The bill establishes the "Horse Racing Integrity and Safety Authority and Jockey and Exercise Rider Insurance Fund" as a nonreverting fund within the state treasury. This fund is designed to collect money to cover the costs associated with jockey and exercise rider insurance, as well as to ensure compliance with relevant federal and state laws pertaining to horse racing. The fund will include various sources of revenue such as distributions, appropriations, and donations, and will be administered by the commission responsible for horse racing oversight.

Additionally, the bill outlines the process for disbursing funds, which will be executed through warrants issued by the secretary of finance and administration, based on vouchers signed by the executive director of the commission or their designee. This legislative measure aims to enhance the safety and integrity of horse racing in New Mexico while providing necessary financial support for those involved in the industry.