The bill amends the Border Development Act to enhance the structure and functionality of the Border Authority by increasing its membership from seven to nine members. This includes representatives from the secretaries of economic development and transportation, as well as appointees from the governor and legislative leaders. It also establishes new professional qualifications for the executive director, requiring a doctorate in jurisprudence or a relevant bachelor's degree along with four years of professional experience. The bill further clarifies the authority's responsibilities in advising the governor on economic development initiatives and managing border development projects, while granting it the power to issue revenue bonds and form partnerships.

In addition to these structural changes, the bill introduces a "border authority fund" in the state treasury, which will include separate accounts for projects and ensure that funds do not revert at the end of the fiscal year. It specifies revenue sources for the fund, such as bond proceeds and interest earned, and outlines the distribution of tolls and fees collected by the authority. The bill also creates a "border project fund" for financial assistance, mandates annual reporting to the legislative finance committee, and designates the New Mexico finance authority oversight committee to monitor operations. A provision for restructuring the voting members in 2026 is included, along with the repeal of an outdated section of the law, with an effective date set for July 1, 2025.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