reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-2.1 - State treasurer; duty.

The state treasurer shall identify and allocate to the general fund all earnings, including realized and unrealized gains and losses, from the investment of all accounts or funds in his custody unless the allocation of the earnings is:
A. otherwise provided by law;
B. prohibited by federal law creating the fund or the account or by specific court order; or
C. from the investment of a permanent fund and the use of the interest and income from the fund is restricted by constitutional or statutory provisions to particular purposes.
History:
Laws 1989, ch. 324, § 41; 2001, ch. 182, § 1; 2002, ch. 57, § 1.
ANNOTATIONS
The 2002 amendment,
effective May 15, 2002, substituted "is" for "and realized and unrealized gains and losses are" at the end of the introductory matter; and deleted "specifically" preceding "provided" in Subsection A.
The 2001 amendment,
effective June 15, 2001, in the introductory language, substituted "allocate" for "credit" and "earnings on and realized and unrealized gains and losses from the investment of" for "interest on", and inserted "the allocation of the earnings and realized and unrealized gains and losses are"; deleted "the crediting of the interest is" from the beginning of Subsections A and B; and in Subsection C, deleted "the interest is" from the beginning of the subsection and deleted "that is impressed with a trust that prohibits expenditure of the corpus of the fund" following "permanent fund".
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-4 - Payment of obligations of prior years from current year appropriations.

A. Except as provided in Subsection B of this section, appropriations made for a specific fiscal year may not be used for paying obligations of any prior fiscal year except upon approval of the department. As a condition to the approval, the department shall certify that there existed in the affected state agency's budget at the end of the fiscal year sufficient funds, including uncollected earned revenue, to pay the obligation had the bill been presented prior to the end of that fiscal year. The department shall make quarterly reports to the legislative finance committee concerning all authorizations of payment.
B. Appropriations to the human services department [health care authority department] for medicaid payments may be expended by that department for medicaid obligations for prior fiscal years.
History:
1953 Comp., § 11-2-3.2, enacted by Laws 1963, ch. 35, § 1; 1971, ch. 5, § 1; 2003, ch. 273, § 14.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law. Laws 2023, ch. 205, § 16 provided that references to the human services department shall be deemed to be references to the health care authority department.
The 2003 amendment,
effective July 1, 2003, substituted "year appropriations" for "general fund" in the section heading; added the Subsection A designation; in Subsection A, substituted "Except as provided in Subsection B of this section" for "General fund" at the beginning, deleted "of finance and administration" following "the department" three times, inserted "including uncollected earned revenue" following "year sufficient funds"; and added Subsection B.
Expenditures should be charged to current fiscal year budget.
— School districts should charge expenditures to the current fiscal year budget, and not to the fiscal year in which the obligation was incurred. 1965 Op. Att'y Gen. No. 65-239.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-5 - General fund deficiency; certificates of indebtedness.

In the event of a deficiency in the state general fund, upon prior approval by the state board of finance there shall be issued certificates of indebtedness of the state of New Mexico. These certificates shall be issued in an amount as may be required but not in excess of the constitutional limitation; such certificates shall be in the form prescribed by the attorney general of the state.
History:
1953 Comp., § 11-2-3.3, enacted by Laws 1963, ch. 36, § 1.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-6 - Issuance of certificates.

The certificates shall bear interest at a rate to be fixed by the state treasurer at the time of issuance and sale. Such interest shall not exceed three percent a year, payable semiannually on January 1 and July 1 of each year from the state general fund; both principal and interest shall be payable at the office of the state treasurer. The certificates shall be signed by the secretary of finance and administration and by the state treasurer; the coupons attached thereto, if any, for the semiannual interest shall bear the signature of the state treasurer.
The certificates shall be sold at not less than par and when so sold, the amount of the proceeds thereof shall be placed in a special fund and a separate account thereof shall be kept. All payments made from this special fund shall be made on the warrant or transfer order of the department of finance and administration.
History:
1953 Comp., § 11-2-3.4, enacted by Laws 1963, ch. 36, § 2; 1977, ch. 247, § 94.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-7 - Retirement of certificates.

Such certificates of indebtedness shall be paid within two years after date upon order of the department of finance and administration. Any balance remaining in the special fund created for the proceeds of the issuance and sale of the certificates of indebtedness shall be first applied. Any additional amount required for retirement of such certificates shall be paid from the state general fund.
History:
1953 Comp., § 11-2-3.5, enacted by Laws 1963, ch. 36, § 3.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-9 - Boards of finance for institutions.

