A. The "border project fund" is created in the state treasury.
B. The border project fund shall consist of:
(1) payments of principal and interest on loans for projects;
(2) the portion of the tolls, fees, rents, lease payments or other charges imposed, collected and received by the authority and distributed to the fund pursuant to Subsection F of Section 58-27-25 NMSA 1978;
(3) money from public or private sources and deposited into the fund pursuant to Paragraph (6) of Subsection B of Section 58-27-25 NMSA 1978;
(4) money appropriated by the legislature or distributed or otherwise allocated to the fund;
(5) the proceeds of severance tax bonds appropriated to the fund for projects; and
(6) income from investment of the fund, which shall be credited to the border project fund.
C. Except for severance tax bond proceeds required to revert to the severance tax bonding fund, balances in the border project fund at the end of a fiscal year shall not revert to any other fund.
D. The border project fund may consist of subaccounts as determined to be necessary by the authority.
E. The border project fund is appropriated to the authority for the following purposes:
(1) providing financial assistance to qualified entities for projects;
(2) costs incurred in the operation of a port of entry or related project pursuant to a joint powers agreement entered into with the federal government; or
(3) costs incurred in the joint funding or operation of a project as part of a joint venture, partnership or other business relationship with a qualified entity or private person.
F. The authority may establish procedures and adopt rules as required to:
(1) administer the border project fund;
(2) originate financial assistance for projects selected by the authority; and
(3) govern the process through which qualified entities may apply for financial assistance from the border project fund.
History: 1978 Comp., § 58-27-25.1, enacted by Laws 2011, ch. 59, § 4.
ANNOTATIONSEffective dates. — Laws 2011, ch. 59, § 5 made Laws 2011, ch. 59, § 4 effective July 1, 2011.
ANNOTATIONS