2006 New Mexico Statutes - Section 58-27-25 — Fund created.

58-27-25. Fund created.

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 [ 58-27-1 to 58-27-26 NMSA 1978]. Money in the fund shall not revert at the end of a fiscal year.   

B.     Except as provided in Subsection E of this section, any money received by the authority shall be deposited in the border authority fund, including, but not limited to:   

(1)     the proceeds of any bonds issued by the authority or from any loan to the authority made pursuant to the Border Development Act;   

(2)     interest earned upon any 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)     all lease or rental payments received from the authority from any project;   

(6)     all other money received by the authority from any public or private source; and   

(7)     any tolls, fees, rents or other charges imposed and collected by the authority.   

C.     Any tolls, fees, rents or other charges imposed and collected by the authority in excess of those imposed and collected for an approved project and for all debt service and reserves for the bonds that financed the project may be expended only as appropriated and in accordance with a budget approved by the state budget division of the department of finance and administration. 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 his 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 chairman 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.