The boards in control of the various public and educational institutions in this state, and all other boards handling funds in any manner whatever, except local boards of education, are hereby designated as boards of finance for such institutions and boards respectively. Each of such boards shall receive, handle and account, as provided by law, for all public moneys received by it, and shall deposit the funds of such institutions or boards in a depository or depositories qualified in accordance with the requirements of this act, equitably and upon the terms and conditions and in like manner and subject to such limitations as in this act prescribed for the deposit of public moneys by other boards of finance.
History:
Laws 1933, ch. 175, § 3; 1941 Comp., § 7-206; 1953 Comp., § 11-2-6; Laws 1963, ch. 190, § 1; 1981, ch. 332, § 2.
ANNOTATIONS
Compiler's notes.
— The term "this act," which appears in the second sentence, refers to Laws 1933, ch. 175, which is compiled as 6-10-8 to 6-10-10, 6-10-15, 6-10-18, 6-10-19 and 6-10-51 NMSA 1978.
Board of trustees of county hospital.
— The board of trustees of the county hospital has the authority to sit as a board of finance, being regulated by the same standards as would the members of any other board of finance within the state or its political subdivisions. 1969 Op. Att'y Gen. No. 69-76.
Board of regents of school for the deaf.
— Under this section the board of regents for the school for the deaf is the board of finance for that school. 1969 Op. Att'y Gen. No. 69-27.
Municipal boards of education.
— This section allows municipal boards of education to operate as a municipal board of finance. 1960 Op. Att'y Gen. No. 60-163.
Signature of president of board of education not required on checks drawn on special payroll account.
— Where a city board of education acts as its own board of finance in accordance with law, said board may establish a special payroll account in which will be deposited a lump sum each month by check signed by the president of the board, and the school board president's signature is not required on any payroll checks drawn thereon. 1953 Op. Att'y Gen. No. 53-5799.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-10.2 - Statements of condition required to be transmitted to the state cash manager.

As a condition of retaining state deposits or investments, each financial institution certified or designated to receive state public money on deposit shall submit to the state cash manager its quarterly statement of condition at the same time the statement is sent to the federal or state financial authority. The statement shall be certified by an authorized officer of the institution. If the statement is not received by the state cash manager within ten days of its submission to the authority, the manager shall notify the institution of that fact, and the institution shall submit the certified statement within ten days of the notification. Within that twenty-day period, the institution shall not be disqualified from retaining state deposits or investments. If the institution fails to submit the certified statement within the twenty-day period, the state cash manager shall advise the state treasurer, who may withdraw all state funds from the institution in order to protect those state funds.
History:
Laws 1993, ch. 105, § 2.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-11 - Approval of investment of state funds.

No moneys of this state belonging to any sinking fund or other fund shall be invested by the state treasurer in any form of security without the prior approval of such investment by the state board of finance. The state board of finance, prior to approving any such investment shall make an investigation of the validity of any such security, including the authority for the issuance thereof and all proceedings leading up to such issuance, and of the adequacy of the means provided for the payment of principal and interest of such security, and shall by resolution adopted at a meeting of said board recite its findings on all said matters.
History:
Laws 1925, ch. 86, § 1; C.S. 1929, § 112-301; 1941 Comp., § 7-208; 1953 Comp., § 11-2-8; Laws 1978, ch. 121, § 1.
ANNOTATIONS
Investment officer may use services of investment counselor
or other sources of advice to aid in making an investment policy recommendation to the investment council. 1959 Op. Att'y Gen. No. 59-21.
State investment officer may invest state moneys
in "closed-end" mutual funds subject to the restrictions provided for by this section. 1959 Op. Att'y Gen. No. 59-22.
Investment of funds of museum of New Mexico.
— In investing funds belonging to the museum of New Mexico, the state treasurer and state board of finance may, in their discretion, utilize the same standards as govern the investment of public funds controlled by the state commissioner of public lands and as set forth in Section 6-8-10 NMSA 1978. but such enumerated investments are not controlling upon the board of finance and the state treasurer. 1964 Op. Att'y Gen. No. 64-29.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
Stock of private corporation, constitutional or statutory provisions prohibiting municipalities or subdivisions of state from investing in, 152 A.L.R. 495.
81A C.J.S. States § 225.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-12 - [Investment of special road fund balances over $10,000.]

The state treasurer is hereby authorized and directed to invest, as hereinafter provided, the funds on deposit in the state treasury to the credit of any special road fund, where such balance is in the amount of $10,000 (ten thousand dollars) or more.
History:
Laws 1933, ch. 128, § 1; 1941 Comp., § 7-212; 1953 Comp., § 11-2-14.
ANNOTATIONS
Bracketed material.
— The bracketed material in the catchline was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-13 - [Limitation on investment of special road fund.]

