The bill amends the Border Development Act to enhance the composition and qualifications of the Border Authority, increasing its membership from seven to nine members. This includes the secretaries of economic development and transportation, and mandates that three members appointed by the governor have professional experience in fields such as accounting, business logistics, and economic development. The bill also establishes specific terms for these appointees and allows for advisory members from various sectors. Additionally, it requires the executive director of the authority to hold a doctorate in jurisprudence or a relevant bachelor's degree, along with significant professional experience.

Moreover, the bill introduces a "border authority fund" in the state treasury, which will include separate accounts for projects and ensures that appropriated funds do not revert at the end of the fiscal year. It allows the authority to issue refunding bonds to reduce interest costs and modifies restrictions on additional bond issuance. The bill also creates a "border project fund" for financial assistance to projects, mandates oversight by the New Mexico finance authority oversight committee, and includes a provision for restructuring the authority's voting members effective July 1, 2026. The act's provisions are set to take effect on July 1, 2025.

Statutes affected:
introduced version: 58-27-3, 58-27-4, 58-27-6, 58-27-10, 58-27-12, 58-27-13, 58-27-21, 58-27-25, 58-27-25.1, 58-27-26, 58-27-7