N.M. Admin. Code § 19.25.14.15
The interstate stream commission may sell or lease water or water rights from the strategic water reserve only upon a finding by the commission that such water or water rights are no longer necessary for the reserve and only at a price no less than appraised market value. The interstate stream commission may lease water or water rights from the strategic water reserve to the United States but shall not sell water rights from the strategic water reserve to the United States. The interstate stream commission shall utilize proceeds from the leasing of water rights from the strategic water reserve for carrying out the purposes of the strategic water reserve. Any sale of water or water rights from the strategic water reserve shall first be offered for the original purpose of use. Proceeds from such sales shall be used by the office of the state engineer to adjudicate water rights.
N.M. Admin. Code § 19.25.14.15