Investments mentioned in Section one [6-10-12 NMSA 1978] of this act shall not be made until after funds due the highway department for expenses incurred against such balance, are deducted nor shall such investments be made if the balance in such fund is to be expended by the state highway department within one year from the date that investment may be made.
History:
Laws 1933, ch. 128, § 2; 1941 Comp., § 7-213; 1953 Comp., § 11-2-15.
ANNOTATIONS
Bracketed material.
— The bracketed material in the catchline was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-14 - [Securities eligible for special road fund investments.]

Investments provided for in Section one [6-10-12 NMSA 1978] shall be in securities such as are eligible for investment of common school permanent or other permanent funds, and shall be subject to the same regulations and approval.
History:
Laws 1933, ch. 128, § 3; 1941 Comp., § 7-214; 1953 Comp., § 11-2-16.
ANNOTATIONS
Bracketed material.
— The bracketed material in the catchline was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-16.1 - Security for public deposits.

All deposits of public funds shall be secured by securities as defined in Section 6-10-16 NMSA 1978 in the amount required by law or by surety bonds as provided for in Section 6-10-15 NMSA 1978. A surety company that issues a surety bond pursuant to this section shall be rated in the highest category by at least one nationally recognized statistical rating agency.
History:
Laws 1981, ch. 332, § 20; 2001, ch. 21, § 1.
ANNOTATIONS
The 2001 amendment,
effective March 13, 2001, in the first sentence, deleted "made after the effective date of this act" following "All deposits of public funds", added the phrase following "required by law"; and added the last sentence.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
63C Am. Jur. 2d Public Funds §§ 13, 14.
26A C.J.S. Depositaries § 9(1).
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-17 - Amount of security to be deposited.

Any bank or savings and loan association designated as a depository of public money shall deliver securities of the kind specified in Section 6-10-16 NMSA 1978 to a custodial bank described in Section 6-10-21 NMSA 1978 and shall then deliver a joint safekeeping receipt issued by the custodial bank to the public official from whom or the public board from which the public money is received for deposit. The securities delivered shall have an aggregate value equal to one-half the amount of public money to be received in accordance with Subsection B of Section 6-10-16 NMSA 1978. However, any such bank or savings and loan association may deliver a depository bond executed by a surety company as provided in Section 6-10-15 NMSA 1978 as security for any portion of a deposit of public money.
History:
1953 Comp., § 11-2-18.2, enacted by Laws 1969, ch. 243, § 2; 1971, ch. 31, § 1; 1981, ch. 332, § 6; 1991, ch. 31, § 1.
ANNOTATIONS
The 1991 amendment,
effective June 14, 1991, divided the former first sentence into the present first two sentences; inserted "to a custodial bank described in Section 6-10-21 NMSA 1978 and shall then deliver" and "issued by the custodial bank" in the first sentence; added "The securities delivered shall have" at the beginning of the present second sentence; and made related stylistic changes.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-17.1 - Noncompliance with collateral requirements; withdrawal of public funds.

When a treasurer, board of finance or board of control finds that a bank or savings and loan association that has been designated as a depository of public money has not maintained qualifying securities as collateral for deposits of public money under the control of that treasurer or board as required by law, the treasurer or board shall request the depository to substitute or provide additional qualifying securities to meet those requirements within ten calendar days. If the bank or savings and loan association does not comply with the request within ten calendar days, the treasurer or board shall withdraw from that depository within the next ten calendar days all deposits of public money under the treasurer's or board's control without penalty to the public depositor, notwithstanding any other provision of law to the contrary.
History:
Laws 1991, ch. 31, § 8.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-19 - Ineligible depository bonds.

No depository bond with personal sureties shall be accepted as security for deposits of public money.
History:
Laws 1933, ch. 175, § 10; 1941 Comp., § 7-218; 1953 Comp., § 11-2-20; 1991, ch. 31, § 3.
ANNOTATIONS
The 1991 amendment,
effective June 14, 1991, substituted "as security for deposits of public money" for "by any treasurer and/or board of finance".
Section repeals, by implication,
personal surety clause in Section 6-10-20 NMSA 1978. 1980 Op. Att'y Gen. No. 80-11.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-20 - Additional security.

