The 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. These projects include storage, conveyance, delivery, water conservation, recycling, treatment, reuse, and flood prevention initiatives. The bill outlines a comprehensive list of recipients, including municipalities, counties, and water associations, detailing the types of projects they are eligible for funding.

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.