Acequia and community ditch infrastructure fund;

created. A. The "acequia and community ditch infrastructure fund" is created in the state treasury and shall be administered by the interstate stream commission. The fund consists of money transferred from the New Mexico irrigation works construction fund and interest accruing to the fund. Disbursements from the fund shall be made by warrant of the secretary of finance and administration pursuant to vouchers signed by the director of the interstate stream commission or the director's authorized representative. Any unexpended or unencumbered balance remaining in the fund at the end of any fiscal year shall revert to the New Mexico irrigation works construction fund. B. Money in the fund is appropriated to the interstate stream commission to: (1) provide funding to acequias or community ditches for planning, engineering design or construction of irrigation works, and infrastructure projects, including dams, reservoirs, diversions, ditches, flumes or other appurtenances for the purposes of restoration, repair, disaster response recovery and hazard mitigation, improvement of irrigation efficiency and protection from floods; and (2) match or meet cost share requirements of other state and federal funding programs. C. The interstate stream commission shall: (1) consult with the acequia commission and the New Mexico acequia association to develop: (a) guidelines and criteria for funding eligibility; provided that no local cost share shall be required; (b) applications; and (c) selection requirements with a prioritization on project readiness and need; (2) review acequia or community ditch plans and specifications; (3) inspect completed projects; and (4) report biannually to the acequia commission on the progress of projects funded through the fund and the expenditure of money from the fund. D. As used in this section, "fund" means the acequia and community ditch infrastructure fund.