reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 6 - Local Government Finances › Section 6-6-18 - Current year; disposition of funds.

All money collected from the tax schedule of any one year for county purposes or that should have been collected for that year for that purpose, whether it was placed on the tax schedule or not, except money collected for that year from assessments made for some special purpose and except for money deposited pursuant to the provisions of Section 6-6-19 NMSA 1978, shall constitute the fund for the current year.
History:
Laws 1897, ch. 42, § 21; C.L. 1897, § 305; Code 1915, § 1233; C.S. 1929, § 33-4247; 1941 Comp., § 7-613; 1953 Comp., § 11-6-12; Laws 1989, ch. 276, § 2.
ANNOTATIONS
Cibola county entitled to federal "payment in lieu of taxes".
— Cibola county, created in 1981 from the western portion of Valencia county, was entitled to a portion of the "payment in lieu of taxes" paid by the federal government to Valencia county to compensate the local governmental unit for loss of tax revenues from certain tax-exempt federal lands ("entitlement lands") located within local governmental boundaries.
Board of Cnty. Comm'rs v. Board of Cnty. Comm'rs
, 1986-NMSC-081, 105 N.M. 44, 728 P.2d 454.
School fund.
— Money collected by taxes for school purposes constitutes a fund for schools for the current year. 1914 Op. Att'y Gen. No. 14-1307.
Indebtedness of several years for water or sewerage facilities not affected.
— The Bateman Act (6-6-11 and 6-6-13 to 6-6-18 NMSA 1978) does not apply to the creation of an indebtedness for water or sewerage facilities for municipalities to cover a period of several years. 1920 Op. Att'y Gen. No. 20-2456.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 6 - Local Government Finances › Section 6-6-20 - Municipal post-employment life insurance benefits trust.

A. A municipal post-employment life insurance benefits trust may be established, maintained and used by a municipal treasurer with the advice and consent of the municipal board of finance.
B. The municipality's contributions to the municipal post-employment life insurance benefits trust shall be irrevocable, and the money in the trust shall be dedicated exclusively to funding post-employment life insurance benefits pursuant to the provisions of the trust established by the municipal treasurer.
C. Money in a municipal post-employment life insurance benefits trust shall be invested pursuant to the Uniform Prudent Investor Act [45-7-601 to 45-7-612 NMSA 1978] and the provisions of this section. Earnings and income from investment of money in the trust shall be credited to the trust.
D. The municipal treasurer shall serve as the trustee and may use the services of a trust company to manage the investment of money in the municipal post-employment life insurance benefits trust.
E. As used in this section:
(1) "municipal post-employment life insurance benefits trust" means an investment fund established, maintained and used by a municipality exclusively for the purposes permitted by this act; and
(2) "trust company" means an individual or a company, corporation, firm, partnership, state-chartered bank, national bank or other legal entity that provides investment services pursuant to the Trust Company Act [Chapter 58, Article 9 NMSA 1978] and that agrees to adhere to the provisions of the Uniform Prudent Investor Act.
History:
Laws 2017, ch. 14, § 1.
ANNOTATIONS
Effective dates.
— Laws 2017, ch. 14 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 16, 2017, 90 days after the adjournment of the legislature.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 6A - Leasehold Community Assistance › Section 6-6A-1 - Short title.

This act [6-6A-1 to 6-6A-5 NMSA 1978] may be referred to as the "Leasehold Community Assistance Act".
History:
Laws 1985, ch. 214, § 1.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 6A - Leasehold Community Assistance › Section 6-6A-2 - Definition.

As used in the Leasehold Community Assistance Act, "leasehold community" means a community which:
A. is located on an Indian pueblo on lands leased from that pueblo;
B. is chartered by the pueblo;
C. has a mayor-council form of government; and
D. contains lands leased from the pueblo which, together with improvements, has a net property tax valuation of at least five million dollars ($5,000,000).
History:
Laws 1985, ch. 214, § 2.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 6A - Leasehold Community Assistance › Section 6-6A-4 - Leasehold communities; duties.

Every leasehold community shall:
A. keep all the books, records and accounts in their respective offices in the form prescribed by the local government division;
B. submit to an audit of its books upon request of the local government division;
C. make all reports as may be required by the local government division; and
D. conform to the rules and regulations adopted by the local government division.
History:
Laws 1985, ch. 214, § 4.
ANNOTATIONS
Cross references.
— For local government division,
see
9-6-3 NMSA 1978.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 6A - Leasehold Community Assistance › Section 6-6A-5 - Inclusion of leasehold community assistance fund in the local government division's annual budget.

The local government division shall calculate the amount of funds to which all leasehold communities are entitled as provided in Subsection B of Section 3 [6-6A-3B NMSA 1978] of the Leasehold Community Assistance Act and shall include that amount in the division's annual budget in the general appropriation act. These budgeted funds shall be used to replenish annually the money available for distribution from the leasehold community assistance fund.
History:
Laws 1985, ch. 214, § 5.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 7 - Disaster Relief (Recompiled.) › Section 6-7-1 - Recompiled.

