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, 90 and 91 [72-17-89, 72-17-90, 72-17-91 N.M. Stat. Ann.] hereof.