This bill authorizes the issuance of severance tax bonds and appropriates funds from the general fund and other state funds for various capital projects in New Mexico. It establishes conditions for the issuance of these bonds, requiring agencies to certify their need for funds by the end of fiscal year 2027, or the project authorization will be void. The bill specifies that unexpended balances from bond proceeds must revert to the severance tax bonding fund or the general fund by certain deadlines, depending on the project type. Notable appropriations include $10 million for magistrate court improvements, $40 million for a firefighter memorial and training facility, and $25 million for renovations at the University of New Mexico's health sciences center.

Additionally, the bill includes specific provisions for educational facilities, with significant funding directed towards community colleges and public schools for infrastructure improvements, technology upgrades, and program enhancements. It deletes previous allocations for certain projects, such as HVAC systems at Navajo Technical University, reallocating those funds towards the construction of an academic building. The bill also removes references to compliance with the federal Americans with Disabilities Act of 1990 in relation to school renovations, indicating a shift in how compliance will be addressed in future projects. Overall, the bill aims to enhance public safety, educational resources, and community infrastructure across New Mexico.