ANNOTATIONS
Recompilations.
— Laws 2005, ch. 22, § 4 recompiled former 6-7-1 NMSA 1978 as 12-11-23 NMSA 1978, effective July 1, 2005.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 7 - Disaster Relief (Recompiled.) › Section 6-7-2 - Recompiled.

ANNOTATIONS
Recompilations.
— Laws 2005, ch. 22, § 4 recompiled former 6-7-2 NMSA 1978 as 12-11-24 NMSA 1978, effective July 1, 2005.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 7 - Disaster Relief (Recompiled.) › Section 6-7-3 - Recompiled.

ANNOTATIONS
Recompilations.
— Laws 2005, ch. 22, § 4 recompiled former 6-7-3 NMSA 1978 as 12-11-25 NMSA 1978, effective July 1, 2005.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8 - Investment of Public Money › Section 6-8-1 - Definitions.

As used in Chapter 6, Article 8 NMSA 1978:
A. "council" means the state investment council;
B. "department" means the department of finance and administration;
C. "land grant permanent funds" means the permanent school fund established by Article 12, Section 2 of the constitution of New Mexico and all other permanent funds derived from lands granted or confirmed to the state by the act of congress of June 20, 1910, entitled "An Act To enable the people of New Mexico to form a constitution and state government and be admitted into the Union on an equal footing with the original States...";
D. "permanent funds" means the land grant permanent funds, rural libraries endowment fund, severance tax permanent fund, tobacco settlement permanent fund, conservation legacy permanent fund and water trust fund;
E. "secretary" means the secretary of finance and administration;
F. "severance tax permanent fund" means the fund established by Article 8, Section 10 of the constitution of New Mexico;
G. "tobacco settlement permanent fund" means the fund established by Section 6-4-9 NMSA 1978; and
H. "water trust fund" means the fund established by Article 16, Section 6 of the constitution of New Mexico.
History:
1953 Comp., § 11-2-8.4, enacted by Laws 1957, ch. 179, § 1; 1977, ch. 247, § 5; 1983, ch. 301, § 11; 1983, ch. 306, § 1; 1997, ch. 135, § 1; 1997, ch. 183, § 1; 2015, ch. 95, § 1; 2019, ch. 165, § 5; 2023, ch. 26, § 1.
ANNOTATIONS
The 2023 amendment,
effective June 16, 2023, added the "conservation legacy permanent fund" to the definition of "permanent funds"; and in Subsection D, after "tobacco settlement permanent fund", added "conservation legacy permanent fund".
The 2019 amendment,
effective July 1, 2019, included the "rural libraries endowment fund" within the definition of "permanent funds", as used in Chapter 6, Article 8 NMSA 1978; and in Subsection D, after "land grant permanent funds", added "rural libraries endowment fund".
The 2015 amendment,
effective June 19, 2015, amended certain definitions relating to public finances and the investment of public money; deleted Subsections A, B and C; redesignated Subsection D as Subsection A; and added new Subsections B through H.
The second 1997 amendment,
effective on the date the United States congress consents to amendments of N.M. Const., art. VIII, § 10 and article XII, §§ 2, 4 and 7, approved at the 1996 general election, effected the same changes in the section as the first 1997 amendment. The United States Congress approved the constitutional amendments in P.L. 105-37, 111 Stat. 1113, the New Mexico Statehood and Enabling Act Amendments of 1997, approved August 7, 1997.
The first 1997 amendment,
effective April 9, 1997, substituted "Chapter 6, Article 8" for "Sections 6-8-1 through 6-8-16" in the introductory language and substituted "land grant permanent funds" for "permanent fund" in Subsection C.
The restrictions specified in this article are valid and constitutional.
1958 Op. Att'y Gen. No. 58-10.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8 - Investment of Public Money › Section 6-8-5 - Bond; staff; budget.

A. Before the state investment officer or other responsible employee of the investment office enters upon the officer's or employee's duties, the secretary shall require an individual bond or include the state investment officer and all employees of the investment office under a blanket bond for an amount and for a coverage deemed best to protect the state's interest. The bond premiums shall be paid by the state.
B. The state investment officer shall annually prepare a budget for administering and investing all funds managed by the investment office, which shall be reviewed and approved by the council. Any funds provided for the operating budget of the investment office shall be appropriated by the legislature from the assets of the land grant permanent funds, the severance tax permanent fund, funds available for investment pursuant to Subsection I of Section 6-8-7 NMSA 1978 or any other funds managed by the investment office, as authorized by law.
C. Amounts budgeted or appropriated from the land grant permanent funds and the severance tax permanent fund for the costs of administering and investing those funds shall be in addition to the amounts distributed to the beneficiaries of the land grant permanent funds and to the general fund from the severance tax permanent fund as provided by law.
D. The state investment officer shall appoint all employees of the investment office.
History:
1953 Comp., § 11-2-8.8, enacted by Laws 1957, ch. 179, § 5; 1976, ch. 6, § 1; 1977, ch. 247, § 98; 1997, ch. 135, § 2; 2015, ch. 95, § 4.
ANNOTATIONS
The 2015 amendment,
effective June 19, 2015, changed certain requirements for administering and investing certain funds by the state investment officer; in Subsection A, after "enters upon", deleted "his" and added "the officer's or employee's", after "investment officer and", deleted "other responsible" and added "all", and after "employees", added of the investment office"; in Subsection B, after "shall be appropriated", added "by the legislature", after "as authorized by law", deleted the remainder of the subsection relating to the land grant permanent funds; and in Subsection C, after "permanent fund as provided by law", deleted the remainder of the subsection relating to amounts budgeted or appropriated from the land grant permanent fund.
The 1997 amendment,
effective April 9, 1997, in Subsection A, substituted "office, enters" for "division, shall enter" and deleted "shall" preceding "include"; rewrote Subsection B; added Subsection C and redesignated former Subsection C as Subsection D; and substituted "office" for "division" in Subsection D.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8 - Investment of Public Money › Section 6-8-6 - Transfer of investment powers.

