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 the 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, prohibits the use of bond proceeds for indirect project costs, and mandates that funds not be subject to binding agreements with third parties prior to agency approval. Specific appropriations include funding for improvements to magistrate courts, a firefighter memorial and training facility, and renovations to the health sciences center at the University of New Mexico, among others.

Additionally, the bill includes several deletions from current law, notably removing previous appropriations for HVAC systems at Navajo Technical University and universal space and design standards for student housing, reflecting a shift in funding priorities. The bill also deletes references to compliance with the federal Americans with Disabilities Act of 1990 in relation to various school renovations, indicating a change in how compliance is addressed. Overall, the bill aims to enhance infrastructure, public safety, and community services across New Mexico while ensuring efficient allocation of funds based on project readiness and urgency.