72-20-46: Issuance of interim debentures.

The authority is authorized to borrow money and to issue interim debentures evidencing "construction" or short-term loans for the acquisition or improvement and equipment of the flood control system or any project in supplementation of long-term financing and the issuance of bonds as provided in Sections 89 through 91 [72-20-89 to 72-20-91 NMSA 1978] of the Eastern Sandoval County Arroyo Flood Control Act.