The proposed legislation, known as the "Land Grant-Merced and Acequia Infrastructure Act," aims to establish a framework for funding infrastructure projects related to land grants and acequias in New Mexico. It creates two dedicated funds: the Land Grant-Merced Infrastructure Project Fund and the Acequia Infrastructure Project Fund, both of which will receive annual distributions from the newly established Land Grant-Merced and Acequia Infrastructure Trust Fund. The act outlines the roles and responsibilities of the Land Grant Council and the Interstate Stream Commission in administering these funds, including the provision of grants and loans for qualified infrastructure projects, such as water systems, roads, and emergency response facilities.

Additionally, the bill amends existing law to allocate a portion of the state's bonding capacity specifically for land grant-merced and acequia infrastructure projects, ensuring that these communities have access to necessary funding. The act mandates annual reporting from both the council and the commission to legislative committees, detailing expenditures and project progress. The effective date for the provisions of this act is set for July 1, 2026.

Statutes affected:
introduced version: 7-27-10.1