This bill authorizes the New Mexico Finance Authority to issue and sell revenue bonds for the Gila Regional Cancer Center at the Gila Regional Medical Center, as well as for the Nor-Lea General Hospital. The bill amends existing law to allow the issuance of bonds totaling up to $3 million for the Gila Regional Medical Center and $1.5 million for the Nor-Lea General Hospital, with specific provisions for the use of excess balances from the rural county cancer treatment fund. Additionally, it introduces a new provision allowing for the issuance of bonds up to $5,735,316 for further improvements and equipment purchases at the Gila Regional Medical Center.

The bill also includes several amendments regarding the management and distribution of cigarette tax proceeds, which will be pledged for the payment of the bonds. It ensures that these tax revenues cannot be modified in a way that would impair the debt service coverage for any outstanding revenue bonds. Furthermore, the authority is granted the ability to secure the bonds with a pledge of money from the public project revolving fund, enhancing the financial backing for the bonds issued under this legislation.