The Land Grant-Merced and Acequia Infrastructure Act establishes a framework for providing infrastructure assistance to land grants-mercedes and acequias in New Mexico. The Act creates two new funds: the Land Grant-Merced Infrastructure Project Fund and the Acequia Infrastructure Project Fund, 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 development of rules and procedures for project applications and funding.

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 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, the Act aims to enhance infrastructure development for these communities, fostering economic growth and sustainability.

Statutes affected:
introduced version: 7-27-10.1