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 be composed of various sources, including money collected by the commission, distributions, appropriations, and other contributions such as gifts and donations. The commission will administer the fund, and the appropriated money will be used specifically for compliance costs outlined in Section 60-2E-47 NMSA 1978.

Additionally, the bill outlines the process for disbursements from the fund, which will be executed by the secretary of finance and administration based on vouchers signed by the executive director of the commission or their designee. This legislative action aims to enhance the integrity and safety of horse racing in New Mexico while providing necessary financial support for jockeys and exercise riders.