to sell at public or private sale any loan or other obligation held by the council; | 0005| U. to refuse to make loans or enter into leases for health-related projects when not | 0006| in the best interest of the program; and | 0007| V. to do any other act necessary or convenient to the exercise of the powers | 0008| granted by the Health Care Finance Act or reasonably implied from it." | 0009| Section 15. Section 58-23-12 NMSA 1978 (being Laws 1983, Chapter 290, Section 12, | 0010| as amended) is amended to read: | 0011| "58-23-12. COUNCIL--DUTIES.--The council shall have the following duties: | 0012| A. to invest any funds not needed for immediate disbursement, including any | 0013| funds held in reserve, in direct and general obligations of or obligations fully and unconditionally | 0014| guaranteed by the United States, obligations issued by agencies of the United States, obligations | 0015| of this state or any political subdivisions thereof, money market funds that invest in the types of | 0016| obligations described in the preceding clauses of this subsection and rated in the highest category | 0017| by a national rating service, interest-bearing time deposits, commercial paper issued by | 0018| corporations organized and operating within the United States and rated "prime" quality by a | 0019| national rating service, investments permitted under Sections 6-10-10 and 6-10-10.1 NMSA | 0020| 1978 or as otherwise provided by the trust indenture or bond resolution securing the issuance of | 0021| the bonds; | 0022| B. to collect fees and charges as the council determines to be reasonable in | 0023| connection with its loans, leases, sales, advances, insurance, commitments and servicing; and | 0024| C. to cooperate with and exchange services, personnel and information with any | 0025| federal, state or local governmental agency." | 0001| Section 16. Section 58-23-13 NMSA 1978 (being Laws 1983, Chapter 290, Section 13) | 0002| is amended to read: | 0003| "58-23-13. LEASE AND LOAN AGREEMENTS WITH PARTICIPATING HEALTH- | 0004| CARE PROVIDERS--INSURANCE--LOAN AND LEASE PAYMENTS.--In addition to its | 0005| other powers and duties, the council is specifically authorized to initiate a program of financing, | 0006| refinancing or reimbursing the cost of health-related projects. In this regard, the council is | 0007| authorized to exercise the following powers: | 0008| A. to establish eligibility standards for participating health-care providers; | 0009| B. to enter into an agreement with any entity securing the payment of bonds | 0010| pursuant to Subsections H and I of Section 58-23-11 NMSA 1978, authorizing that entity to | 0011| approve the participating health-care providers that can finance or refinance health-related | 0012| projects with proceeds from the bond issue secured by that entity and to approve any banks, | 0013| savings and loan associations or other entities to which the council may loan its funds to finance, | 0014| refinance or reimburse, directly or indirectly, the cost of health-related projects for participating | 0015| health-care providers; | 0016| C. to lease to a participating health-care provider specific items constituting | 0017| health-related projects upon such terms and conditions as the council may deem proper or to | 0018| purchase any or all of the health-related project to which the lease applies; | 0019| D. to lend to a participating health-care provider or a bank, savings and loan | 0020| association or other entity to finance, refinance or reimburse, directly or indirectly, the cost of | 0021| health-related projects to a participating health-care provider upon a secured or unsecured | 0022| promissory note evidencing such loan upon such terms and conditions as the council may deem | 0023| proper; | 0024| E. to sell or otherwise dispose of unneeded health-related projects under | 0025| conditions as determined by the council; | 0001| F. to maintain, repair, replace and otherwise improve any health-related projects | 0002| owned by the council; | 0003| G. to obtain or aid in obtaining property insurance on all health-related projects | 0004| owned or financed by the council; and | 0005| H. to enter into any agreement, contract or other instrument with respect to any | 0006| insurance, guarantee or letter of credit, accepting payment in the event of default by a | 0007| participating health-care provider, and to assign any such insurance, guarantee or letter of credit | 0008| as security for bonds issued by the council." | 0009| Section 17. Section 58-23-14 NMSA 1978 (being Laws 1983, Chapter 290, Section 14) | 0010| is amended to read: | 0011| "58-23-14. OPTIONAL POWERS.