This bill authorizes the issuance of severance tax bonds and makes appropriations from the general fund and other state funds for various projects in New Mexico. It establishes conditions for the issuance of these bonds, requiring agencies to certify their need for the funds by the end of fiscal year 2027, or the authorization for that project will be void. The bill also outlines the reversion of unexpended balances from the bond proceeds, specifying that funds must revert to the severance tax bonding fund or the general fund by certain deadlines depending on the type of project. Additionally, it prohibits the use of these funds for indirect project costs and requires that any binding agreements with third parties be approved by the authorized state agency.

Specific appropriations include $25 million for renovations at the University of New Mexico's health sciences center, $1.7 million for a water storage tank at the Columbus port of entry, and $1.5 million for infrastructure for fueling and charging stations for alternatively fueled school buses. The bill also includes provisions for art in public places, mandating that one percent of the appropriations be allocated to this fund. The act is declared an emergency, necessitating its immediate effect for the public peace, health, and safety.