Current as of: 2010
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 Border Development Act, initiate, develop, acquire, own, construct and maintain border development projects;
(3) create programs to expand economic opportunities beyond the New Mexico-Chihuahua border area to other areas of the state;
(4) create avenues of communication between New Mexico and Chihuahua and the Republic of Mexico concerning economic development, trade and commerce, transportation and industrial affairs;
(5) promote legislation that will further the goals of the authority and development of the border region;
(6) produce or cause to have produced promotional literature related to explanation and fulfillment of the authority's goals;
(7) actively recruit industries and establish programs that will result in the location and relocation of new industries in the state;
(8) coordinate and expedite the involvement of the executive department's border area efforts; and
(9) perform or cause to be performed environmental, transportation, communication, land use and other technical studies necessary or advisable for projects or programs or to secure port-of-entry approval by the United States and the Mexican governments and other appropriate governmental agencies.
B. The authority may:
(1) solicit and accept federal, state, local and private grants of funds, property or financial or other aid in any form for the purpose of carrying out the provisions of the Border Development Act;
(2) adopt rules governing the manner in which its business is transacted and the manner in which the powers of the authority are exercised and its duties performed;
(3) act as an applicant for and operator of port-of-entry facilities and, as the applicant, carry out all tasks and functions, including acquisition by purchase or gift of any real property necessary for port-of-entry facilities, acquisition by purchase, gift or construction of any facilities or other real or personal property necessary for a port of entry and filing all necessary documents and follow-up of such filings with appropriate agencies;
(4) as part of a port of entry, give or transfer real property, facilities and improvements owned by the authority to the United States government;
(5) acquire by construction, purchase, gift or lease projects that shall be located within the state;
(6) sell, lease or otherwise dispose of a project upon terms and conditions acceptable to the authority and in the best interests of the state;
(7) issue revenue bonds and borrow money for the purpose of defraying the cost of acquiring a project by purchase or construction and to secure the payment of the bonds or repayment of a loan;
(8) expend funds or incur debt for the improvement, maintenance, repair or addition to property owned by the authority, the state or the United States government; and
(9) refinance a project.
C. In exercising its authority, the authority shall not incur debt as a general obligation of the state or pledge the full faith and credit of the state to repay debt.
Questions & Answers: Financial Services
Federal Regulations: Financial Services