This bill authorizes the issuance of severance tax bonds and makes appropriations from the general fund and other state funds for various projects in New Mexico. The state board of finance is empowered to issue and sell these bonds, with proceeds appropriated for specified purposes. Agencies must certify their need for the bond proceeds by the end of fiscal year 2028, or the authorization for that project will be void. The bill establishes conditions for the reversion of unexpended balances, requiring that funds revert to the severance tax bonding fund or the general fund by specific deadlines, depending on the type of project. Additionally, it stipulates that funds cannot be used for indirect project costs and outlines the requirements for binding agreements with third parties.

Specific appropriations include $5 million for the Cultural Affairs Department to improve cultural facilities, $2 million for the Veterans' Services Department for enhancements to veteran cemeteries and memorials, and $18.88 million for the Public Education Department to purchase school buses. The bill also includes provisions for art in public places and emphasizes that appropriations may be used for any portion of the specified purposes if the initial amount is insufficient. The act is declared an emergency measure, necessitating immediate effect for the public's peace, health, and safety.