NM HB21

Creates the Land Grant-Merced and Acequia Infrastructure Trust Fund as a nonreverting fund in the state treasury, with annual distributions split equally between a Land Grant-Merced Infrastructure Project Fund and an Acequia Infrastructure Project Fund when the trust balance exceeds $5 million

Authorizes grants to land grants-mercedes and acequias for infrastructure projects including water/wastewater facilities, electrical power lines, communications infrastructure, roads, health infrastructure, emergency response facilities, and economic development projects

Allocates 1.1% of estimated severance tax bonding capacity for land grant-merced infrastructure projects and 1.1% for acequia infrastructure projects, with the bonding capacity allocation provisions set to be repealed on July 1, 2032

Requires land grants-mercedes and acequias to apply for funding from their respective project funds before submitting requests for legislative capital outlay appropriations, and to provide evidence of funding need when seeking legislative appropriations

Assigns the Land Grant Council to oversee land grant-merced projects and the Interstate Stream Commission to oversee acequia projects, with annual reports due to appropriate legislative interim committees (November 1 for land grants, October 1 for acequias)