This bill reauthorizes and reappropriates unexpended balances from severance tax bonds and general fund appropriations for various projects across New Mexico, extending the time for expenditure through fiscal year 2027. It establishes conditions for the reversion or transfer of these unexpended balances, ensuring that funds are redirected appropriately if not utilized within the specified time frames. The bill clarifies the definition of "unexpended balance" and includes significant changes such as extending expenditure periods for transportation and infrastructure projects in Bernalillo County, modifying the purpose of certain appropriations, and deleting sections related to previous projects that are no longer being pursued.

Additionally, the bill reallocates funds for various community projects, including improvements to water systems, transportation, and public facilities. Notable changes include redirecting funds originally designated for specific projects to new initiatives, such as purchasing equipment for health services and enhancing community infrastructure. The bill emphasizes the urgency of these measures for public peace, health, and safety, allowing for immediate effect upon passage. Overall, the legislation aims to enhance community services and infrastructure while ensuring effective utilization of funds within the extended timeframe.