LAND GRANT-MERCED & ACEQUIA TRUST

SB 59 creates the Land Grant-Merced and Acequia Infrastructure Trust Fund to provide financial assistance for infrastructure projects in New Mexico. It directly affects land grant communities (designated political subdivisions under state law) and acequias (community irrigation systems organized as political subdivisions). The bill establishes two project funds that distribute annual trust fund earnings to support qualified projects like water systems, roads, health facilities, and irrigation infrastructure repairs. Funding is allocated through a defined process managed by a council for land grants and a commission for acequias, with annual distributions triggered when the trust fund exceeds $5 million.