The bill amends Section 72-14-23 of the New Mexico Irrigation Works Construction Fund, significantly increasing the annual transfer amount from this fund to the Acequia and Community Ditch Infrastructure Fund. Specifically, the bill changes the transfer amount from $2,500,000 to $5,000,000. Additionally, it introduces a new provision that mandates an annual transfer of $1,000,000 from the New Mexico Irrigation Works Construction Fund to the Forest Land Protection Revolving Fund. The language clarifies that the New Mexico Irrigation Works Construction Fund is a nonreverting fund in the state treasury, ensuring that it will not revert to the general fund or any other fund.

The bill also outlines the responsibilities and authority of the commission regarding the management of the fund, including the payment of costs associated with investigations and construction projects. It emphasizes that no liabilities or obligations can be incurred beyond the funds available under the specified sections, and it mandates the restoration or compensation for any public or private property damaged during the execution of these powers. The effective date for the provisions of this act is set for July 1, 2026.