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Taos County to seek public hearing on up to $22.5 million in hospital bonds to fund capital projects
Summary
The board voted to publish notice to consider an ordinance authorizing hospital gross‑receipts tax revenue bonds not to exceed $22.5 million; bond counsel said about 25% of revenues would support a local nursing program and the remainder would back hospital capital projects.
Chris Muirhead, bond counsel with Modular and Sperling, told the Taos County Board of Commissioners the proposed program grows out of a state change to a 0.5% county hospital gross receipts tax and mirrors the structure that previously supported education projects. "This is the hospital the 0.5 percent hospital gross receipts tax that replaced the education gross receipts tax," Muirhead said, explaining the split of proceeds and the financing options for the county and hospital.
County staff described the resolution (No. 2024‑40) as the first procedural step: publish notice, set hearings, and later decide whether to adopt an ordinance authorizing bond issuance and sale. Muirhead and staff estimated bondable proceeds in the $20 million to $22.5 million range; commissioners approved the resolution directing publication and next steps. The county emphasized the law limits use of the funds to capital improvements at the hospital, not day‑to‑day operations, and noted that the board will later determine exact projects and whether to use state finance authority or capital markets.
Action: The commission approved Resolution 2024‑40 (declaring intent to consider an ordinance authorizing issuance and sale of hospital GRT improvement revenue bonds not to exceed $22,500,000). Tally: yes 5, no 0. Next steps include public notice and a scheduled ordinance hearing.