The functions, powers and duties vested by law relating to the investment or reinvestment of money and the purchase, sale or exchange of investments or securities of the permanent fund are transferred to the state investment officer. The state treasurer shall maintain custody of the state permanent fund but shall at all times render the fund or any part of it available for investment in accordance with the provisions of Sections 6-8-1 through 6-8-18 NMSA 1978.
Any provision of existing law requiring or designating an elected state official to serve by virtue of his office in an active or advisory capacity concerning the investment of the state permanent fund shall be inoperative.
History:
1953 Comp., § 11-2-8.9, enacted by Laws 1957, ch. 179, § 6; 1977, ch. 247, § 99; 1981, ch. 264, § 4.
ANNOTATIONS
Cross references.
— For investment responsibility of state investment officer for "public buildings at capital, permanent fund",
see
19-1-19 NMSA 1978.
Limitation on investment of "permanent fund".
— This section limits the power of the state investment officer to investment of those funds which are in the "permanent fund." 1962 Op. Att'y Gen. No. 62-76.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8 - Investment of Public Money › Section 6-8-8 - Compromise; adjustment.

In the event of default in the payment of principal [of], or interest on, an investment made, the investment officer is authorized to institute proper proceedings to collect matured interest and principal; the investment officer may, after consultation with the investment council, accept for exchange purposes refunding bonds or other evidences of indebtedness at interest rates to be agreed upon with the obligor. The investment officer, after consultation with the council, is authorized to adjust past-due interest or principal in default.
History:
1953 Comp., § 11-2-8.11, enacted by Laws 1957, ch. 179, § 8; 1977, ch. 247, § 101; 1981, ch. 264, § 6.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and it is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8 - Investment of Public Money › Section 6-8-9 - Repealed.

History:
1953 Comp., § 11-2-8.12, enacted by Laws 1957, ch. 179, § 9; 1961, ch. 248, § 1; 1965, ch. 219, § 1; 1969, ch. 262, § 1; 1970, ch. 81, § 2; 1975, ch. 211, § 2; 1983, ch. 277, § 1; 1987, ch. 231, § 1; 1989, ch. 98, § 1; 1991, ch. 83, § 1; 1996, ch. 31, § 1; 1997, ch. 183, § 2; 1998, ch. 19, § 1; 2001, ch. 252, § 2; 1978 Comp., § 6-8-9, repealed by Laws 2005, ch. 240, § 7.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 240, § 7 repealed 6-8-9 NMSA 1978, as enacted by Laws 1957, ch. 179, § 9, relating to securities and investments, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8 - Investment of Public Money › Section 6-8-10 - Investment standards.

Investments made pursuant to Sections 6-8-1 through 6-8-16 NMSA 1978 shall be made in accordance with the prudent investor rule set forth in the Uniform Prudent Investor Act [45-7-601 to 45-7-612 NMSA 1978].
History:
1953 Comp., § 11-2-8.13, enacted by Laws 1957, ch. 179, § 10; 2001, ch. 252, § 3.
ANNOTATIONS
The 2001 amendment,
effective June 15, 2001, substituted the language beginning "in accordance with" for "with the exercise of that degree of judgment and care, under circumstances then prevailing, which men of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation but for investment, considering the probable safety of their capital as well as the probable income to be derived".
Prudent man rule applicable to purchases of securities.
— This section has adopted, for the purposes of investment of the permanent fund, the prudent man rule of investments that is applicable to trustees generally. Under this rule, it is generally held that a trustee can properly invest in securities, the purchase price of which is greater than the face value of security, or at a premium. 1959 Op. Att'y Gen. No. 59-157.
Standards of this section may be applied when investing 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 are set forth in this section. 1964 Op. Att'y Gen. No. 64-29.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8 - Investment of Public Money › Section 6-8-11 - Custody of securities.

