No bonds issued by the council under the Hospital Equipment Loan Act shall constitute a debt, liability or general obligation of this state or a pledge of the faith and credit of this state, but shall be payable solely as provided by Section 58-23-19 NMSA 1978. Each bond issued under the Hospital Equipment Loan Act shall contain on its face a statement that neither the faith and credit nor the taxing power of this state or any political subdivision thereof is pledged to the payment of the principal of or the interest on such bond.
§ 58-23-21 NMSA 1978
Bonds; no obligation of state
Known as the Hospital Equipment Loan Act
The act spans §§ 58–58 (33 sections).
Laws 1983, ch. 290, § 21; 1987, ch. 49, § 5.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.