Chapter 58, Article 27 NMSA 1978 may be cited as the “Border Development Act”. History: Laws 1991, ch. 131, § 1; 2009, ch. 44, § 1. ANNOTATIONS Cross references. — For additional powers conferred on counties with respect to projects, see 4-59-4 NMSA 1978. For the duties and general powers of the secretary of economic […]
A. The authority shall: (1) advise the governor and the governor’s staff and the New Mexico finance authority oversight committee on methods, proposals, programs and initiatives involving the New Mexico-Chihuahua border area that may further stimulate the border economy and provide additional employment opportunities for New Mexico citizens; (2) subject to the provisions of the […]
ANNOTATIONS Repeals. — Laws 2003, ch. 123, § 7 repeals 58-27-11 NMSA 1978, being Laws 1991, ch. 131, § 11, as amended, relating to the additional powers of the border authority, effective June 20, 2003. For provisions of former section, see the 2002 NMSA 1978 on NMOneSource.com.
A. The authority shall hire an executive director who shall employ the necessary professional, technical and clerical staff to enable the authority to function efficiently. B. The executive director of the authority shall direct the affairs and business of the authority, subject to the policies, control and direction of the authority. C. The authority may […]
The authority shall be located in the New Mexico-Chihuahua border area. History: Laws 1991, ch. 131, § 13.
Unless prohibited by law, the authority may fix, alter, charge and collect tolls, fees or rentals and may impose any other charges for the use of or for services rendered by any authority facility, program or service. History: Laws 1991, ch. 131, § 14; 1995, ch. 192, § 8; 2003, ch. 123, § 3. ANNOTATIONS […]
A. The authority may act as an issuing authority for the purposes of the Private Activity Bond Act [6-20-1 to 6-20-11 NMSA 1978]. B. The authority may issue revenue bonds for authority projects. With the exception of the port of entry or foreign trade zone, the border authority shall not be authorized to issue bonds […]
A. Authority revenue bonds: (1) may have interest, appreciated principal value or any part thereof payable at intervals determined by the authority; (2) may be subject to prior redemption or mandatory redemption at the authority’s option at the time and upon the terms and conditions with or without the payment of a premium as may […]
If the authority borrows money from a financial institution or other entity: A. the interest, principal payments or any part thereof shall be payable at intervals as may be determined by the authority; B. the loan shall mature at any time not exceeding thirty years from the date of origination; C. the principal amount of […]
ANNOTATIONS Repeals. — Laws 1995, ch. 192, § 22, repeals 58-27-16.2 NMSA 1978, as enacted by Laws 1993, ch. 335, § 9, providing for the use of proceeds from borrowed funds, effective June 16, 1995. For provisions of former section, see the 1994 NMSA 1978 on NMOneSource.com.
The bonds may be secured by a trust indenture between the authority and a corporate trustee that may be either a bank having trust powers or a trust company. The trust indenture may contain reasonable provisions for protecting and enforcing the rights and remedies of bondholders, including covenants setting forth the duties of the authority […]
A. Revenue bonds or refunding revenue bonds issued as authorized in the Border Development Act and other loans to the authority are: (1) not general obligations of the state, any other agency of the state or of the authority; and (2) payable only from the proper pledged revenues. Each bond or loan shall state that […]
The principal of and interest on any bonds, notes or other certificates of indebtedness issued pursuant to the provisions of the Border Development Act shall be secured by a pledge of the revenues out of which the bonds shall be made payable, may be secured by a mortgage, deed of trust note or other certificate […]
A. Prior to approving a resolution for the issuance of bonds or the closing of a loan for any project, the authority shall determine and find the following in the resolution approving the issuance of the bonds or the closing of the loan: (1) if the resolution is for the issuance of bonds, the principal […]
By enacting the Border Development Act, it is the purpose of the legislature to: A. encourage and foster development of the state, its cities and counties by developing port facilities at international ports of entry; B. actively promote and assist public and private sectors’ infrastructure development to attract new industries and businesses, thereby creating new […]
The proceeds from the sale of any bonds issued under authority of the Border Development Act shall be applied only for the purpose for which the bonds were issued; provided, however, that any accrued interest and premiums received in any such sale shall be applied to the payment of the principal of or the interest […]
A. The authority may issue refunding revenue bonds for the purpose of refinancing, paying and discharging all or any part of outstanding authority revenue bonds of any one or more or all outstanding issues: (1) for the acceleration, deceleration or other modification of payment of such obligations, including without limitation any capitalization of any interest […]
A. Refunding bonds issued pursuant to the Border Development Act shall be authorized by resolution of the authority. Any bonds that are refunded under the provisions of this section shall be paid at maturity or on any permitted prior redemption date in the amounts, at the time and places and, if called prior to maturity, […]
Authority refunding revenue bonds: A. may have interest, appreciated principal value or any part thereof payable at intervals or at maturity as may be determined by the authority in the resolution; B. may be subject to prior redemption at the authority’s option at such time and upon such terms and conditions, with or without the […]
Bonds authorized pursuant to the Border Development Act and the income from those bonds, all mortgages or other security instruments executed as security for those bonds, all lease and installment purchase agreements made pursuant to the provisions of that act and revenue derived from any lease or sale by the authority shall be exempt from […]