Securities purchased or held by the state investment officer or the council shall be in the custody of a custodian bank contracted pursuant to the provisions of Subsection H of Section 6-8-7 NMSA 1978.
History:
1953 Comp., § 11-2-8.14, enacted by Laws 1957, ch. 179, § 11; 1975, ch. 211, § 3; 1977, ch. 247, § 102; 2015, ch. 95, § 6.
ANNOTATIONS
The 2015 amendment,
effective June 19, 2015, required securities purchased or held by the state investment officer or the council to be in the custody of a contracted custodian bank; after "state investment officer or the", deleted "state investment", after "custody of", deleted "the state treasurer who may, with the approval of the secretary, deposit with a bank or trust company the securities for safekeeping and servicing" and added "a custodian bank contracted pursuant to the provisions of Subsection H of Section 6-8-7 NMSA 1978".
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8 - Investment of Public Money › Section 6-8-12 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1996, ch. 4, § 3, repealed 6-8-12 NMSA 1978, as enacted by Laws 1957, ch. 179, § 12, relating to collection of income and proceeds and availability for investment, effective upon certification by the secretary of state that the proposed amendments to art. 8, § 10 and art. 12, §§ 2, 4, and 7 of the New Mexico Constitution have passed and been ratified by the United States congress. Those constitutional amendments, proposed by S.J.R. No. 2 (Laws 1996), were adopted at the general election held November 5, 1996, by a vote of 307,442 for and 153,021 against. For provisions of former section,
see
the 1995 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8 - Investment of Public Money › Section 6-8-13 - Record of investments.

The investment office shall keep accurate and complete records and accounts concerning the state investment portfolio.
History:
1953 Comp., § 11-2-8.16, enacted by Laws 1957, ch. 179, § 13, 1977, ch. 247, § 103; 2015, ch. 95, § 7.
ANNOTATIONS
The 2015 amendment,
effective June 19, 2015, changed "investment division" to "investment office".
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8 - Investment of Public Money › Section 6-8-14 - Monthly reports.

No later than twenty days after the end of each month, the state investment officer shall submit to the council a report of the operations of the investment office during the past month. Each report shall include a schedule of cumulative fiscal year actual and budgeted expenditures and a monthly summary of contributions, distributions, fees, income and net gains or losses for each permanent fund and investment pool. The reports shall be published on the web site of the council and the sunshine portal and shall be open for inspection to the public and the press in the investment office.
History:
1953 Comp., § 11-2-8.17, enacted by Laws 1957, ch. 179, § 14; 1977, ch. 247, § 104; 2010, ch. 14, § 5; 2015, ch. 95, § 8.
ANNOTATIONS
The 2015 amendment,
effective June 19, 2015, amended the contents of the monthly report of the operations of the investment office that is required to be submitted by the state investment officer; after "No later than", deleted "ten" and added "twenty", after "days after the", deleted "close" and added "end", after "investment officer shall submit to", deleted "the secretary and", after "the", deleted "state investment", after "operations of the", added "investment", after "Each report shall", deleted "give complete statement of the state investment portfolio as of the time of the report and, in addition, shall include a detailed summary of the month's investment, reinvestment, purchase, sale and exchange transactions, setting forth the investments bought, sold or exchanged, the dates thereof, the prices paid or obtained, the name of the dealers involved, fees paid for each transaction, disclosure of contractor arrangements and a statement of the funds or accounts referred to herein. The reports shall also be circulated to a mailing list of investment bankers and brokers recommended by the council" and added "include a schedule of cumulative fiscal year actual and budgeted expenditures and a monthly summary of contributions, distributions, fees, income and net gains or losses for each permanent fund and investment pool", after "published on the web", changed "sites" to "site", after "of the council", deleted "the legislature and the department of finance and administration" and added "and the sunshine portal", after "the press in the", deleted "office of the state", and after "investment", deleted "officer" and added "office".
The 2010 amendment,
effective March 1, 2010, in the second sentence, after "the names of dealers involved", added "fees paid for each transaction, disclosure of contractor arrangements" and in the fourth sentence, after "The reports shall be", added "published on the web sites of the council, the legislature and the department of finance and administration and shall be".
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8 - Investment of Public Money › Section 6-8-15 - Post-audit.

The state auditor shall be responsible for conducting a continuous post-audit of the investment transactions of the state, and shall submit annually a special report on his findings to the investment council, the secretary, the governor, and to the appropriate legislative committee.
History:
1953 Comp., § 11-2-8.28, enacted by Laws 1957, ch. 179, § 15; 1977, ch. 247, § 105.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8 - Investment of Public Money › Section 6-8-16 - Annual report.

On or before January 1 of each year, and at such other times as it may deem in the public interest, the investment council shall report to the governor and to the legislature with respect to its review of the work of the investment division [office].
History:
1953 Comp., § 11-2-8.19, enacted by Laws 1957, ch. 179, § 16; 1977, ch. 247, § 106.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and it is not part of the law. Laws 1981, ch. 264, § 3 changed the name of the investment division to the investment office.
See
6-8-4 NMSA 1978.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8 - Investment of Public Money › Section 6-8-17 - Repealed.

History:
1953 Comp., § 11-2-10.1, enacted by Laws 1970, ch. 2, § 1; 1978 Comp., § 6-8-17, repealed by Laws 2005, ch. 240, § 7.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 240, § 7 repealed 6-8-17 NMSA 1978, as enacted by Laws 1970, ch. 2, § 1, relating to the purpose of the act, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8 - Investment of Public Money › Section 6-8-18 - Repealed.