Any board of finance or board of control may at any time within its discretion require any bank or savings and loan association that has qualified as a depository of public money subject to the control of the board to furnish additional security for the deposit of the kind specified in Section 6-10-16 NMSA 1978.
History:
Laws 1923, ch. 76, § 21; 1925, ch. 123, § 8; C.S. 1929, § 112-121; 1941 Comp., § 7-219; 1953 Comp., § 11-2-21; 1991, ch. 31, § 4.
ANNOTATIONS
The 1991 amendment,
effective June 14, 1991, rewrote this section which read "Any board of finance may at any time within its discretion require any bank which has qualified as a depository of public moneys subject to the control of said board and including banks which have furnished bonds with personal sureties, and which may be continued for the period of one year as specified in Section nineteen hereof to furnish additional security for said deposit of the kind in this act specified."
Former personal surety clause in this section
is repealed by implication by Section 6-10-19 NMSA 1978. 1980 Op. Att'y Gen. No. 80-11.
Exercise of board's authority must comply with applicable statutory guidelines.
— The state board of finance may exercise its authority under this section to require additional security for deposits made by the state treasurer from the severance tax permanent fund; however, such exercise of authority must be consistent with the guidelines approved under former Subsection G of Section 7-27-5 NMSA 1978. 1980 Op. Att'y Gen. No. 80-11.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-21 - Security for deposits; safekeeping; regulations of state board of finance.

The state board of finance is authorized and directed to regulate, by general regulation or by special orders applicable to individual cases, the safekeeping of bonds or other securities delivered by any bank or savings and loan association as security for deposits of public money. The bonds or securities shall be delivered to a third-party custodian, which shall be a federal reserve bank or branch thereof or in any other bank designated by the state board of finance and qualified to perform custodial functions in the state of New Mexico. The bank or savings and loan association delivering securities to that custodial bank shall enter into a written agreement with the custodial bank containing such conditions that will adequately protect the interests of the state, county, city, school district or institution interested in the bonds and securities.
History:
Laws 1927, ch. 87, § 1; C.S. 1929, § 13-1020; 1941 Comp., § 7-220; 1953 Comp., § 11-2-22; 1981, ch. 332, § 8; 1991, ch. 31, § 5.
ANNOTATIONS
The 1991 amendment,
effective June 14, 1991, rewrote this section to the extent that a detailed analysis would be impracticable.
Bank within state may be designated as depository.
— This section does not prohibit the state board of finance from designating a bank within this state as a depository for the safekeeping of bonds or other securities delivered by any bank or banks as security for deposits of public moneys. 1957 Op. Att'y Gen. No. 57-217.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-22 - Security for deposits; liability for loss.

The state treasurer or any board of finance or the secretary or treasurer of any board of finance charged with the custody of any bonds or securities mentioned in Section 6-10-21 NMSA 1978 who complies with the requirements of the state board of finance with respect to the safekeeping of any bonds or securities shall not be liable for the loss of those bonds or securities except in cases where the loss is due to his willful act or might have been avoided by reasonable care on his part.
History:
Laws 1927, ch. 87, § 2; C.S. 1929, § 13-1021; 1941 Comp., § 7-221; 1953 Comp., § 11-2-23; 1991, ch. 31, § 6.
ANNOTATIONS
The 1991 amendment,
effective June 14, 1991, substituted "Section 6-10-21 NMSA 1978" for "Section 1 hereof" near the middle of the section and made minor stylistic changes.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
Constitutionality of statutes relieving officer or public depository or sureties from liability for loss of public funds, 96 A.L.R. 295.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-23 - Safekeeping of pledged securities; acceptance, release and substitution.

A. Whenever securities pledged by a depository bank or savings and loan association to secure public money are delivered to a custodial bank for safekeeping, the custodial bank is authorized to comply with the written instructions given by the depository bank or savings and loan association and the treasurer of the state, county, municipality, school district, public institution or board involved in accepting the securities for safekeeping, in releasing and delivering all or any portion of such pledged securities held in safekeeping and in permitting substitutions of other approved securities for those previously held in safekeeping. It is not necessary for the custodial bank to obtain instructions from or approval thereof by the board of finance having control of the public money involved in the particular transaction.
B. In other cases where a depository bank or savings and loan association is entitled to a withdrawal and return to it of securities which have been deposited to secure deposits of public money, the securities may be withdrawn or substitution of other approved securities effected upon the written instructions executed by the depository bank or savings and loan association and by the treasurer of the state, county, municipality, school district, public institution or board involved. It is not necessary for the instructions to be executed by the board of finance having control of the public money involved in the particular transaction.
C. The written instructions specified in Subsections A and B of this section may be contained in the written agreement between the depository bank or savings and loan association and the custodial bank provided for in Section 6-10-21 NMSA 1978.
History:
1941 Comp., § 7-221a, enacted by Laws 1947, ch. 34, § 1; 1953 Comp., § 11-2-24; 1981, ch. 332, § 9; 1986, ch. 25, § 1; 1991, ch. 31, § 7.
ANNOTATIONS
Cross references.
— For state investment council, see 6-8-2 NMSA 1978.
The 1991 amendment,
effective June 14, 1991, deleted "and mortgage collateral" following "securities" in the catchline; in Subsection A, substituted "a custodial bank" for "another bank or savings and loan association" near the beginning of the first sentence and "custodial bank" for "safe-keeping bank or savings and loan association" in the first and second sentences, and inserted "written" preceding "instructions" in the first sentence; and rewrote Subsection C which pertained to mortgage collateral pledged to secure the deposit of severance tax permanent funds.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-24 - Deposit of public funds in federally insured banks, savings and loan associations and credit unions; conditions.

