Prior to the exercise of any of the powers conferred by Section 13 [ 58-23-13 NMSA 1978] of the Hospital Equipment Loan Act, the council may:
A. require that the lease or installment purchase contract or loan agreement involved be insured by a loan insurer, be guaranteed by a loan guarantor or be secured by a letter of credit; or
B. require any other type of security from the participating health facilities or banks, savings and loan associations or other entities that it deems reasonable and necessary.