History:
1953 Comp., § 11-2-10.2, enacted by Laws 1970, ch. 2, § 2; 1971, ch. 41, § 1; 1987, ch. 79, § 2; 1978 Comp., § 6-8-18, repealed by Laws 2005, ch. 240, § 7.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 240, § 7, repealed 6-8-18 NMSA 1978, as enacted by Laws 1970, ch. 2, § 2, relating to permanent funds and investment in interest-bearing time deposits, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8 - Investment of Public Money › Section 6-8-19 - Repealed.

History:
Laws 1987, ch. 126, § 1; 1989, ch. 98, § 2; 1990, ch. 91, § 1; 1996, ch. 31, § 2; 1997, ch. 183, § 3; 2001, ch. 252, § 4; repealed by Laws 2005, ch. 240, § 7.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 240, § 7 repealed 6-8-19 NMSA 1978, as enacted by Laws 1987, ch. 126, § 1, relating to short-term investments, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8 - Investment of Public Money › Section 6-8-20 - Repealed.

History:
Laws 1987, ch. 219, § 3; 1990, ch. 126, § 1; 1997, ch. 183, § 4; 2001, ch. 252, § 5; 2005, ch. 240, § 2; 2010, ch. 14, § 6; repealed by Laws 2015, ch. 95, § 11.
ANNOTATIONS
Repeals.
— Laws 2015, ch. 95, § 11 repealed 6-8-20 NMSA 1978, as enacted by Laws 1987, ch. 219, § 3, relating to the creation of a private equity investment advisory committee, membership, duties, terms, liabilities and conflict of interest, effective June 19, 2015. For provisions of former section,
see
the 2014 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8 - Investment of Public Money › Section 6-8-21 - Repealed.

History:
Laws 1997, ch. 183, § 5; 2001, ch. 252, § 6; repealed by Laws 2005, ch. 240, § 7.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 240, § 7 repealed 6-8-21 NMSA 1978, as enacted by Laws 1997, ch. 183, § 5, relating to private equity investments, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8 - Investment of Public Money › Section 6-8-22 - Disclosure of third-party marketers; penalty.

A. Neither the state investment council nor the state investment officer shall make any investment, other than investments in publicly traded equities or publicly traded fixed-income securities, unless the recipient of the investment discloses the identity of any third-party marketer who rendered services on behalf of the recipient in obtaining the investment and also discloses the amount of any fee, commission or retainer paid to the third-party marketer for the services rendered.
B. Information disclosed pursuant to Subsection A of this section shall be included in the monthly reports of the state investment officer and the annual reports of the state investment council.
C. Any person who knowingly withholds information required by Subsection A of this section is guilty of a fourth degree felony and shall be punished by a fine of not more than twenty thousand dollars ($20,000) or by imprisonment for a definite term not to exceed eighteen months or both.
D. As used in this section, "third-party marketer" means a person who, on behalf of an investment fund manager or other person seeking an investment of public money and under a written or implied agreement, receives a fee, commission or retainer for such services from the person seeking an investment of public money.
History:
Laws 2009, ch. 152, § 1.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 152 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 19, 2009, 90 days after the adjournment of the legislature.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8 - Investment of Public Money › Section 6-8-23 - Compensation under contingent fee contracts; suspense fund created.

A. For the purpose of making disbursements and distributions pursuant to this section, the "state investment council suspense fund" is created in the state treasury.
B. When pursuing a claim and utilizing legal services on a contingent fee basis, all amounts received by the legal services contractor as satisfaction of the claim shall be transferred to the council and deposited into the state investment council suspense fund to the credit of the council. Upon the direction of the state investment officer, the contingent attorney fees due to the legal services contractor shall be disbursed from the suspense fund to the contractor.
C. After a disbursement to a contractor pursuant to Subsection B of this section, the balance of the deposit into the state investment council suspense fund shall be distributed to the appropriate permanent fund or other appropriate fund from which the loss occurred that originated the claim pursued by the legal services contractor.
History:
Laws 2011, ch. 9, § 2.
ANNOTATIONS
Emergency clauses.
— Laws 2011, ch. 9, § 4 contained an emergency clause and was approved March 17, 2011.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8 - Investment of Public Money › Section 6-8-24 - Qui tam plaintiffs.

Nothing in this 2011 act [6-8-7, 6-8-23 NMSA 1978] shall prejudice or impair the rights of a qui tam plaintiff pursuant to the Fraud Against Taxpayers Act [44-9-1 to 44-9-14 NMSA 1978].
History:
Laws 2011, ch. 9, § 3.
ANNOTATIONS
Emergency clauses.
— Laws 2011, ch. 9, § 4 contained an emergency clause and was approved March 17, 2011.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8 - Investment of Public Money › Section 6-8-25 - Accounts for support of persons with disabilities.

The state treasurer shall establish and maintain the program established pursuant to 26 U.S.C. Section 529A and the Accounts for Persons with Disabilities Act [6-8A-1 to 6-8A-7 NMSA 1978].
History:
Laws 2016, ch. 40, § 8.
ANNOTATIONS
Emergency clauses.
— Laws 2016, ch. 40, § 11 contained an emergency clause and was approved March 3, 2016.
Applicability.
— Laws 2016, ch. 40, § 10 provided that the provisions of Laws 2016, ch. 40 apply to taxable years beginning on or after January 1, 2016.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8A - Accounts for Persons with Disabilities › Section 6-8A-1 - Short title.

