HB 652 — BORDER DEVELOPMENT ACT

(6) [any][any ] an industrial, commercial, agricultural, professional or other business enterprise seeking h to occupy office space;

g o t hr (7) infrastructure development involving g e i k [acquiring, repairing, improving or maintaining ] the h r i s acquisition, repair, improvement or maintenance of storm sewers ]h , t, [and] or other drainage [improvements] systems, sanitary [ande u g e b l e 17e h sewers, sewage treatment systems , water utilities or solid e e n d 18d i = = o h waste disposal facilities, including [acquiring ] the = = l ] 19b ,d i a º e acquisition of rights of way or water rights;

a l r i 20= (8)r infrastructure development involving t e aw td [reconstructing ] the reconstruction, resurfacing, [maintaining, m m 21 e d r e 22 repairing or improving] maintenance, repair or improvement of c e r c 23 existing alleys, streets, roads or bridges or the laying off or e a n bo 24(8) opening,infrastructure [constructing]development constructioninvolving ord [acquiring]m acquisition: u [ of new alleys, streets, roads or bridges, including [acquiring] .212268.1 - 4 - the acquisition of rights of way;

(9)b [any]e and industrys thatº involveso [any]t n = .212268.1 s k m e - 4 - e a watern distributione d r e l u [ A d [reconstructing] the reconstruction, resurfacing, [maintaining, repairing or irrigationimproving] system,maintenance, includingrepair pumps,or distributionimprovement lines,of transmissionexisting lines,alleys, fences,streets, damsroads andor ]bridges or the similarlaying facilitiesoff andor equipment,opening, [constructing] construction or [acquiring] acquisition of new alleys, streets, roads or bridges, including [acquiring[acquiring] the acquisition of rights of way;

(9) [any ] an industry that involves [any] a water distribution or irrigation system, including pumps, distribution lines, transmission lines, fences, dams and similar facilities and equipment, including [acquiring ] the acquisition of rights of way;

[F.][F. H.

"property" means, as necessary to a project, land, land improvements, [to the land] buildings, [and] building improvements, [to the buildings] machinery, [and] equipment, [of any kind necessary to the project] operating capital [and any ] orH. other personal [properties deemed necessary in connection with the project] property;

and"property" [G.]means, I.as necessary to a project, land, land improvements, [to the land] buildings, [and] building improvements, [to the buildings] machinery, h [and] equipment, [of any kind necessary to the project] g o t hr operating capital [and any ] or other personal [properties g e i k deemed necessary in connection with the project] property;

"qualifiedand entity"h meansr thei state,s [or][G.] oneI. of its agencies, instrumentalities, institutions or e e 17 political subdivisions, [or ] the United States or [any e e n d 18 corporation, department, instrumentality or agency of the = = l ] 19 federal government;

a"qualified entity" means the state, [or] h , t, one of its agencies, instrumentalities, institutions or e u g e b l re e h political subdivisions, [or ] the United States or [any n d d i 20= H.= o h corporation, department, instrumentality or agency of the l ] b ,d i a º e federal government;

"bond"r meansi any= bonds,r notest ore otherw td em a tn obligations;o H.

and"bond" mmeans many 21bonds, enotes dor rother ed 22m I.:

"bondholder"b means a person who is the owner of c e rd cs 23º ao bond,t regardlessn of= whether.212268.1 thes bondk ism registered]e one- of5 - e a n be 24d itsr corporations,e departments,l instrumentalities or agencies." u [ SECTIONA 3.d obligations;

Sectionand 58-27-4I. NMSA 1978 (being Laws 1991, .212268.1 - 5 - Chapter 131, Section 4, as amended) is amended to read:

"bondholder" means a person who is the owner of a bond, regardless of whether the bond is registered] one of its corporations, departments, instrumentalities or agencies." SECTION 3.

Section 58-27-4 NMSA 1978 (being Laws 1991, Chapter 131, Section 4, as amended) is amended to read:

The voting members appointed by the governor shall be confirmed by the h senate.

The lieutenant governor shall serve as a nonvoting ex- g o t hr officio member.

The chair may appoint a nonvoting advisory g e i k committee to provide advice and recommendations on authority h r i s matters.

h , t, C.

The six voting members of the authority e u g e 17b l e e h appointed by the governor shall be citizens of the state and e e n d 18d i = = o h shall serve for terms of four years except for the initial = = l ] 19b ,d i a º e appointees who shall be appointed so that the terms are ar li = r it 20e w d m a n o staggered after initial appointment.

