The proposed legislation, known as the "Land Grant-Merced and Acequia Infrastructure Act," aims to establish a framework for funding infrastructure projects related to land grants and acequias in New Mexico. It creates two new funds: the Land Grant-Merced Infrastructure Project Fund and the Acequia Infrastructure Project Fund, both of which will receive annual distributions from the newly established 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 grants and loans for qualified infrastructure projects, which may encompass a range of improvements such as water systems, roads, and emergency response facilities.

Additionally, the bill amends existing law to allocate specific percentages of bonding capacity for land grant-merced and acequia infrastructure projects, ensuring that these initiatives receive dedicated financial support. The legislation 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 act seeks to enhance the infrastructure of land grants and acequias, supporting their development and sustainability in New Mexico.

Statutes affected:
introduced version: 7-27-10.1