[Authority to borrow money; purposes.]

That for the purpose of erecting, altering, improving, furnishing and equipping any necessary buildings or structures at the New Mexico institute for the blind [New Mexico school for the blind and visually impaired], or acquiring any necessary land for the use of said institute or for the retiring of the whole or any part of any series bonds, previously issued by said institute [school] under the provisions of law, or for any or all of such purposes, the board of regents or directors of the New Mexico institute for the blind [New Mexico school for the blind and visually impaired] is hereby authorized to borrow money for such purposes in conformity with the terms of this act [21-5-12, 21-5- 13, 21-5-15 to 21-5-23 NMSA 1978].