Initial appointees shall td em a: t serve terms as follows:

twob memberse ford twos years,º twoo memberst mn = .212268.1 s k m 21e - 6 - e da rn e 22d forr threee yearsl andu two[ membersA ford fourserve years]terms as follows:

ctwo emembers rfor ctwo 23years, (1)two themembers secretaryfor ofthree economicyears developmentand ortwo emembers afor nfour byears] 24as thefollows: secretary's designee;

u(1) [ (2) the secretary of transportationeconomic development or the .212268.1 - 6 - secretary's designee;

(2) the secretary of transportation or the secretary's designee;

and 6 (c) have professional experience in:

or 11) business management that consists of serving as the chief executive officer, president or h managing director of a business or serving in another upper- g o t hr level management position of a business;

and g e i k (4) two members appointed by the governor, h r i s subject to the advice and consent of the senate, who are:

h , t, (a) a city councilor or mayor of a e u g e 17b l e e h municipality of New Mexico whose jurisdiction extends to within e e n d 18d i = = o h twenty miles of a port of entry;

or = = l ] 19b ,d i a º e (b) a county commissioner of a county ar li = r it 20e w d m a n o whose jurisdiction includes a port of entry.

td em a: t C.

Theb memberse appointedd bys theº governoro shallt mn = .212268.1 s k m 21e - 7 - e a n e d r e 22l serveu terms[ asA follows:d C.

cThe emembers rappointed cby 23the (1)governor oneshall initialserve appointee,terms aas one-yearfollows: term;

e(1) a n b 24 (2) one initial appointee, a two-yearone-year term;

u(2) [ (3) one initial appointee, a three-yeartwo-year term;

.212268.1(3) - 7 - (4) one initial appointee, a four-yearthree-year term;

(4) one initial appointee, a four-year term;

The authority shall invite the following to serve as HCEDCºnonvoting»HCEDC advisory members of the authority:

6 (1) the two United States senators representing New Mexico or those senators' designees;

h (3) the lieutenant governor or the lieutenant g o t hr governor's designee;

g e i k (4) a representative of the governor of the h r i s state of Chihuahua or the representative's designee;

h , t, (5) a representative of the governor of the e u g e b l e e h state of Sonora or the representative's designee;

en ed 17d i = = o h (6) a representative of the development el e] nb d,d 18i a º e community in Mexico or the representative's designee;

and =r i = lr ]t 19e (7)w additionald membersm as deemed necessary, a ln ro i(7) 20additional andmembers approved,as bydeemed thenecessary, authority."d tm e: a t SECTION 4.

Sectionb 58-27-6e NMSAd 1978s (beingº Lawso 1991,t mn = .212268.1 s k m 21e - 8 - e a n e d r e 22l Chapteru 131,[ SectionA 6,d asand amended)approved, isby amendedthe toauthority." read:SECTION 4.

cSection e58-27-6 rNMSA c1978 23(being "58-27-6.Laws 1991, Chapter 131, Section 6, as amended) is amended to read:

OFFICERS"58-27-6. OF THE AUTHORITY.--The [secretary of e a n b 24 economic development] authority shall select one of its voting u [ members to serve as the [chairman] chair of the authority and .212268.1 - 8 - one of its voting members to serve as vice chair of the authority, each for a one-year term.

AuthorityOFFICERS membersOF THE AUTHORITY.--The [secretary of economic development] authority shall electselect anyone otherof officersits fromvoting members to serve as the membership[chairman] thatchair of the authority [determines]and deemsone appropriate."of SECTIONits 5.voting members to serve as vice chair of the authority, each for a one-year term.

Authority members shall elect any other officers from the membership that the authority [determines ] deems appropriate." SECTION 5.

