Summary:

 Senate Bill 49 (SB 49):  Is designed to allocate and manage appropriations from the Community Benefit Fund, contingent on the fund's establishment and sufficient funding as outlined in this bill.      

Legislation Overview:

 Senate Bill 49 (SB 49):  An appropriation of $40 million is designated for fostering economic diversification away from fossil fuels. This will support sectors such as aerospace, biosciences, cybersecurity, and sustainable agriculture, among others. Unspent funds by the end of 2028 will revert to the Community Benefit Fund.

The bill recommends transfers from the Community Benefit Fund to the following funds: Community Energy Efficiency Development Block Grant Fund: $20 million is transferred to support community-level energy efficiency initiatives.

Grid Modernization Grant Fund: $100 million is allocated to enhance the state’s electrical grid's capacity, security, and efficiency, facilitating a better integration of renewable energy.

Transportation Project Fund: $50 million is directed towards reducing reliance on combustion engine vehicles, with an emphasis on improving bicycle and pedestrian infrastructure and safety.

State Supplemental Land and Water Conservation Fund: $5 million is appropriated under the Outdoor Recreation Act to conserve land and water, with unspent funds returning to the Community Benefit Fund by 2028.

The following appropriations are recommended for the Energy, Minerals, and Natural Resources Department: $40 million is set aside for grants to develop or enhance energy efficiency and renewable energy technologies, including the necessary interconnection equipment for the electric grid.

Workforce Solutions Department: An appropriation of $25 million aims to provide training for workers transitioning from extractive to non-extractive industries, in collaboration with the Higher Education Department.

Public-School Facilities Authority: $60 million is transferred to support the upgrade of school transportation infrastructure, specifically focusing on electric vehicle charging stations and transitioning from diesel to electric school buses.

Contingent Effective Date: The implementation of the act's provisions depends on the successful establishment and funding of the Community Benefit Fund during the same legislative session.

Senate Bill 49 is structured to strategically invest in long-term economic, environmental, and educational improvements across New Mexico, with a clear focus on sustainability and technological advancement.