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Taos County authorizes $20 million bond application for hospital improvements
Summary
The commission approved a resolution to submit an application to the New Mexico Finance Authority to borrow roughly $20 million (backed by a 0.5% hospital gross-receipts tax) to finance hospital capital and a nursing program; county officials said NMFA borrowing was the most economical option.
The Taos County Commission voted to authorize an application to the New Mexico Finance Authority (NMFA) seeking roughly $20 million in financing for hospital improvements and a nursing program. Bond counsel Chris Muirhead told commissioners that NMFA borrowing — which issues bonds at AAA rates and then lends to governmental borrowers — was recommended by the county's financial advisor as the most economical route.
"RBC recommended going through the New Mexico Finance Authority which does borrow their funds at a AAA rate and passes those on to the borrowers in this case the county," Muirhead said. He added that RBC’s analysis supports structuring proceeds to match a 10‑year repayment horizon tied to the 0.5% hospital gross‑receipts tax.
Officials said the NMFA board would take up the application in late September, with bond proceeds likely available end of 2024 or early 2025 if approved. Commissioners approved Resolution 2024‑43 by roll call, noting additional ordinance steps and public notices will follow prior to final debt issuance. The county manager and financial advisors will return to the commission with draft ordinance language and updated financing terms before the next substantive approval steps.