(1) advise the governor, [and ] the governor's staff and the New Mexico finance authority oversight committee h on [methods, proposals ] programs and initiatives [involving] g o t hr for development in the [New Mexico-Chihuahua] New Mexico-Mexico g e i k border area that may [further] stimulate the border economy and h r i s provide additional employment opportunities for New Mexico h , t, [citizens] residents and on the methods and proposals related e u g e b l e e h to those programs and initiatives;

en ed 17d i = = o h (2) subject to [the provisions of ] the Border el e] nb d,d 18i a º e Development Act, initiate, develop, acquire, own, construct and =r i = lr ]t 19e w d m a n o maintain border development projects;

ad l r i 20 (3) create programs to expand economic t e a t opportunities beyond the [New Mexico-Chihuahua ] New Mexico- m m: 21 e d r e 22 Mexico border area to other areas of the state;

cb e rd cs 23º (4)o createt avenuesn of= communication.212268.1 betweens k m e - 9 - e a n be 24d Newr Mexicoe [andl Chihuahuau ][ andA [thed Republic(3) of]create Mexicoprograms uto [expand concerning economic development,opportunities trade,beyond [andthe [New Mexico-Chihuahua ] commerce,New .212268.1Mexico- -Mexico 9border -area transportationto andother industrialareas affairs;of the state;

(4) create avenues of communication between New Mexico [and Chihuahua ] and [the Republic of] Mexico concerning economic development, trade, [and ] commerce, transportation and industrial affairs;

(7) actively recruit industries and establish programs that [will ] result in the location and relocation of h new industries in the state;

g o t hr (8) coordinate and expedite the involvement of g e i k the executive department's border area development efforts;

h r i s (9) perform or cause to be performed h , t, environmental, transportation, communication, land use and e u g e b l e e h other technical studies necessary or advisable for projects or en ed 17d i = = o h programs or to secure port-of-entry approval by the United el e] nb d,d 18i a º e States and the Mexican governments and, as appropriate , other =r i = lr ]t 19e [appropriate]w d m a n o [appropriate ] governmental agencies;

and ad l r i 20 (10) administer the border project fund and t e a t projects financed with expenditures from that fund pursuant to m m: 21 e d r e 22 Section 58-27-25.1 NMSA 1978.

cb e d s º o t n = .212268.1 s k m e - 10 - e a n e d r ce 23l B.u [ A d (10) administer the border project fund and projects financed with expenditures from that fund pursuant to Section 58-27-25.1 NMSA 1978.

B.

e a n b 24 (1) solicit and accept federal, state, local u [ and private grants of funds, property or financial or other aid .212268.1 - 10 - in any form [for the purpose of carrying ] to carry out [the provisions of] the Border Development Act;

(2) adopt rules governing [the manner in which] its transaction of business, [is transacted and the manner in which] the exercise of its powers [of the authority 6 are exercised] and the performance of its duties [performed];

(a) acquiring by purchase or gift [of h any] real property necessary for port-of-entry facilities;

g o t hr [acquisition by ] g e i k (b) acquiring by purchase, gift or h r i s construction [of any ] facilities or other real or personal h , t, property necessary for a port of entry;

and e u g e b l e e h (c) filing [all] necessary documents and (c)n ed ed 17i = = o h [follow-up of such ] following up on those filings with the el e] nb d,d 18i a º e appropriate agencies;

=r i = lr ]t 19e w d m a n o (4) as part of a port of entry, give or ad lm r: i 20 transfer real property, facilities and improvements owned by t e a t the authority to the United States government;

mb m 21 e d rs eº 22o (5)t acquiren by= construction,.212268.1 purchase,s giftk orm ce - 11 - e a n e d r ce 23l leaseu projects[ [thatA shalld betransfer locatedreal withinproperty, ]facilities inand improvements owned by the state;authority to the United States government;

e(5) aacquire nby bconstruction, 24purchase, (6)gift sell,or lease orprojects otherwise[that disposeshall ofbe alocated uwithin [] project upon terms and conditions acceptable to the authority .212268.1 - 11 - and in the best interests of the state;

(6) sell, lease or otherwise dispose of a project upon terms and conditions acceptable to the authority and in the best interests of the state;

(9) issue revenue bonds and borrow money [for the purpose of defraying] to defray the cost of acquiring a h project by purchase or construction and to secure the payment g o t hr of [the] project bonds or the repayment of a project loan;

g e i k (10) expend funds or incur debt for the h r i s improvement, maintenance or repair of, or for the addition to, h , t, property owned by the authority, the state or the United ]e andu g e b l e e h States;

[government e] eand 17n d d i = = o h (11) refinance a project.

el e] nb d,d 18i a º e C.

In exercising its authority, the authority shall =r i = lr ]t 19e w d m a n o not incur debt as a general obligation of the state or pledge ad lm r: i 20 the full faith and credit of the state to repay debt." t e a t SECTION 6.