A. The state treasurer, the several county and municipal treasurers, the treasurers of any public or educational institution in this state and the treasurers of all irrigation districts and conservancy districts may deposit public funds in any bank of the state of New Mexico insured by the federal deposit insurance corporation up to the amount of the insurance or in any savings and loan association whose deposits are insured by the federal savings and loan insurance corporation up to the amount of the insurance, or in any credit union whose deposits are insured by the national credit union administration up to the amount of the insurance, without requiring the bank, savings and loan association or credit union to qualify as a public depository by giving security as required by the laws of New Mexico relating to public money; provided, however, that a deposit made in any credit union shall not exceed that amount insured by an agency of the United States.
B. The several county and municipal treasurers and the treasurers of all irrigation districts and conservancy districts shall not make any deposits outside their respective political subdivisions.
C. All other boards of control handling public funds in any manner whatever may deposit the public funds in any banks in New Mexico insured by the federal deposit insurance corporation up to the amount of the insurance or in any savings and loan association whose deposits are insured by the federal savings and loan insurance corporation up to the amount of the insurance or in any credit union whose deposits are insured by the national credit union administration up to the amount of such insurance, without requiring the bank, savings and loan association or credit union to qualify as a public depository by giving security as required by the laws of New Mexico relating to public money; provided, however, that a deposit made in any credit union shall not exceed that amount insured by an agency of the United States.
History:
Laws 1939, ch. 21, § 1; 1941 Comp., § 7-222; 1953 Comp., § 11-2-25; Laws 1968, ch. 18, § 4; 1975, ch. 157, § 2; 1981, ch. 332, § 10; 1987, ch. 79, § 7.
ANNOTATIONS
The 1987 amendment,
effective June 19, 1987, inserted "or credit union" following "savings and loan association" and "or in any credit union whose deposits are insured by the national credit union administration up to the amount of such insurance" preceding "without requiring the bank" near the middle of Subsections A and C; added at the end of Subsections A and C "provided, however, that the deposit made in any credit union shall not exceed that amount insured by an agency of the United States"; and made minor language changes throughout the section.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
63C Am. Jur. 2d Public Funds § 11.
26A C.J.S. Depositaries § 8.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-24.2 - Linked deposit program.

A. As used in this section:
(1) "financially at risk rural community" means a community with the following characteristics:
(a) no more than one insured bank, thrift institution or credit union within the community; and
(b) a population not exceeding three thousand five hundred; and either
(c) a declining population as evidenced by a decrease in population as shown by the two most recent federal decennial censuses; or
(d) a median household income less than eighty percent of the state median household income;
(2) "linked deposit program" means a depository institution's participation in the deposit program established pursuant to this section;
(3) "market rate" means the rate of return established by the state board of finance for deposits held by qualified depository institutions;
(4) "qualified depository institution" means an insured bank, trust institution or credit union qualified pursuant to Section 6-10-15 NMSA 1978;
(5) "qualifying branch" means an office of a qualified depository institution that is open five days a week, has a night deposit box and provides banking services to residents of the community; and
(6) "state deposits" means public funds under the control of the state treasurer or the state treasurer's designee and held by qualified depository institutions.
B. The state treasurer may invest up to fourteen percent of state deposits, not to exceed forty-nine million dollars ($49,000,000), in qualified depository institutions with a qualifying branch located in a financially at risk rural community. No more than ten million dollars ($10,000,000) may be deposited in any one qualified depository institution pursuant to the linked deposit program. For funds invested in qualified depository institutions pursuant to the linked deposit program, the state treasurer is authorized to accept a rate of return that is not more than one percent below the market rate.
C. The director of the financial institutions division of the regulation and licensing department shall promulgate rules implementing the provisions of this section. Those rules shall address the following areas:
(1) eligibility criteria for qualified depository institutions participating in the linked deposit program;
(2) application procedures for participation in the linked deposit program; and
(3) verification criteria for determining that a qualified depository institution participating in the linked deposit program is meeting the banking service needs of a financially at risk rural community.
History:
Laws 2007, ch. 153, § 1.
ANNOTATIONS
Cross references.
— For the director of financial institutions division,
see
58-1-32 NMSA 1978.
Effective dates.
— Laws 2007, ch. 153, § 2 made Laws 2007, ch. 153, § 1 effective July 1, 2007.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-25 - Declaration of policy.

