The bill authorizes the New Mexico Finance Authority to provide loans from the Public Project Revolving Fund for a variety of public projects, with loans of $1,000,000 or less not requiring specific authorization. It outlines a comprehensive list of qualified entities eligible for these loans, including municipalities, school districts, and public improvement districts throughout New Mexico. The projects eligible for funding cover a wide range of infrastructure needs, such as land acquisition, building construction, equipment purchases, and public transportation systems. The bill also declares an emergency, highlighting the urgency of implementing these provisions to support community development and improvement initiatives.

Furthermore, the bill specifies that if any qualified entity does not certify its intent to pursue a loan by the end of fiscal year 2028, the legislative authorization for that loan will be voided. It details various funding allocations for public entities targeting projects related to infrastructure improvements, including electric, water, wastewater, solid waste management, and recreational facilities. Notable projects include those for educational institutions and municipalities, emphasizing the importance of enhancing public infrastructure and services to improve the quality of life for residents in New Mexico.