This bill reauthorizes and reappropriates unexpended balances from severance tax bonds and general fund appropriations for various projects in New Mexico, while establishing conditions for the reversion or transfer of these funds. It specifies that unexpended balances from severance tax bonds will revert to the severance tax bonding fund either at the end of the newly defined expenditure period or according to the original authorization timeline, whichever is later. Additionally, it outlines similar provisions for general fund appropriations, with specific exceptions for projects related to Indian nations, tribes, or pueblos, which will revert to the tribal infrastructure project fund.

The bill also extends the time for expenditure on several specific projects, including the Francisco Pond Road Bridge improvement, the renovation of the Lea County Historic Courthouse (which is repurposed for general county building renovations), the Albuquerque Youth Facility (which expands its purpose to include young adults), and the renovation of the Ned Houk Memorial Park in Clovis. All these projects now have an extended expenditure period through fiscal year 2028. The bill declares an emergency, allowing it to take effect immediately for the public peace, health, and safety.