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 also 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. 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 various appropriations for educational facilities, public safety, and community development projects across New Mexico. It specifies funding for improvements in schools, public safety facilities, and infrastructure, with significant allocations for projects such as $1.5 million for fire suppression systems at Eastern New Mexico University and $30 million for a facility at the University of New Mexico School of Medicine. The bill also deletes previous provisions related to certain projects, such as the establishment of the Slot Canyon Riverlands state park and specific funding for HVAC systems at Navajo Technical University, indicating a shift in focus for the appropriated funds. Overall, the bill aims to enhance public facilities and services, addressing critical infrastructure needs throughout the state.