All moneys of the state, except permanent funds and income derived therefrom and those funds the investment of which is otherwise authorized by law, not needed to meet expenses of state government for the ensuing quarter year should be invested in interest-bearing time deposits or short-term United States government securities. No funds other than those necessary to meet expenses should be permitted to remain in noninterest-bearing accounts in state depositories.
History:
1953 Comp., § 11-2-25.1, enacted by Laws 1955, ch. 140, § 1; 1967, ch. 211, § 1.
ANNOTATIONS
Interest accrues to fund on which paid and not to general fund.
— The general rule is that interest earned by the investment of a special fund is an increment which accrues to the special fund and not to the general funds of the state or other public body. 1958 Op. Att'y Gen. No. 58-149.
Interest earned on principal in game protection fund
is credited to general fund. 1980 Op. Att'y Gen. No. 80-17.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-26 - Quarterly reports of funds on demand deposit; investment in interest-bearing deposits and securities.

On or before the tenth day of each quarter of the fiscal year the state treasurer and the secretary of finance and administration shall report to the state board of finance the amount of money on deposit in state depositories, the account or funds to which the money is credited, the amount of money necessary in the opinion of each of such officers to be kept on demand deposit to meet expenses for the quarter, and the amount of money available, in the opinion of each of the officers, for investment for the ensuing quarter. The state board of finance, from such reports and other information which may be available to it, shall direct the state treasurer to invest such sums as it may determine as available for investment in interest-paying time deposits or short-term United States government securities, or a combination thereof. It is the further policy of the state of New Mexico to foster the banking business and the savings and loan business, and the board of finance shall not withdraw funds from the various banks and savings and loan associations of New Mexico if it is the banks' and savings and loan associations' desire to pay some reasonable interest rate on the funds. The state board of finance shall determine the rate of interest to be charged on the investments. The interest earned from the investment of this money shall be placed into the general fund of the state.
History:
1953 Comp., § 11-2-25.2, enacted by Laws 1955, ch. 140, § 2; 1957, ch. 102, § 1; 1968, ch. 18, § 5; 1977, ch. 247, § 107; 1979, ch. 99, § 1.
ANNOTATIONS
Interest earned on investment of game protection fund
is credited to that fund. This section relates to all surplus state funds, which is a "class," and not to the game protection fund specifically, which is less than a class and relates to a particular part of a class. Therefore, any interest earned on the investment of money in the game protection fund must be credited to that fund, not to the state general fund. 1982 Op. Att'y Gen. No. 82-01.
Interest earned on investment in shooting range fund
is credited to that fund, not the state general fund. 1980 Op. Att'y Gen. No. 80-17.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-27 - Provisions inapplicable to permanent and certain other funds.

The provisions of Sections 6-10-25 and 6-10-26 NMSA 1978, shall not apply to the investment of permanent funds or the income derived therefrom nor to the investment of funds otherwise authorized by law.
History:
1953 Comp., § 11-2-25.3, enacted by Laws 1955, ch. 140, § 3; 1967, ch. 211, § 2.
ANNOTATIONS
Interest is generally an accretion
or increment to principal fund earning it, and becomes a part of that fund. 1980 Op. Att'y Gen. No. 80-17.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-28 - Investment of bond proceeds.

The state treasurer, upon order of the state board of finance, shall invest the proceeds of state revenue and general obligation bonds until the money is needed for the purpose for which the bonds were authorized and sold. Income from these investments shall be applied to payment of principal of and interest on the bonds, for the purposes for which the bonds were issued or to pay rebate, penalty, interest and other obligations of the state relating to the bonds under the Internal Revenue Code of 1986, as amended, including any regulations applicable under the code.
History:
1953 Comp., § 11-2-25.4, enacted by Laws 1967, ch. 211, § 3; 1988, ch. 45, § 1.
ANNOTATIONS
Cross references.
— For the Internal Revenue Code of 1986,
see
Title 26 of the United States Code.
The 1988 amendment,
effective March 4, 1988, in the second sentence, substituted "shall be applied to payment of principal" for "shall be credited to the appropriate fund to apply toward payment of principal", added the phrase beginning "for the purposes for which" at the end of the subsection, and made minor stylistic changes.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-29 - Banks, savings and loan associations and credit unions to furnish statement of deposits monthly; credit interest monthly; signature to checks.