--Prior to the exercise of any of the powers conferred | 0012| by Section 58-23-13 NMSA 1978, the council may: | 0013| A. require that the lease or installment purchase contract or loan agreement | 0014| involved be insured by a loan insurer, be guaranteed by a loan guarantor or be secured by a letter | 0015| of credit; or | 0016| B. require any other type of security from the participating health facilities or | 0017| banks, savings and loan associations or other entities that it deems reasonable and necessary." | 0018| Section 18. Section 58-23-15 NMSA 1978 (being Laws 1983, Chapter 290, Section 15) | 0019| is amended to read: | 0020| "58-23-15. ISSUANCE OF BONDS.--The council is authorized to issue, sell and deliver | 0021| its bonds, in accordance with the terms of the Health Care Finance Act, for the purpose of paying | 0022| for or making loans to participating health facilities, banks, savings and loan associations and | 0023| other entities for the financing or refinancing of all or any part of the cost of health-related | 0024| projects and any other purposes authorized by the Health Care Finance Act. In addition, the | 0025| council has the power to issue from time to time bonds to renew or to pay bonds, including any | 0001| interest, and, whenever it deems refunding expedient, to refund any bonds by the issuance of new | 0002| bonds and to issue bonds partly to refund outstanding bonds and partly for another of its | 0003| purposes. The refunding bonds may be sold and the proceeds applied to the purchase, | 0004| redemption or payment of the bonds to be refunded or may be exchanged for the bonds to be | 0005| refunded." | 0006| Section 19. Section 58-23-16 NMSA 1978 (being Laws 1983, Chapter 290, Section 16, | 0007| as amended) is amended to read: | 0008| "58-23-16. TERMS OF PAYMENT AND SALE OF BONDS.-- | 0009| A. The bonds shall be dated, shall bear interest at such rate or rates, fixed or | 0010| variable, shall mature at such time or times not exceeding twenty years, or not to exceed thirty | 0011| years if the council determines bonds are necessary in connection with the acquisition, lease, | 0012| fabrication, repair, restoration, reconditioning, refinancing or installation of real property, from | 0013| their date and may be made redeemable prior to maturity at such price or prices and upon terms | 0014| and conditions determined by the council. In cases where any officer whose signature or a | 0015| facsimile of whose signature appears on any bonds or coupons ceases to be such officer before | 0016| the delivery of and payment for such bonds, that signature or facsimile is valid and sufficient for | 0017| all purposes the same as if the officer had remained in office until delivery and payment. The | 0018| bonds may be issued in coupon or in fully registered form or both or may be payable to a specific | 0019| person, as the council may determine, and provision may be made for the registration of any | 0020| coupon bonds as to principal or as to both principal and interest, for the conversion of coupon | 0021| bonds into fully registered bonds without coupons and for the conversion into coupon bonds of | 0022| any fully registered bonds without coupons. The duty of conversion may be imposed upon a | 0023| trustee in a trust agreement. | 0024| B. The principal of, redemption premium, if any, and interest on such bonds shall | 0025| be payable solely from and may be secured by a pledge of the proceeds of bonds, revenues | 0001| derived from the lease or sale of a health-related project or realized from a loan made by the | 0002| council to finance or refinance in whole or in part health-related projects, revenues derived from | 0003| operating health-related projects, including insurance proceeds, or any other revenues provided | 0004| by a participating health-care provider or a bank, savings and loan association or other entity to | 0005| which a loan is made. | 0006| C. The council shall sell the bonds at such price or prices as it shall determine at | 0007| public or private sale." | 0008| Section 20. Section 58-23-16.1 NMSA 1978 (being Laws 1986, Chapter 60, Section 8, as | 0009| amended) is amended to read: | 0010| "58-23-16.1. INTEREST RATES--REFUNDING--APPROVAL BY COUNCIL-- | 0011| FINDINGS.--Bonds issued under the Health Care Finance Act are not subject to any limitations | 0012| on interest rates or net effective interest rates or interest rate approval requirements contained in | 0013| any other laws of the state, provided that: | 0014| A. the bond resolution or other instruments under which such bonds are issued | 0015| shall contain findings by the council that any fixed rate or rates of interest or discount on the | 0016| bonds or, in the case of a variable rate or rates of interest, that the maximum rate or method of | 0017| determining the maximum rate and that the maximum net effective interest rate on the bonds are | 0018| reasonable under existing or anticipated bond market conditions and necessary and advisable for | 0019| the marketing and sale of the bonds. The bond