The bill establishes the "Camino Real Regional Utility Authority" as a new special district in New Mexico, governed by a board of seven elected members who are water consumers residing within the authority's service area. The board will conduct elections in accordance with the Local Election Act, and members will serve staggered terms. The authority is granted various powers, including the ability to sue, enter contracts, issue revenue bonds, and manage water and wastewater services. The board has specific non-delegable powers, such as adopting rules and establishing fees, which require a supermajority vote for action.

Additionally, the authority is designed to replace a previously established entity under a joint powers agreement and will inherit its assets and liabilities. It is not subject to the jurisdiction of the public regulation commission or the Public Utility Act. The authority can issue utility system revenue bonds for the development and improvement of water facilities, with strict regulations on the use of funds generated from these bonds. The bill outlines the authority's operational framework, including its governance, financial management, and the powers necessary to fulfill its mission of providing essential utility services.