NMSA 58-23-29. Exemption from taxation; assets to state upon

58-23-29. Exemption from taxation; assets to state upon dissolution. A. All property acquired or held by the council under the Hospital Equipment Loan Act, income therefrom and bonds issued under the Hospital Equipment Loan Act, plus the interest payable and income derived from the bonds, shall be exempt from taxation by the state or any subdivision thereof. Upon dissolution of the council, its assets, after payment of its indebtedness, shall inure to the benefit of the state. B. All health-related equipment purchased, acquired, leased, financed or refinanced with the proceeds of bonds issued under the Hospital Equipment Loan Act is exempt from property taxation for as long as the participating health facility remains liable for any amount under any lease, loan or other agreement securing the bonds, but not to exceed thirty years from the date the bonds were issued for the health-related equipment. History: Laws 1983, ch. 290, § 29; 1987, ch. 49, § 8; 2006, ch. 90, § 3; 2006, ch. 92, § 3.