resolution or other instruments under which such | 0020| bonds are issued shall declare that the council has considered all relevant information and data in | 0021| making its findings. The findings and declarations in the bond resolution or other instruments | 0022| under which such bonds are issued shall constitute conclusive authority for the council to issue | 0023| the bonds within the interest rate limitations set forth in the bond resolution, and no additional | 0024| approval of any department, board or other officer of the state or any other official approval is | 0025| required; and | 0001| B. any bonds issued pursuant to the Health Care Finance Act to renew, fund or | 0002| refund any prior issue of bonds, in whole or in part, may be issued notwithstanding the | 0003| provisions of any other laws of the state; provided that the bond resolution or other instruments | 0004| under which such bonds are issued shall contain findings that the issuance of such bonds is | 0005| necessary or advisable and the amount of such bonds that it is deemed necessary and advisable to | 0006| issue. The determination of necessity or advisability contained in the bond resolution or other | 0007| instruments under which such bonds are issued shall constitute conclusive authority for the | 0008| council to issue any such renewal, funding or refunding bonds, and no additional approval of any | 0009| department, board or other officer of the state or any official approval is required." | 0010| Section 21. Section 58-23-17 NMSA 1978 (being Laws 1983, Chapter 290, Section 17) | 0011| is amended to read: | 0012| "58-23-17. USE OF BOND PROCEEDS.--The proceeds of the bonds of each issue shall | 0013| not be used other than to pay, renew or refund bonds or to pay all or part of the cost of financing, | 0014| refinancing or reimbursing health-related projects or to make loans to participating health-care | 0015| providers, banks, savings and loan associations or other entities in order to directly or indirectly | 0016| finance, refinance or reimburse the cost of the health-related projects for which such bonds have | 0017| been authorized. At the option of the council, the proceeds of each issue may be deposited to a | 0018| reserve fund for the bonds; provided that the council may be paid, out of money from the | 0019| proceeds of the sale and delivery of its bonds, the council's out-of-pocket expenses and costs in | 0020| connection with the issuance, sale and delivery of such bonds." | 0021| Section 22. Section 58-23-19 NMSA 1978 (being Laws 1983, Chapter 290, Section 19) | 0022| is amended to read: | 0023| "58-23-19. SECURITY FOR PAYMENT OF BONDS.--Any bond resolution or related | 0024| trust agreement, trust indenture, indenture of mortgage or deed of trust may contain provisions, | 0025| which shall be a part of the contract with the holders of the bonds to be authorized, as to: | 0001| A. pledging or assigning the revenues generated by the health-related project or | 0002| pledging or assigning the notes, mortgages, leases or other security given by the participating | 0003| health-care providers, banks, savings and loan associations or other entities receiving loans with | 0004| respect to which such bonds are to be issued or other specified revenues or property of the | 0005| council; | 0006| B. the rentals, fees, interest and other amounts to be charged by the council, the | 0007| schedule of principal payments and the sums to be raised in each year thereby and the use, | 0008| investment and disposition of such sums; | 0009| C. setting aside any reserves of sinking funds and the regulation, investment and | 0010| disposition thereof; | 0011| D. limitations on the use of the health-related project; | 0012| E. limitations on the purpose for which the proceeds of sale of any issue or bonds | 0013| may be applied; | 0014| F. limitations on the issuance of additional bonds, the terms upon which | 0015| additional bonds may be issued and secured and the terms upon which additional bonds may rank | 0016| on a parity with, or be subordinate or superior to, other bonds; | 0017| G. the refunding of outstanding bonds; | 0018| H. the procedure, if any, by which the terms of any contract with bondholders | 0019| may be amended or abrogated, the amounts of bonds the holders of which must consent thereto, | 0020| the manner in which such consent may be given and restrictions on the individual rights of action | 0021| by bondholders; | 0022| I. acts or omissions which shall constitute a default in the duties of the authority | 0023| to holders of its bonds, and rights of the holders in the event of default; | 0024| J. limitation of the liability of a participating health-care provider only for the | 0025| amount of its obligation to the council; and | 0001| K. any other matters relating to the bonds that the council deems desirable. | 