The proposed legislation, known as the "Land Grant-Merced and Acequia Infrastructure Act," establishes a framework for funding infrastructure projects related to land grants and acequias in New Mexico. It creates two dedicated funds: the Land Grant-Merced Infrastructure Project Fund and the Acequia Infrastructure Project Fund, both of which will receive annual distributions from the newly created Land Grant-Merced and Acequia Infrastructure Trust Fund. The act outlines the roles and responsibilities of the Land Grant Council and the Interstate Stream Commission in administering these funds, including the provision of infrastructure assistance and the establishment of rules for project applications and evaluations.

Additionally, the bill amends existing law to allocate specific percentages of bonding capacity for land grant-merced and acequia infrastructure projects, ensuring that these projects receive necessary financial support. The act mandates annual reporting from both the council and the commission to assess expenditures and project progress, thereby promoting transparency and accountability in the use of funds. Overall, this legislation aims to enhance the infrastructure of land grants and acequias, supporting their development and sustainability.

Statutes affected:
introduced version: 7-27-10.1