The "2026 Capital Projects General Obligation Bond Act" authorizes the issuance and sale of general obligation bonds to fund capital expenditures for senior centers, higher education institutions, and libraries across New Mexico. The act specifies that a total of $30 million will be allocated for senior citizen facility improvements, $20 million for library acquisitions, and $230 million for capital improvements at higher education and tribal schools. To finance these bonds, a property tax levy will be imposed to cover the principal and interest payments, and the bonds will be subject to voter approval during the 2026 general election.

The act outlines the terms and conditions for the bonds, including their issuance, sale, and the responsibilities of the state board of finance and the state treasurer. It mandates that the bonds must be sold at public or private sale, with specific procedures for bidding and advertising. Additionally, the act establishes that the proceeds from the bond sales will be used solely for the designated projects and related expenses, with any unspent funds reverting to the debt service fund. The act emphasizes the state's commitment to the timely payment of the bonds, pledging its full faith and credit for this purpose. An emergency clause is included to ensure the act takes effect immediately for the public's benefit.