The "2026 Capital Projects General Obligation Bond Act" authorizes the issuance and sale of general obligation bonds to finance capital expenditures for senior centers, libraries, and higher education in New Mexico. The act requires that registered voters approve the bond issuance during the 2026 general election, and it imposes a property tax levy on all taxable property in the state to ensure repayment of the bonds. The state board of finance is tasked with managing the terms and conditions of the bonds, including their sale and the allocation of proceeds.

The proceeds from the bond sales will be specifically allocated for various projects, including $19,324,188 for library resource acquisitions and $352,225,379 for capital improvements at higher education institutions and special schools. The act emphasizes that funds must be used solely for these designated purposes and establishes an irrepealable contract with bondholders to guarantee timely payment of principal and interest. Additionally, it outlines a process for submitting the bond proposals to voters, requires majority approval for the bonds to take effect, and includes provisions for managing unexpended funds and ensuring compliance with state and federal laws.