This bill authorizes the New Mexico Finance Authority to provide loans or grants from the Water Project Fund to various qualifying entities for specific water projects across the state. The projects include a range of initiatives such as storage, conveyance, delivery, water conservation, recycling, treatment, reuse, and flood prevention. The bill outlines a comprehensive list of recipients, including municipalities, counties, and water associations, detailing the specific projects for which funding is requested.

Additionally, the bill declares an emergency, indicating that it is essential for public peace, health, and safety for the act to take effect immediately. This urgency underscores the importance of addressing water-related issues in New Mexico, particularly in light of the diverse needs of the communities listed in the bill.