Sections 1 through 7 [6-8A-1 to 6-8A-7 NMSA 1978] of this act may be cited as the "Accounts for Persons with Disabilities Act".
History:
Laws 2016, ch. 40, § 1.
ANNOTATIONS
Emergency clauses.
— Laws 2016, ch. 40, § 11 contained an emergency clause and was approved March 3, 2016.
Applicability.
— Laws 2016, ch. 40, § 10 provided that the provisions of Laws 2016, ch. 40 apply to taxable years beginning on or after January 1, 2016.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8A - Accounts for Persons with Disabilities › Section 6-8A-3 - Duties and authority of the office.

A. The office shall:
(1) ensure that an account meets the requirements of a qualified program; and
(2) promulgate rules to implement and administer the qualified program and other requirements of the Accounts for Persons with Disabilities Act.
B. The office may contract with third parties to:
(1) verify the disability certification of each designated beneficiary under the state's qualified program and certify whether expenses paid from such account are qualified disability expenses;
(2) provide such information related to accounts as the state is required to report to the federal social security administration; and
(3) administer and manage the accounts and report account activity to the office on an annual or such other basis as determined by the office.
History:
Laws 2016, ch. 40, § 3.
ANNOTATIONS
Emergency clauses.
— Laws 2016, ch. 40, § 11 contained an emergency clause and was approved March 3, 2016.
Applicability.
— Laws 2016, ch. 40, § 10 provided that the provisions of Laws 2016, ch. 40 apply to taxable years beginning on or after January 1, 2016.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8A - Accounts for Persons with Disabilities › Section 6-8A-4 - Accounts.

A. An account owner may:
(1) establish an account with a financial organization or fiduciary;
(2) close the account and establish an account with another financial organization or fiduciary, no more than twice in any tax year; and
(3) change the owner of an account to a family member of a designated beneficiary; provided that the family member is an eligible person.
B. More than one person may contribute to an account.
C. A person shall not be the designated beneficiary of more than one account.
History:
Laws 2016, ch. 40, § 4.
ANNOTATIONS
Emergency clauses.
— Laws 2016, ch. 40, § 11 contained an emergency clause and was approved March 3, 2016.
Applicability.
— Laws 2016, ch. 40, § 10 provided that the provisions of Laws 2016, ch. 40 apply to taxable years beginning on or after January 1, 2016.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8A - Accounts for Persons with Disabilities › Section 6-8A-5 - Duties of financial organization or fiduciary.

A. If a designated beneficiary incurs a qualified disability expense, the financial organization or fiduciary shall pay such expense, or reimburse such expense; provided that the account balance is sufficient to do so.
B. If any person attempts to contribute to an account and such contribution would exceed the limits on annual or maximum aggregate contributions to the account pursuant to 26 U.S.C. Section 529A, the financial organization or fiduciary shall return the amount that exceeds such limits to the contributor.
History:
Laws 2016, ch. 40, § 5.
ANNOTATIONS
Emergency clauses.
— Laws 2016, ch. 40, § 11 contained an emergency clause and was approved March 3, 2016.
Applicability.
— Laws 2016, ch. 40, § 10 provided that the provisions of Laws 2016, ch. 40 apply to taxable years beginning on or after January 1, 2016.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8A - Accounts for Persons with Disabilities › Section 6-8A-6 - State as creditor of account.

Subject to any outstanding payments due for qualified disability expenses, upon the death of the designated beneficiary, an amount equal to the total medical assistance paid for the designated beneficiary after the establishment of the account shall be distributed to the state from funds remaining in the account upon filing of a claim for payment by the state. For purposes of this section, the state shall be a creditor of an account and not a beneficiary.
History:
Laws 2016, ch. 40, § 6.
ANNOTATIONS
Emergency clauses.
— Laws 2016, ch. 40, § 11 contained an emergency clause and was approved March 3, 2016.
Applicability.
— Laws 2016, ch. 40, § 10 provided that the provisions of Laws 2016, ch. 40 apply to taxable years beginning on or after January 1, 2016.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8A - Accounts for Persons with Disabilities › Section 6-8A-7 - Treatment of accounts under federal means-tested programs.

A. Notwithstanding any other provision of federal law that requires consideration of one or more financial circumstances of a person when determining eligibility to receive benefits or determining the amount of assistance, such provisions shall not apply to a designated beneficiary except that, in the case of the supplemental security income program under Title 16 of the federal Social Security Act:
(1) a distribution for housing expenses shall be allowed; and
(2) any amount in an account established pursuant to the Accounts for Persons with Disabilities Act, including earnings on investment of the account, in excess of one hundred thousand dollars ($100,000) shall be considered an excess resource of the designated beneficiary.
B. The benefits of a designated beneficiary under the supplemental security income program under Title 16 of the federal Social Security Act shall not be terminated, but shall be suspended, by reason of excess resources of the designated beneficiary attributable to an amount in the account, within the meaning of Section 529A of the Internal Revenue Code of 1986, as amended.
History:
Laws 2016, ch. 40, § 7.
ANNOTATIONS
Emergency clauses.
— Laws 2016, ch. 40, § 11 contained an emergency clause and was approved March 3, 2016.
Applicability.
— Laws 2016, ch. 40, § 10 provided that the provisions of Laws 2016, ch. 40 apply to taxable years beginning on or after January 1, 2016.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 8A - Accounts for Persons with Disabilities › Section 6-8A-8 - Disclaimer of liability.

