N.M. Stat. § 4-48B-29
The county commissioners may issue refunding bonds for the purpose of refunding any of the revenue bonds issued under the Hospital Funding Act. The board shall adopt an ordinance or resolution stating the facts making the issuance of the refunding bonds necessary or advisable, the determination of the necessity or advisability by the county commissioners and the amount of refunding bonds that the county commissioners conclude as necessary and advisable to issue. The ordinance or resolution shall establish the form of the bonds; the rate or rates of interest of the bonds, provided the net effective interest rate of the bonds shall not exceed the maximum net effective interest rate permitted by the Public Securities Act [6-14-1 to 6-14-3 NMSA 1978]; the date of the refunding bonds; the denominations of the refunding bonds; the maturity dates, the last of which shall not be more than thirty years from the date of the refunding bonds; and the place or places of payment of both principal and interest either within or outside of the state. Refunding bonds when issued, except for bonds issued in book entry or similar form without the delivery of physical securities, shall be negotiable in form, bear the signature or the facsimile signature of the chairman of the board of county commissioners, bear the seal of the county and be attested by the clerk of the county. All refunding bonds may be exchanged dollar for dollar for the bonds to be refunded or they may be sold at a public or private sale as directed by the county commissioners. The proceeds of the sale shall be applied only to the purpose for which the refunding bonds were issued, including but not limited to establishment and funding of an escrow with a bank or trust company from which the refunded bonds may be paid and the payment of any expenses incidental thereto.
NMS § 4-48B-29