0002| In addition to the provisions set forth in this section, bonds of the council may be secured | 0003| by and payable from a pooling of leases or of notes and mortgages or other security instruments | 0004| whereby the council may assign its rights, as lessor, and pledge rents under two or more leases of | 0005| health-related projects with two or more participating health-care providers, as lessees, or assign | 0006| its rights as payee or secured party and pledge the revenues under two or more notes and loan | 0007| agreements from two or more participating health facilities, banks, savings and loan associations | 0008| or other entities upon such terms as may be provided for in bond resolutions or other instruments | 0009| under which such bonds are issued." | 0010| Section 23. Section 58-23-20 NMSA 1978 (being Laws 1983, Chapter 290, Section 20) | 0011| is amended to read: | 0012| "58-23-20. SPECIAL LIMITED OBLIGATIONS--PAYMENT AND SECURITY.-- | 0013| Every issue of bonds is a special limited obligation of the council payable solely out of any | 0014| particular revenue, reserve fund or money of the council pledged to particular bonds. The bonds | 0015| may be additionally secured by a pledge of any grant, contribution or guarantee from the federal | 0016| government or any corporation, association, institution or person or a pledge of any money, | 0017| income or revenue of the council from any source." | 0018| Section 24. Section 58-23-21 NMSA 1978 (being Laws 1983, Chapter 290, Section 21, | 0019| as amended) is amended to read: | 0020| "58-23-21. BONDS--NO OBLIGATION OF STATE.--No bonds issued by the council | 0021| under the Health Care Finance Act shall constitute a debt, liability or general obligation of this | 0022| state or a pledge of the faith and credit of this state, but shall be payable solely as provided by | 0023| Section 58-23-19 NMSA 1978. Each bond issued under the Health Care Finance Act shall | 0024| contain on its face a statement that neither the faith and credit nor the taxing power of this state | 0025| or any political subdivision thereof is pledged to the payment of the principal of or the interest on | 0001| such bond." | 0002| Section 25. Section 58-23-25 NMSA 1978 (being Laws 1983, Chapter 290, Section 25) | 0003| is amended to read: | 0004| "58-23-25. COUNCIL MEMBERS--LIMITATION ON PERSONAL LIABILITY.-- | 0005| Neither the members of the council nor any other person executing the bonds issued under the | 0006| Health Care Finance Act shall be subject to personal liability in connection with issuance of the | 0007| bonds." | 0008| Section 26. Section 58-23-26 NMSA 1978 (being Laws 1983, Chapter 290, Section 26, | 0009| as amended) is amended to read: | 0010| "58-23-26. DEPOSIT OF MONEY.--All money of the council, except as otherwise | 0011| authorized or provided in the Health Care Finance Act or in a bond resolution, trust agreement or | 0012| other instrument under which bonds are issued, shall be deposited as soon as practical in a | 0013| separate account or accounts in banks or trust companies organized under the laws of this state or | 0014| in national banking associations. All deposits of money shall, if required by the council, be | 0015| secured in such a manner as the council determines to be prudent. Banks or trust companies are | 0016| authorized to give security for the deposits of the council." | 0017| Section 27. Section 58-23-27 NMSA 1978 (being Laws 1983, Chapter 290, Section 27) | 0018| is amended to read: | 0019| "58-23-27. BONDHOLDERS--PLEDGE--AGREEMENT OF THE STATE.--The state | 0020| pledges and agrees with the holder of any bonds issued under the Health Care Finance Act that | 0021| the state will not alter the rights vested in the council to fulfill the terms of any agreements made | 0022| with the bondholders or in any way impair the rights or remedies of the holders until the bonds, | 0023| together with the interest thereon, with interest on any unpaid installments of interest, and all | 0024| costs and expenses in connection with any action or proceeding by or on behalf of the holders are | 0025| fully met and discharged. The council is authorized to include this pledge and agreement of the | 0001| state in any agreement with the holders of the bonds." | 0002| Section 28. Section 58-23-28 NMSA 1978 (being Laws 1983, Chapter 290, Section 28) | 0003| is amended to read: | 0004| "58-23-28. COUNCIL EXPENSES--LIABILITY OF STATE OR POLITICAL | 0005| SUBDIVISION PROHIBITED.--All expenses incurred by the council in carrying out the | 0006| provisions of the Health Care Finance Act shall be payable solely from funds provided under that | 0007| act." | 0008| Section 29. Section 58-23-29 NMSA 1978 (being Laws 1983, Chapter 290, Section 29, | 0009| as amended) is amended to read: | 0010| "58-23-29. EXEMPTION FROM TAXATION--ASSETS TO STATE UPON | 0011| DISSOLUTION.