Statutes > New Mexico Statutes > Chapter 7 - Taxation. > Article 20C - Local Hospital Gross Receipts Tax, 7-20C-1 through 7-20C-17. > Section 7-20C-10 - Ordinance authorizing revenue bonds.

Section 7-20C-10 - Ordinance authorizing revenue bonds.

7-20C-10. Ordinance authorizing revenue bonds.

At a regular or special meeting called for the purpose of issuing revenue bonds as authorized pursuant to the Local Hospital Gross Receipts Tax Act [7-20C-1 NMSA 1978], the governing body may adopt an ordinance that:   

A.     declares the necessity for issuing revenue bonds;   

B.     authorizes the issuance of revenue bonds by an affirmative vote of a majority of the governing body; and   

C.     designates the source of the pledged revenues.