The proposed legislation, known as the "Land Grant-Merced and Acequia Infrastructure Act," aims to enhance infrastructure support for land grants and acequias in New Mexico. It establishes the Land Grant-Merced and Acequia Infrastructure Trust Fund, which will be funded through various sources including appropriations, gifts, and grants. The act outlines the creation of two specific project funds: the Land Grant-Merced Infrastructure Project Fund and the Acequia Infrastructure Project Fund, both of which will be administered by the Department of Finance and Administration in consultation with their respective councils. The act mandates that by July 1, 2027, rules and procedures for providing infrastructure assistance will be developed, ensuring that funding is allocated for qualified projects that promote economic and community development.

Additionally, the bill revises existing severance tax bonding allocations to include provisions for land grant-merced and acequia infrastructure projects. It specifies that a portion of the bonding capacity will be allocated to these projects, with the state board of finance authorized to issue severance tax bonds for the trust fund. The act also requires annual reporting from both the land grant council and the interstate stream commission to legislative committees, detailing expenditures and project progress. The effective date for the provisions of this act is set for July 1, 2026.

Statutes affected:
AF substitute: 7-27-10.1