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 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 grants and loans for qualified infrastructure projects, 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 financial support through severance tax bonds. The act mandates annual reporting from both the council and the commission to the appropriate legislative committees, detailing expenditures and project progress. This comprehensive approach aims to enhance the infrastructure of land grants and acequias, thereby supporting their economic development and sustainability.

Statutes affected:
introduced version: 7-27-10.1