The bill amends the Border Development Act to enhance the composition and qualifications of the Border Authority, increasing its membership from seven to nine. It mandates that the authority includes representatives from the secretaries of economic development and transportation, along with three gubernatorial appointees who possess specific professional expertise in fields such as accounting, business logistics, and economic development. Additionally, the bill requires the executive director of the authority to hold a doctorate in jurisprudence or a relevant bachelor's degree, coupled with four years of management or policy-making experience. The bill also introduces various technical and clarifying changes, including updated definitions and expanded powers for the authority to initiate border development projects and coordinate with federal and state agencies.

Moreover, the bill establishes a "border authority fund" within the state treasury, which will include separate accounts for different 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. A new "border project fund" is created to provide financial assistance through grants or loans to qualified entities. The New Mexico Finance Authority Oversight Committee is tasked with monitoring the Border Authority's operations and reporting on project statuses annually. The restructuring of the authority's voting members will take effect on July 1, 2026, and the provisions of this act 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