A. Every bank, savings and loan association and credit union holding public money deposited by the state treasurer shall, on the first day of each month during the time in which it holds such deposits, furnish to the state treasurer and to the financial control division of the department of finance and administration an itemized statement concerning the deposit, showing the daily balance for the last preceding month and interest accrued thereon. These statements shall be filed by the state treasurer and the financial control division and be public records. Every bank, savings and loan association and credit union having public money on deposit other than that deposited by the state treasurer shall furnish to the treasurer depositing the same and to the board of finance which issued the certificate under which it holds such money, on the first day of each month during the time in which it holds any such money on deposit, an itemized statement concerning the deposit, showing the daily balance of the deposit account for the last preceding month and interest accrued thereon, which statement shall be filed in regular order and carefully preserved in the respective offices. Upon the first day of each month, all interest accrued upon the deposit shall by the bank, savings and loan association or credit union be credited to the state, county, municipality or board in control whose money it so holds.
B. All checks drawn against any account of public money deposited or against any interest account shall be signed by the proper officer authorized to sign them and in his official capacity.
C. "Deposit", as used herein, means either investment or deposit and includes share, share certificate and share draft.
History:
Laws 1923, ch. 76, § 14; C.S. 1929, § 112-114; 1941 Comp., § 7-223; 1953 Comp., § 11-2-26; Laws 1968, ch. 18, § 6; 1975, ch. 157, § 3; 1987, ch. 79, § 9.
ANNOTATIONS
The 1987 amendment,
effective June 19, 1987, in Subsection A inserted "and credit union" following "savings and loan association" in the first, third and last sentences; in Subsection C added at the end "and includes share, share certificate, and share draft"; and made minor language changes throughout the section.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
63C Am. Jur. 2d Public Funds § 9.
26A C.J.S. Depositaries § 12(1).
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-30 - Interest rates set by state board of finance.

The state board of finance at any time, but at least once each fiscal year, shall fix the rate of interest to be paid upon all time deposits of public money made by all public officials authorized to make deposits of public money.
History:
1953 Comp., § 11-2-27, enacted by Laws 1975, ch. 304, § 1; 2001, ch. 55, § 1.
ANNOTATIONS
Repeals and reenactments.
— Laws 1975, ch. 304, § 1, repealed 11-2-27, 1953 Comp., relating to interest rates and powers of state board of finance, and enacted a new section.
The 2001 amendment,
effective June 15, 2001, changed the minimum number of times the board of finance shall fix interest rates from once each quarter to once each fiscal year.
Home-rule municipalities may establish interest rates in conflict with those of board of finance.
— Home-rule municipalities have the right to establish an interest rate policy pursuant to N.M. Const., art. X, § 6, that may be in conflict with the interest rate policy established by the board of finance. 1975 Op. Att'y Gen. No. 75-56.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
63C Am. Jur. 2d Public Funds § 10.
Termination of interest, or reduction of interest rate, on deposit of public funds, 107 A.L.R. 1210.
26A C.J.S. Depositaries § 12(1).
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-31 - Interest on time deposits.

Any board of finance may, whenever in its opinion such a course is advisable and the public money under its control, or any part thereof, will not be needed immediately for public purposes, place such funds on time deposit with a bank, savings and loan association or credit union whose deposits are insured by an agency of the United States, taking the certificate of deposit or other evidence of indebtedness of the bank, savings and loan association or credit union receiving the deposit; provided, however, that all such deposits shall be secured as provided by law. No county or municipal board of finance shall make any deposits outside of its county.
History:
Laws 1929, ch. 92, § 1; C.S. 1929, § 112-201; 1941 Comp., § 7-225; 1953 Comp., § 11-2-28; Laws 1968, ch. 18, § 7; 1973, ch. 78, § 1; 1975, ch. 157, § 4; 1981, ch. 332, § 11; 1987, ch. 79, § 10.
ANNOTATIONS
The 1987 amendment,
effective June 19, 1987, inserted "or credit union" following "savings and loan association" both places it appears and made minor changes in language throughout the section.
County treasurer's authority.
— The county treasurer, with the advice and consent of the board of finance, may invest public funds on time deposits with a bank.
Board of Cnty. Comm'rs v. Padilla
, 1990-NMCA-125, 111 N.M. 278, 804 P.2d 1097.
Investment in certificates of deposit.
— The New Mexico school for the deaf may invest surplus funds in certificates of deposit. 1969 Op. Att'y Gen. No. 69-27.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-32 - Treatment of interest on land grant funds.