The state shall not be liable for financial losses suffered by any account owner, or designated beneficiary, with respect to an account established pursuant to the Accounts for Persons with Disabilities Act.
History:
Laws 2016, ch. 40, § 9.
ANNOTATIONS
Emergency clauses.
— Laws 2016, ch. 40, § 11 contained an emergency clause and was approved March 3, 2016.
Compiler's notes.
Section 6-8A-8 NMSA 1978 was not enacted as part of the Accounts for Persons with Disabilities Act, but was compiled there for the convenience of the user.
Applicability.
— Laws 2016, ch. 40, § 10 provided that the provisions of Laws 2016, ch. 40 apply to taxable years beginning on or after January 1, 2016.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 9 - Facsimile Signatures › Section 6-9-1 - Definitions.

As used in the Uniform Facsimile Signature of Public Officials Act:
A. "public security" means a bond, note, certificate of indebtedness or other obligation for the payment of money issued by this state or by any of its departments, agencies, boards or other instrumentalities or by any of its political subdivisions;
B. "instrument of payment" means a check, draft, warrant or order for the payment, delivery or transfer of funds;
C. "authorized officer" means any official of this state or any of its departments, boards, agencies or other instrumentalities, any county, municipality as defined in the Municipal Code [Chapter 3 NMSA 1978], school district, other district, educational institution or any other governmental agency, political subdivision or instrumentality of the state or any officer or other authorized person of any corporate or other trustee, registrar, paying agent or transfer agent within the United States whose signature to a public security or instrument of payment is required or permitted by statute or charter or the ordinance, resolution or other official action authorizing the public security; and
D. "facsimile signature" means a reproduction by engraving, imprinting, stamping or other means of the manual signature of an authorized officer.
History:
1953 Comp., § 5-9-1, enacted by Laws 1959, ch. 118, § 1; 1983, ch. 265, § 5.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
64 Am. Jur. 2d Public Securities and Obligations § 191.
80 C.J.S. Signatures §§ 1, 2, 9.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 9 - Facsimile Signatures › Section 6-9-2 - Facsimile signature.

Any authorized officer, after filing with the secretary of state his manual signature certified by him under oath, may execute or cause to be executed with a facsimile signature in lieu of his manual signature:
A. any public security, provided that at least one signature required or permitted to be placed thereon by statute, charter or the ordinance, resolution or other official action authorizing the public security shall be manually subscribed; and
B. any instrument of payment.
Upon compliance with the Uniform Facsimile Signature of Public Officials Act by the authorized officer, his facsimile signature has the same legal effect as his manual signature.
History:
1953 Comp., § 5-9-2, enacted by Laws 1959, ch. 118, § 2; 1983, ch. 265, § 6.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
64 Am. Jur. 2d Public Securities and Obligations § 191.
Procuring signature by fraud as forgery, 11 A.L.R.3d 1074.
80 C.J.S. Signatures §§ 1, 2, 9.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 9 - Facsimile Signatures › Section 6-9-3 - Use of facsimile seal.

When the seal of this state or any of its departments, agencies or other instrumentalities or of any of its political subdivisions is required in the execution of a public security or instrument of payment, the authorized officer may cause the seal to be printed, engraved, stamped or otherwise placed in facsimile thereon. The facsimile seal has the same legal effect as the impression of the seal.
History:
1953 Comp., § 5-9-3, enacted by Laws 1959, ch. 118, § 3.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 9 - Facsimile Signatures › Section 6-9-4 - Violation and penalty.

Any person who with intent to defraud uses on a public security or an instrument of payment:
A. a facsimile signature, or any reproduction of it, of any authorized officer; or
B. any facsimile seal, or any reproduction of it, of this state or any of its departments, agencies or other instrumentalities or of any of its political subdivisions is guilty of a felony.
History:
1953 Comp., § 5-9-4, enacted by Laws 1959, ch. 118, § 4.
ANNOTATIONS
Cross references.
— For sentencing for noncapital felonies,
see
31-18-15 NMSA 1978.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 9 - Facsimile Signatures › Section 6-9-5 - Uniformity of interpretation.

This act [6-9-1 to 6-9-6 NMSA 1978] shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it.
History:
1953 Comp., § 5-9-5, enacted by Laws 1959, ch. 118, § 5.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 9 - Facsimile Signatures › Section 6-9-6 - Short title.

This act [6-9-1 through 6-9-6 NMSA 1978] may be cited as the Uniform Facsimile Signature of Public Officials Act.
History:
1953 Comp., § 5-9-6, enacted by Laws 1959, ch. 118, § 6.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-1 - Fiscal year designated.