Sectionb 58-27-12e NMSAd 1978s (beingº Lawso 1991,t mn = .212268.1 s k m 21e - 12 - e a n e d r e 22l Chapteru 131,[ SectionA 12,d asthe amended)full isfaith amendedand credit of the state to read:repay debt." SECTION 6.

cSection e58-27-12 rNMSA c1978 23(being "58-27-12.Laws 1991, Chapter 131, Section 12, as amended) is amended to read:

AUTHORITY"58-27-12. STAFF--CONTRACTS.-- e a n b 24 A.

AUTHORITY STAFF--CONTRACTS.-- A.

u [ (1) an executive director who has professional .212268.1 - 12 - experience in land development, economic development, maritime or overland shipping by truck or rail, international commerce, finance, economics, accounting, engineering, law, agriculture or business management that consists of serving as the chief executive officer, president or managing director of a business 6 or serving in another upper-level management position of a business;

and (2) a public works director who shall at a minimum be a licensed professional engineer in civil engineering with ten years experience in transportation, rural h or economic development planning.

g o t hr B.

g e i k (1) employ [the necessary] other professional, h r i s technical and clerical staff necessary to enable the authority h , t, to function efficiently;

]e u g e b l e e h [B.

The executive director of the authority shall e] en 17d d i = = o h and el e] nb d,d 18i a º e (2) direct the affairs and business of the =r i = lr ]t 19e w d m a n o authority [subject ] according to the policies, control and ad lm r: i 20 direction of the authority.

b e d s º o t n = .212268.1 s k m e - 13 - e a tn C.e d r e l u [ A d direction of the authority.

TheC. authority may contract with any other m m 21 e d r e 22 competent private or public organization or individual to c e r c 23 assist in the fulfillment of its duties." e a n b 24 SECTION 7.

SectionThe 58-27-13authority NMSAmay 1978contract (beingwith Lawsany 1991,other ucompetent [private Chapteror 131,public Sectionorganization 13)or isindividual amended to read:assist in the fulfillment of its duties." SECTION 7.

.212268.1Section -58-27-13 13NMSA -1978 "58-27-13.(being Laws 1991, Chapter 131, Section 13) is amended to read:

"58-27-13.

[BORDER][BORDER ] AUTHORITY--BONDING AUTHORITY--POWER TO ISSUE REVENUE BONDS.-- A.

The authority may issue revenue bonds for h authority projects.

With the exception of [the ] a port of g o t hr entry or foreign trade zone, the [border ] authority shall not g e i k [be authorized to ] issue bonds for projects for a qualified h r i s entity as defined in Section 6-21-3 NMSA 1978.

Revenue bonds h , t, so issued may be considered appropriate investments for the e u g e b l e e h severance tax permanent fund or collateral for the deposit of en ed 17d i = = o h public funds if the bonds are rated [not less than ] "A" or el e] nb d,d 18i a º e higher by a national rating service and both the principal and = = l ] 19 interest of the bonds are fully and unconditionally guaranteed a l r i 20= byr a lease agreement executed by an agency of the United States t e aw td governmentm or by a corporationn organizedo andinterest operatingof within m m 21 e d r e 22 the Unitedbonds States,are thatfully corporationand orunconditionally theguaranteed long-termd debtm of: c e r c 23 that corporation being rated [not less than ] "A" or higher by a e a n b 24 national rating service.

Allb bondse issuedd bys theº authorityo aret n = .212268.1 s k m e - 14 - e a n e d r e l u [ legalA andd authorizedby investmentsa forlease banks,agreement trustexecuted companies,by .212268.1an -agency 14of -the savingsUnited andStates loangovernment associationsor by a corporation organized and insuranceoperating companies.within the United States, that corporation or the long-term debt of that corporation being rated [not less than ] "A" or higher 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.

[BORDER][BORDER ] AUTHORITY REVENUE BONDS--REFUNDING AUTHORIZATION.-- A.