All interest collected by the state treasurer on deposits, whether on time deposits or otherwise, in any bank, in any savings and loan association or in any credit union whose deposits are insured by an agency of the United States of money belonging to the common school permanent or income funds or to any other fund derived from lands granted to the state by any act of congress shall be treated by the state treasurer as income of the funds to which that money belongs and as collected by him shall be credited accordingly.
History:
Laws 1929, ch. 92, § 2; C.S. 1929, § 112-202; 1941 Comp., § 7-226; 1953 Comp., § 11-2-29; Laws 1968, ch. 18, § 8; 1987, ch. 79, § 11.
ANNOTATIONS
The 1987 amendment,
effective June 19, 1987, inserted "or in any credit union" following "savings and loan association" and made minor changes in language throughout the section.
Interest is generally an accretion
or increment to principal fund earning it, and becomes a part of that fund. 1980 Op. Att'y Gen. No. 80-17.
Only enumerated funds entitled to interest income.
— By excluding all other funds, this section seems to direct that only funds deposited in any bank belonging to common school permanent or income funds or other funds derived from lands granted to the state by any act of congress are entitled to the interest income upon bank deposits. 1932 Op. Att'y Gen. No. 32-510.
Disposition of interest on funds other than ones covered by this section.
— All interest earnings upon daily balances on deposit, except on funds mentioned in this section, should be credited to the interest-on-deposits fund and eventually to the general fund of the state. 1932 Op. Att'y Gen. No. 32-510.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-33 - Interest limited to maximum permitted by federal law or regulation.

No deposit of public funds shall bear interest where any bank, savings and loan association or credit union is precluded from paying interest on the deposit by federal law or the regulations of any agency or instrumentality of the United States, and no deposit of public funds shall bear a greater interest rate than banks, savings and loan associations or credit unions are authorized to pay under such federal laws or regulations.
History:
1953 Comp., § 11-2-30, enacted by Laws 1975, ch. 157, § 5; 1981, ch. 332, § 12; 1987, ch. 79, § 12.
ANNOTATIONS
Repeals and reenactments.
— Laws 1975, ch. 157, § 5, repealed 11-2-30, 1953 Comp., relating to interest limited to maximum permitted by federal law or regulation, and enacted a new 6-10-33 NMSA 1978.
The 1987 amendment,
effective June 19, 1987, inserted "or credit union" following "savings and loan association" and made minor changes in language throughout the section.
Applicability to 6-10-36E NMSA 1978.
— The statutory requirement, 6-10-36E NMSA 1978, that a financial institution forfeit a deposit of public money for failure to pay the rate of interest set by the state board of finance does not apply in the event that the rate is not paid because of federal law or regulation. 1982 Op. Att'y Gen. No. 82-06.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-34 - Withdrawal of time deposits subject to federal law or regulation.

Notwithstanding any other provision of law, no time deposit of public funds in a member of the federal reserve system, as that term is or may be defined by law or regulation of the board of governors of the federal reserve system, or in a bank or savings and loan association which is a member of the federal home loan bank or the federal savings and loan insurance corporation or in a credit union which is chartered or insured by the national credit union administration may be withdrawn before maturity, except under the conditions as the member bank or savings and loan association or credit union is authorized to repay the deposit before maturity under federal law or regulation, and no time deposit of public funds in a nonmember of the federal reserve system, federal home loan bank system or federal savings and loan insurance corporation, as the term "time deposit" is or may be defined by federal law or regulation of the federal deposit insurance corporation, shall be withdrawn before maturity, except under the conditions as a bank not a member of the federal reserve system, but insured by the federal deposit insurance corporation, is authorized to repay the deposit before maturity under federal law or regulation of the federal deposit insurance corporation.
History:
Laws 1937, ch. 19, § 2; 1941 Comp., § 7-228; 1953 Comp., § 11-2-31; 1981, ch. 332, § 13; 1987, ch. 79, § 13.
ANNOTATIONS
The 1987 amendment,
effective June 19, 1987, inserted "or in a credit union which is chartered or insured by the national credit union administration" following "or the federal savings and loan insurance corporation" just before the middle of the section and "or credit union" following "savings and loan association" in the middle of the section, and made minor changes in language throughout the section.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-36.1 - Receipts of public money; disposition by certain municipalities.

A municipality or village having within its boundaries no suitable banking facility in which to deposit collected receipts of public money shall deposit receipts within a period not to exceed five days from the date of collection, except when inclement weather or natural disaster conditions exist, in which case the period is extended to ten days; provided the municipality or village adopts a reasonable administrative policy approved by the local government division of the department of finance and administration establishing procedures for the safeguarding of the public funds prior to deposit.
History:
Laws 1997, ch. 161, § 1; 2007, ch. 130, § 1.
ANNOTATIONS
Cross references.
— For deposit and investment of funds,
see
6-10-10 NMSA 1978.
The 2007 amendment,
effective June 15, 2007, increased the time for deposit of funds to ten days when inclement weather or natural disaster conditions exist.