Bill > SB374

This bill establishes the Land Grant-Merced and Acequia Infrastructure Act, which creates two new funds to support infrastructure projects for land grants-mercedes and acequias (traditional community irrigation systems) in New Mexico. The bill creates a Land Grant-Merced and Acequia Infrastructure Trust Fund, which will be invested like other land grant permanent funds, and from which annual distributions will be made to two separate project funds. The Land Grant Council will oversee infrastructure assistance for land grants-mercedes, while the Interstate Stream Commission will manage infrastructure assistance for acequias. These funds can support a wide range of infrastructure projects, including water and wastewater facilities, electrical power lines, roads, health infrastructure, irrigation works, and flood protection. The bill also allocates specific percentages of severance tax bonding capacity for these infrastructure projects and requires annual reporting to legislative committees about expenditures and project progress. Eligible projects must be selected and approved by either the Land Grant Council or the Interstate Stream Commission, following rules established in consultation with the Department of Finance and Administration. The goal is to provide financial support and resources to help these traditional community entities improve their critical infrastructure.

Government Affairs

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=374&year=25