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Quay County adopts ordinance authorizing up to $21.6 million in bonds to build replacement hospital
Summary
The Quay County Board of Commissioners adopted Ordinance No. 60 on Sept. 8, 2025, authorizing up to $21,600,000 in loan or bond financing to build a replacement hospital and pledging county hospital and county gross receipts tax revenues to repay the obligation.
Quay County commissioners voted unanimously on Sept. 8 to adopt Ordinance No. 60, authorizing the county to enter a loan agreement or issue gross receipts tax revenue bonds to finance a replacement hospital and related costs.
Luis Carrasco, the county's bond attorney (joining by Zoom), presented the ordinance and the draft loan and intercept agreements. The ordinance authorizes a loan principal up to $21,600,000 and delegates authority to a pricing officer to finalize interest rates, maturity dates and other sale parameters. The ordinance also specifies that repayment is to be made from County Local Hospital Gross Receipts Tax and County Gross Receipts Tax revenues distributed by the New Mexico Taxation and Revenue Department.
The commission moved and approved the ordinance on a 3–0 vote. Commissioner Brian Fortner made the motion, Commissioner Dallas Dowell seconded it, and Chairwoman Jerri Rush, Fortner and Dowell voted “aye.” The minutes record the board as adopting the ordinance and signing the authorizing resolution on the record.
The meeting record includes the full amended and restated ordinance text and the draft loan and intercept agreements presented at the meeting. The ordinance delegates to a county pricing officer the authority to set final terms, provided the loan or other obligations do not exceed the $21,600,000 ceiling, the final loan payment date does not exceed Dec. 15, 2054, and the maximum interest rate does not exceed 8% per annum, among other conditions.
During the manager’s report, County Manager Daniel Zamora told the commission the New Mexico Finance Authority (NMFA) board had approved the hospital loan on Sept. 4, 2025, and said staff still planned to explore private financing options and to meet state legislators to seek additional support during the next legislative session.
The ordinance and related loan documents remain in the county’s official records; the final binding loan terms will be set later in a pricing certificate if the county proceeds with the NMFA loan or a negotiated financing.