A. The fiscal year for the state and for the counties, cities, towns, villages and school districts thereof begins on July 1 and ends on June 30. The year beginning on July 1, 1925 shall be known as the fourteenth fiscal year.
B. Beginning July 1, 1994, the fiscal year shall be cited by citing the calendar year in which the fiscal year ends. The fiscal year beginning July 1, 1994 shall be fiscal year 1995.
History:
Laws 1903, ch. 108, § 7; Code 1915, § 5330; Laws 1925, ch. 80, § 1; C.S. 1929, § 134-409; 1941 Comp., § 7-201; 1953 Comp., § 11-2-1; 1994, ch. 12, § 1.
ANNOTATIONS
Cross references.
— For provision that current year is same as fiscal year,
see
6-6-17 NMSA 1978.
The 1994 amendment,
effective May 18, 1994, designated the previously undesignated language as Subsection A; added Subsection B; and, in Subsection A, substituted "begins on July 1 and ends" for "shall begin on July 1 and end" in the first sentence and deleted the former last sentence, relating to appropriations for state purposes.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
81A C.J.S. States § 203.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-1.1 - Definitions.

As used in Chapter 6, Article 10 NMSA 1978:
A. "department" means the department of finance and administration;
B. "deposit" includes share, share certificate and share draft;
C. "eligible governing body" means a local governing body, the governing authority of a tribe or any other governmental or quasi-governmental body created or authorized to be created pursuant to New Mexico statutes;
D. "finance officer" means the chief financial officer of an eligible governing body or a participating government;
E. "local governing body" means a political subdivision of the state, including a school district or a post-secondary educational institution;
F. "participating government" means an eligible governing body or the state treasurer on behalf of the general fund that has invested money in the local government investment pool;
G. "secretary" means the secretary of finance and administration;
H. "treasury" means the master depository or cash concentration account held at the state's fiscal agent bank and administered by the office of the state treasurer, unless the context otherwise clearly indicates; and
I. "tribe" means a federally recognized Indian nation, tribe or pueblo or a subdivision or agency of a federally recognized Indian nation, tribe or pueblo, located wholly or partially in New Mexico.
History:
1978 Comp., § 6-10-1.1, enacted by Laws 1987, ch. 79, § 3; 2003, ch. 273, § 12; 2008, ch. 23, § 1; 2011, ch. 88, § 1; 2013, ch. 65, § 1.
ANNOTATIONS
The 2013 amendment,
effective June 14, 2013, changed the name of the participating government investment fund to the local government investment pool; and in Subsection F, after "invested money in the", deleted "participating government investment fund" and added "local government investment pool".
The 2011 amendment,
effective July 1, 2011, added Subsection H to define "treasury".
The 2008 amendment,
effective February 27, 2008, added Subsections C through F and H.
The 2003 amendment,
effective July 1, 2003, inserted the Subsection A designation and added Subsections B and C.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-1.2 - Payment methods authorized; fee.

A. A state agency or local governing body may accept payment by credit card or electronic means of any amount due under any law or program administered by the agency or local governing body. The state board of finance shall adopt rules on the terms and conditions of a state agency accepting payments by credit card or electronic transfer. The local governing body shall adopt procedures, subject to the approval of the department, on the terms and conditions of accepting payments by credit card or electronic transfer.
B. A state agency or local governing body may charge a uniform convenience fee to cover the approximate costs imposed by a financial institution that are directly related to processing a credit card or electronic transfer transaction. The fee shall be charged to the person using a credit card or electronic transfer. Amounts collected pursuant to this subsection are appropriated to the state agency or local governing body to defray the cost of processing the transaction.
History:
Laws 1999, ch. 176, § 1; 2009, ch. 218, § 1; 2010, ch. 64, § 1; 2011, ch. 86, § 1.
ANNOTATIONS
The 2011 amendment,
effective June 1, 2011, permitted state agencies and local governing bodies to charge a uniform convenience fee to cover the approximate costs charged by financial institutions that are directly related to credit card or electronic transfer transactions.
The 2010 amendment,
effective May 19, 2010, in the catchline, added "fee"; in Subsection A, in the third sentence, after "approval of the department", deleted "of finance and administration"; and added Subsection B.
The 2009 amendment,
effective June 19, 2009, in the first sentence, in two places, after "agency", added "or local governing body" and added the second sentence.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-2 - Public money; cash books; daily balance; public record.

It is the duty of every public official or agency of this state that receives or disburses public money to maintain a cash record in which is entered daily, in detail, all items of receipts and disbursements of public money. The cash record shall be balanced daily so as to show the balance of public money on hand at the close of each day's business. Except as may be otherwise provided by law, the cash record is a public record and is open to public inspection.
History:
Laws 1923, ch. 76, § 1; C.S. 1929, § 112-101; 1941 Comp., § 7-202; 1953 Comp., § 11-2-2; 2003, ch. 273, § 13.
ANNOTATIONS
The 2003 amendment,
effective July 1, 2003, added the present section heading; substituted "is" for "shall be" near the beginning and near the end, substituted "that" for "who" following "of this state", substituted "money to maintain a cash record in which is" for "monies to keep in his office a cash book wherein shall be" following "or disburses public", substituted "money. The cash record" for "monies and which" following "disbursements of public", substituted "money" for "monies" following "balance of public", substituted "Except as may be otherwise provided by law, the cash record is" for "and such the cash book shall be" following "each day's business".