--All property acquired or held by the council under the Health Care Finance | 0012| Act, income therefrom and bonds issued under the Health Care Finance Act, plus the interest | 0013| payable and income derived from the bonds, shall be exempt from taxation by the state or any | 0014| subdivision thereof. Upon dissolution of the council, its assets, after payment of its indebtedness, | 0015| shall inure to the benefit of the state." | 0016| Section 30. Section 58-23-30 NMSA 1978 (being Laws 1983, Chapter 290, Section 30) | 0017| is amended to read: | 0018| "58-23-30. BONDS--LEGAL INVESTMENTS.--The bonds issued under the authority of | 0019| the Health Care Finance Act shall be legal investments in which all public officers or public | 0020| bodies of this state, insurance companies, banks and savings and loan associations, organized | 0021| under the laws of this state, may invest funds." | 0022| Section 31. Section 58-23-31 NMSA 1978 (being Laws 1983, Chapter 290, Section 31) | 0023| is amended to read: | 0024| "58-23-31. ANNUAL REPORT--CONTENTS--AUDIT.--The council shall, following | 0025| the close of each fiscal year, submit an annual report of its activities for the preceding year to the | 0001| governor and to the New Mexico health care finance council oversight committee. Each member | 0002| of the legislature may receive a copy of such report by requesting a copy from the committee. | 0003| Each report shall set forth a complete operating and financial statement for the council during the | 0004| fiscal year." | 0005| Section 32. Section 58-23-32 NMSA 1978 (being Laws 1983, Chapter 290, Section 32) | 0006| is amended to read: | 0007| "58-23-32. LIBERAL CONSTRUCTION.--The Health Care Finance Act shall be | 0008| liberally construed to accomplish its purposes." | 0009| Section 33. A new section of Chapter 58, Article 23 NMSA 1978 is enacted to read: | 0010| "OVERSIGHT COMMITTEE.--There may be created a joint interim legislative | 0011| committee that shall be known as the "New Mexico health care finance council oversight | 0012| committee". The New Mexico legislative council shall determine the membership of the | 0013| committee and shall appoint the members and designate the chairman and the vice chairman in | 0014| accordance with legislative council policies. The staff for the committee shall be provided by the | 0015| legislative council service." | 0016| Section 34. A new section of Chapter 58, Article 23 NMSA 1978 is enacted to read: | 0017| "OVERSIGHT COMMITTEE--POWERS AND DUTIES.--The New Mexico health care | 0018| finance council oversight committee shall: | 0019| A. monitor and oversee the operation of the New Mexico health care finance | 0020| council; | 0021| B. meet on a regular basis to receive and review reports from the council on | 0022| implementation of the provisions of the Health Care Finance Act; | 0023| C. monitor and provide assistance and advice on the program of the council; | 0024| D. monitor capital planning and financing by health-care providers and take | 0025| testimony from officials on capital and financing needs of health-care providers; | 0001| E. provide advice and assistance to the council and cooperate with the executive | 0002| branch of state government and health-care providers on planning and financing of health-care | 0003| projects; | 0004| F. undertake an ongoing examination of the statutes, regulations and court | 0005| decisions governing capital and financing needs for health-care providers in New Mexico; and | 0006| G. report its findings and recommendations, including recommended legislation | 0007| or necessary changes, to the governor and to each session of the legislature. The report and any | 0008| proposed legislation shall be made available on or before December 15 each year." | 0009| Section 35. TEMPORARY PROVISION--CONTINUATION OF BOARD.--Members of | 0010| the board of directors of the New Mexico hospital equipment loan council for the performance of | 0011| essential public functions appointed prior to the effective date of the Health Care Finance Act | 0012| shall continue to serve as appointed members of the board of the New Mexico health care finance | 0013| council, until their terms expire and their successors are appointed and qualified pursuant to the | 0014| provisions of the Health Care Finance Act. All existing contracts, agreements and outstanding | 0015| bonds of the New Mexico hospital equipment loan council for the performance of essential | 0016| public functions in effect on the effective date of the Health Care Finance Act shall continue in | 0017| effect under the provisions of the Health Care Finance Act and shall be assumed by the New | 0018| Mexico health care finance council. | 0019| Section 36. EMERGENCY.--It is necessary for the public peace, health and safety | 0020| that this act take effect immediately. |