This bill authorizes the New Mexico Finance Authority to provide loans or grants from the Water Project Fund for various qualifying water projects across the state. The legislation specifies a range of projects that can be funded, including water conservation, treatment, recycling, storage, conveyance, delivery, and wastewater treatment initiatives. The bill outlines specific allocations to numerous entities, including cities, counties, and water associations, detailing the types of projects each entity is eligible to receive funding for.

Additionally, the bill includes a declaration of emergency, indicating that the act is necessary for the public peace, health, and safety, and therefore, it is set to take effect immediately. The new legal language inserted into the current law emphasizes the authorization of these qualifying water projects and the terms established by the water trust board and the New Mexico Finance Authority.