This bill authorizes the issuance of severance tax bonds by the state board of finance, allowing for the appropriation of proceeds for various capital projects across 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 else the project authorization will be void. The bill outlines specific timelines for the reversion of unexpended balances from the bond proceeds, ensuring efficient fund utilization. It includes appropriations for numerous projects, such as $10 million for magistrate court improvements and $40 million for a firefighter memorial and training facility, while specifying that funds cannot be used for indirect project costs and must not be subject to binding agreements with third parties prior to agency approval.

Additionally, the bill allocates various amounts from the general fund for multiple projects across New Mexico, focusing on infrastructure improvements, facility upgrades, and equipment purchases in sectors like education, public safety, and cultural affairs. Notable allocations include $10 million for senior center planning and $1.5 million for an academic building at Navajo Technical University. The bill emphasizes project readiness and critical need for prioritizing funding, while also including deletions from previous appropriations, such as the removal of a $100,000 allocation for HVAC systems at Navajo Technical University. Overall, the bill aims to enhance public infrastructure and services while ensuring fiscal responsibility and accountability in the use of state funds.