The authority may issue refunding revenue bonds h [for the purpose of refinancing, paying and discharging ] to g o t hr refinance, pay or discharge all or [any] part of the g e i k outstanding authority revenue bonds of [any] one or more [or h r i s all] outstanding issues to:

h , t, (1) [for the acceleration, deceleration or e u g e b l e e h other modification of] accelerate, decelerate or otherwise en ed 17d i = = o h modify the payment of [such] those obligations, including el e] nb d,d 18i a º e [without limitation ] any capitalization of [any] interest =r i = lr ]t 19e w d m a n o [thereon] on those obligations in arrears or about to become ad lm r: i 20 due for [any] a period [not exceeding] of one year or less from t e a t the date of the refunding bonds;

mb e d s º o t n = .212268.1 s k m 21e - 15 - e a n e d r e 22l (2)u [for[ theA purposed ofdue reducingfor ][any] reducea cperiod e[not rexceeding] cof 23one interestyear costs or [effecting]less effectfrom otherthe economies;date of the refunding bonds;

or(2) e a n b 24 (3) [for the purpose of modifyingreducing or] ureduce [interest eliminating]costs modify or eliminate[effecting] restrictiveeffect contractualother .212268.1economies; - 15 - limitations pertaining to the issuance of additional bonds, otherwise concerning the outstanding bonds or pertaining to [any] facilities relating [thereto;

or (3) [for the purpose of modifying or eliminating] modify or eliminate restrictive contractual limitations pertaining to the issuance of additional bonds, otherwise concerning the outstanding bonds or pertaining to [any] facilities relating [thereto;

6 B.

Bonds for refunding and bonds for any purpose h permitted by the Border Development Act may be issued g o t hr separately or issued in combination in one series or more." g e i k SECTION 10.

Section 58-27-25 NMSA 1978 (being Laws 1991, h r i s Chapter 131, Section 25, as amended) is amended to read:

h , t, "58-27-25.

FUND CREATED.-- e u g e b l e e h A.

The "border authority fund" is created in the en ed 17d i = = o h state treasury.

Separate accounts within the fund may be el e] nb d,d 18i a º e created for [any project ] projects.

Money in the fund is =r i = lr ]t 19e w d m a n o appropriated to the authority for the purposes of carrying out ad lm r: i 20 [the provisions of ] the Border Development Act.

Moneyb ine thed s º o t n = .212268.1 s k m e - 16 - e a tn funde shalld notr reverte atl theu end[ ofA ad fiscal[the year.provisions of] the Border Development Act.

mMoney min 21the efund dshall rnot erevert 22at B.the end of a fiscal year.

ExceptB. as provided in Subsections E and F of c e r c 23 this section, money received by the authority shall be e a n b 24 deposited in the border authority fund, including [but not u [ limited to] all:

.212268.1Except -as 16provided -in (1)Subsections [the]E proceedsand F of bondsthis issuedsection, money received by the authority orshall frombe anydeposited loanin to the border authority madefund, pursuantincluding to[but thenot Borderlimited Developmentto] Act;all:

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

(3) [any][any ] property or securities acquired through the use of money belonging to the fund;

(4) [all][all ] earnings of [such] that property or those securities;

(5) lease or rental payments received by the h authority from [any ] a project and distributed to the fund g o t hr pursuant to Subsection F of this section;

g e i k (6) [all][all ] other money received by the h r i s authority from any public or private source except [that, if h , t, the public or private source expresses an intent that the] e u g e b l e e h money [be used ] designated by the source for projects pursuant moneyn [bed usedd ei e= 17= o h to Section 58-27-25.1 NMSA 1978, [then the money ] which shall el e] nb d,d 18i a º e instead be deposited into the border project fund [and not the =r i = lr ]t 19e w d m a n o border authority fund];

and ad l r i 20 (7) tolls, fees, rents or other charges t e a t imposed and collected by the authority and distributed to the m m: 21 e d r e 22 fund pursuant to Subsection F of this section.

cb e d s º o t n = .212268.1 s k m e - 17 - e a n e d r ce 23l C.u [ A d (7) tolls, fees, rents or other charges imposed and collected by the authority and distributed to the fund pursuant to Subsection F of this section.

DisbursementsC. from the border authority fund e a n b 24 shall be made only upon warrant drawn by the secretary of u [ finance and administration pursuant to vouchers signed by the .212268.1 - 17 - executive director of the authority, [or ] the executive director's designee [pursuant to the Border Development Act;

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 ] the executive director's designee [pursuant to the Border Development Act;

[In addition, in the event that] If 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 h with] from the date of its deposit in the state treasury until g o t hr [the] its actual transfer [of the money] to the fund shall be g e i k credited to the fund.

h r i s E.

All proceeds from issuing revenue bonds shall be h , t, placed in trust with a chartered bank to be [dispersed ] e u g e b l e e h disbursed by the trustee [pursuant] according to the terms [set disbursedn ed ed 17i = = o h forth] in the bonding resolution adopted by the authority.

el e] nb d,d 18i a º e F.

