A. In each special hospital district, the board of trustees may adopt a resolution calling for an election for the purpose of authorizing the imposition of an ad valorem tax on all taxable property within the special hospital district. The election shall be held pursuant to the Local Election Act [N.M. Stat. Ann. Chapter 1, Article 22]. The revenue from such tax shall be used to pay for current operations and maintenance of hospitals, including hospital facilities owned and operated by the special hospital district or hospitals operated and maintained by the special hospital district pursuant to an agreement with a political subdivision as provided in Subsection B of Section 4-48A-11 N.M. Stat. Ann., and to pay the operational costs of the special hospital district.

B. In the case of a special hospital district located wholly within one county, if authorized by a majority of the qualified electors of the special hospital district voting on the question, the board of county commissioners of the county in which the special hospital district is located shall levy such tax at the same time and in the same manner as levies for ad valorem taxes for school districts are made and in the amount certified by the board of trustees as necessary to meet its approved annual budget, but in no event shall the tax levied exceed the rate limitation approved by the voters or the rate limitations provided in Subsection D of this section.

C. In the case of a special hospital district that is composed of all or a portion of two or more counties, if a majority of the qualified electors in the special hospital district of each county voting on the question authorizes a tax levy, the boards of county commissioners of the counties that agreed to form the special hospital district shall levy such tax in the manner provided in Subsection B of this section.

D. The tax authorized in this section shall not exceed four dollars twenty-five cents ($4.25), or any lower maximum amount required by operation of the rate limitation provisions of Section 7-37-7.1 N.M. Stat. Ann. upon any tax imposed under this section, on each one thousand dollars ($1,000) of net taxable value as that term is defined in the Property Tax Code [Chapter 7, Articles 35 to 38 NMSA 1978], of all taxable property of the county within the hospital district for a period of time greater than four years. An election upon the question of continuing the levy may be called by the board of trustees pursuant to the Local Election Act.