A. The "border authority fund" is created in the state treasury. Separate accounts within the fund may be created for any project. Money in the fund is appropriated to the authority for the purposes of carrying out the provisions of the Border Development Act. Money in the fund shall not revert at the end of a fiscal year.
B. Except as provided in Subsections E and F of this section, money received by the authority shall be deposited in the border authority fund, including but not limited to:
(1) the proceeds of bonds issued by the authority or from any loan to the authority made pursuant to the Border Development Act;
(2) interest earned upon money in the fund;
(3) any property or securities acquired through the use of money belonging to the fund;
(4) all earnings of such property or securities;
(5) lease or rental payments received by the authority from any project and distributed to the fund pursuant to Subsection F of this section;
(6) all other money received by the authority from any public or private source except that, if the public or private source expresses an intent that the money be used for projects pursuant to Section 58-27-25.1 NMSA 1978, then the money shall be deposited into the border project fund and not the border authority fund; and
(7) tolls, fees, rents or other charges imposed and collected by the authority and distributed to the fund pursuant to Subsection F of this section.
C. Disbursements from the border authority fund shall be made only upon warrant drawn by the secretary of finance and administration pursuant to vouchers signed by the executive director of the authority or the executive director's designee pursuant to the Border Development Act; provided that in the event the position of executive director is vacant, vouchers may be signed by the chair of the authority.
D. Earnings on the balance in the border authority fund shall be credited to the fund. In addition, in the event that the proceeds from the issuance of bonds or from money borrowed by the authority are deposited in the state treasury, interest earned on that money during the period commencing with the deposit in the state treasury until the actual transfer of the money to the fund shall be credited to the fund.
E. All proceeds from issuing revenue bonds shall be placed in trust with a chartered bank to be dispersed by the trustee, pursuant to the terms set forth in the bonding resolution adopted by the authority.
F. Ten percent of the tolls, fees, rents, lease payments and other charges that are imposed, collected and received by the authority shall be deposited into the border project fund and the remaining ninety percent shall be deposited into the border authority fund; provided that the money deposited into the border authority fund shall be expended only as appropriated and in accordance with a budget approved by the state budget division of the department of finance and administration.
History: Laws 1991, ch. 131, § 25; 1993, ch. 335, § 8; 1995, ch. 192, § 20; 2011, ch. 59, § 3.
ANNOTATIONSThe 2011 amendment, effective July 1, 2011, required that money received from public and private sources be deposited in the border project fund if the grantor of the funds intended that funds be used for projects pursuant to Section 58-27-25.1 NMSA 1978; eliminated the restriction that excess money collected by the authority be expended only as provided in an approved budget; and required that ten percent of money collected by the authority be deposited into the border project fund and that the remaining ninety percent be deposited into the border authority fund.
The 1995 amendment, effective June 16, 1995, added "Except as provided by Subsection E of this section" at the beginning and "border authority" near the beginning of Subsection B, inserted "and collected" following "imposed" in Paragraph (7) of Subsection B; in Subsection C, inserted "and collected" following the first "imposed", inserted "imposed and" preceding "collected for an approved project", inserted "and for all debt service and reserves for the bonds that financed the project", added "state" preceding "budget division" and "border authority" preceding "fund"; in Subsection D, inserted "border authority" preceding the first "fund", substituted "in the event that" for "when"; and added Subsection E.
The 1993 amendment, effective April 8, 1993, added Subsections B and D and the designations for Subsections A and C; in Subsection A, inserted the second sentence, substituted "Development" for "Authority" and added "Money in " at the beginning of the fourth sentence; and deleted "for the purpose of paying the cost of activities conducted" following "designee" in the second sentence of Subsection C.