Ten percent of the tolls, fees, rents, lease = = l ] 19 payments and other charges that are imposed, collected and a l r i 20= receivedr byt thee authorityw shalld bem deposited [into ] in the t e a tn bordero projectpayments fund and theother remainingcharges ninetythat percentare shallimposed, becollected mand m 21 e d rm e: 22 deposited [into ] in the border authority fund.

[providedb thate cd es rº co 23t the]n Money= deposited.212268.1 intos thek borderm authoritye fund- shall18 be- e a n be 24d expendedr onlye asl appropriatedu and[ inA accordanced withreceived aby budgetthe uauthority [shall approvedbe bydeposited [into] in the stateborder budgetproject divisionfund ofand the departmentremaining ofninety .212268.1percent -shall 18be -deposited finance[into and] administration."in SECTIONthe 11.border authority fund.

[provided that the] Money deposited into the border authority fund shall be expended only as appropriated and in accordance with a budget approved by the state budget division of the department of finance and administration." SECTION 11.

(1) payments of principal and interest on h loans for projects;

g o t hr (2) the portion of the tolls, fees, rents, g e i k lease payments or other charges imposed, collected and received h r i s by the authority and distributed to the fund pursuant to h , t, Subsection F of Section 58-27-25 NMSA 1978;

e u g e b l e e h (3) money from public or private sources [and ] en ed 17d i = = o h that is deposited into the fund pursuant to Paragraph (6) of el e] nb d,d 18i a º e Subsection B of Section 58-27-25 NMSA 1978;

=r i = lr ]t 19e w d m a n o (4) money appropriated by the legislature or ad lm r: i 20 distributed or otherwise allocated to the fund;

tb e ad ts (5)º theo proceedst ofn severance= tax.212268.1 bondss mk m 21e - 19 - e a n e d r e 22l appropriatedu to[ theA fundd fordistributed projects;or otherwise allocated to the fund;

and(5) cthe eproceeds r c 23 (6) income from investment of theseverance fund,tax whichbonds eappropriated a n b 24 shall be credited to the borderfund projectfor fund.projects;

uand [(6) C.income from investment of the fund, which shall be credited to the border project fund.

ExceptC. for severance tax bond proceeds required .212268.1 - 19 - to revert to the severance tax bonding fund, balances in the border project fund at the end of a fiscal year shall not revert to any other fund.

Except for severance tax bond proceeds required to revert to the severance tax bonding fund, balances in the border project fund at the end of a fiscal year shall not revert to any other fund.

The authority may, as it deems necessary, establish one or more subaccounts of the border project fund 6 [may consist of subaccounts as determined to be necessary by the authority].

(1) providing financial assistance in the form h of grants or loans with terms and conditions approved by the g o t hr authority to qualified entities for projects;

g e i k (2) paying costs incurred in the operation of h r i s a port of entry or related project pursuant to a joint powers h , t, agreement entered into with the federal government;

[or ] and e u g e b l e e h (3) paying costs incurred in the joint funding en ed 17d i = = o h or operation of a project as part of a joint venture, el e] nb d,d 18i a º e partnership or other business relationship with a qualified =r i = lr ]t 19e w d m a n o entity or private person.

ad lm r: i 20 F.

Theb authoritye may,d ass requiredº ,o establish t n = .212268.1 s k m e - 20 - e a tn procedurese andd adoptr rulese [asl requiredu ][ to:A d F.

mThe mauthority 21may, eas drequired, restablish eprocedures 22and (1)adopt administerrules the[as borderrequired project] fund;to:

c(1) eadminister r c 23 (2) originate financial assistance in the formborder eproject afund; n b 24 of grants or loans with terms and conditions approved by the u [ authority for projects selected by the authority;

and(2) .212268.1originate -financial 20assistance -in (3) govern the processform throughof whichgrants qualifiedor entitiesloans maywith applyterms forand thatconditions financialapproved assistanceby from the borderauthority projectfor fund."projects SECTIONselected 12.by the authority;

and (3) govern the process through which qualified entities may apply for that financial assistance from the border project fund." SECTION 12.

- 21 - 10h 12u 14» 16r et eh 17g e l i h r i s h , e nh dt 18u =g =e b l ]e 19e a, lgh rn id 20d ti e= a= to mh ml 21] eb d,d ri ea 22º cr e r c= 23t e w d m a n bo 24d um [: .212268.1

b r e t º o t n = .212268.1 s k m e e a n e d r e l u [ A d