2006 New Mexico Statutes - Section 58-27-15 — Border authority; bonding authority; power to issue revenue bonds.

58-27-15. Border authority; bonding authority; power to issue revenue bonds.

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 for projects for a qualified entity, as defined in Section 6-21-3 NMSA 1978. Revenue bonds so issued may be considered appropriate investments for the severance tax permanent fund or collateral for the deposit of public funds if the bonds are rated not less than "A" by a national rating service and both the principal and interest of the bonds are fully and unconditionally guaranteed by a lease agreement executed by an agency of the United States government or by a corporation organized and operating within the United States, that corporation or the long-term debt of that corporation being rated not less than "A" by a national rating service.  All bonds issued by the authority are legal and authorized investments for banks, trust companies, savings and loan associations and insurance companies.   

C.     The authority may pay from the bond proceeds all expenses, premiums and commissions that the authority may deem necessary or advantageous in connection with the authorization, sale and issuance of the bonds.