NM SB59

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

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

Authorizes grants to acequias for planning, engineering design, or construction of irrigation works including dams, reservoirs, diversions, ditches, and flood protection infrastructure

Allocates 1.1% of estimated severance tax bonding capacity for land grant-merced infrastructure projects and 1.1% for acequia infrastructure projects through July 1, 2032

Requires land grants-mercedes and acequias to apply for funding from these project funds before requesting legislative capital outlay appropriations, with annual reports due to relevant legislative interim committees