reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-37 - State treasurer to make deposits.

The state treasurer shall deposit all money in his custody equitably among bank and savings and loan association depositories and, at his discretion in credit unions applying therefor when qualifying under the terms of this Act subject to the control and regulation of the state board of finance as otherwise in this Act provided.
History:
Laws 1923, ch. 76, § 12; C.S. 1929, § 112-112; 1941 Comp., § 7-231; 1953 Comp., § 11-2-34; Laws 1987, ch. 79, § 16.
ANNOTATIONS
Compiler's notes.
— The term "this Act," which appears twice in this section, refers to Laws 1923, ch. 76, presently compiled as 6-1-1, 6-10-2, 6-10-3, 6-10-20, 6-10-29, 6-10-37 to 6-10-42, 6-10-44, 6-10-46, 6-10-47, 6-10-50, 6-10-52 to 6-10-54, 6-10-58 and 6-10-61 NMSA 1978.
The 1987 amendment,
effective June 19, 1987, substituted "among bank and savings and loan association depositories and, at his discretion in credit unions" for "bank depository" and made a minor change in language.
State board of finance has no authority to distribute funds in various depository banks,
nor to specify the amount each should receive. Nor has it, nor any other state agency, the right to use public funds in payment of services in making collections from other state depositories. 1922 Op. Att'y Gen. No. 22-3272.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
26A C.J.S. Depositaries § 11.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-40 - Officials receiving consideration for placing loan or deposit; misusing funds; failure to deposit; penalty.

Any person holding the office of state treasurer or the office of treasurer of any county, city, town or board in control in this state or any public officer or employee having in his custody or under his control any public money, who directly or indirectly receives from any person or persons or body of persons, association or corporation for himself or otherwise than in behalf of the state, county, city, town or board in control, whose money is so in his custody or under his control, any reward, compensation or profit, either in money or other property or thing of value, in consideration of a loan to or a deposit with any such person or persons or body of persons, association or corporation, of any of the public money so in his custody or under his control, or in consideration of any other agreement or arrangement touching the use of the money or any part thereof or who shall use or permit the use of any of the money for any purpose not authorized by law or who shall willfully neglect or refuse to deposit the money in his custody as required by this act or shall willfully deposit the money in his custody in any bank, federally insured savings and loan association or federally insured credit union not qualified to receive it under the provisions of this act or in excess of the amount for which the bank, federally insured savings and loan association may have qualified shall be deemed guilty of a felony and, upon conviction thereof, shall be punished by a fine of not more than five thousand dollars ($5,000) or by imprisonment for not more than ten years or both.
History:
Laws 1923, ch. 76, § 18; C.S. 1929, § 112-118; 1941 Comp., § 7-235; 1953 Comp., § 11-2-38; Laws 1975, ch. 157, § 7; 1987, ch. 79, § 17.
ANNOTATIONS
Compiler's notes.
— The term "this act," which appears twice in this section, refers to Laws 1923, ch. 76, presently compiled as 6-1-1, 6-10-2, 6-10-3, 6-10-20, 6-10-29, 6-10-37 to 6-10-42, 6-10-44, 6-10-46, 6-10-47, 6-10-50, 6-10-52 to 6-10-54, 6-10-58 and 6-10-61 NMSA 1978.
The 1987 amendment,
effective June 19, 1987, inserted "or federally insured credit union" following "federally insured savings and loan association" in the last third of the section and made minor changes in language throughout the section.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
63C Am. Jur. 2d Public Officers and Employees §§ 369 to 376.
20 C.J.S. Counties § 142; 62 C.J.S. Municipal Corporations § 549; 81A C.J.S. States § 129; 87 C.J.S. Towns §§ 84, 88.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-41 - Suspense account unearned money; transfer.

All unearned moneys deposited in a suspense account with the state treasurer by any state officer or state agency shall, as soon as the same shall become the absolute property of the state of New Mexico, be transferred out of said suspense account to the proper fund by the warrant of the secretary of finance and administration based upon a voucher of the proper state official or agency, as the case may be.
Whenever it shall be finally determined that any moneys so deposited in a suspense account should be returned, repaid or refunded to the person, firm or corporation from whom the same were received, such moneys shall be paid out of the suspense account of the state treasurer upon a warrant drawn by the secretary of finance and administration based upon a voucher from the proper state official or agency, as the case may be.
History:
Laws 1923, ch. 76, § 22; C.S. 1929, § 112-122; 1941 Comp., § 7-236; 1953 Comp., § 11-2-39; Laws 1977, ch. 247, § 108.
ANNOTATIONS
Funds are not state property until deposited in state treasury.
— Where purchase price of state land was not deposited in state treasury, the money did not become the property of the state and the purchaser did not acquire an interest in the land.
Laguna Gatuna, Inc. v. U.S
. 50 Fed.Cl. 336 (2001).
Constitutional provisions not applicable to suspense funds.
— New Mexico Const., art. IV, § 30 does not apply to suspense funds provided for in this section. 1930 Op. Att'y Gen. No. 30-66.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
63C Am. Jur. 2d Public Funds §§ 1, 3, 4; 72 Am. Jur. 2d States, Territories, and Dependencies §§ 75 to 86.
81A C.J.S. States § 226.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-43 - Interest and sinking-fund balances.

If a balance remains in an interest or sinking fund of any county, municipality, school district or other political subdivision after the retirement and payment in full of the bonded indebtedness for which the interest and sinking fund was created, upon request of the governing body in charge of the expenditure of the funds, the secretary of finance and administration may approve the transfer of the balance to the fund requested by the county, municipality, school district or other political subdivision. Any balance transferred under this section shall be used for nonrecurring expenditures only.
History:
1953 Comp., § 11-2-40.1, enacted by Laws 1971, ch. 105, § 1; 1977, ch. 247, § 109.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-44 - Temporary investment of excess funds; federal bonds or treasury certificates eligible.

If at any time the state treasurer, or the treasurer of any county, incorporated municipality or board in control has on hand more money than can be divided equitably and ratably among qualified depositories, such treasurer may, with the approval of the proper board of finance, temporarily invest such excess funds in United States bonds or treasury certificates under such rules and regulations as may be prescribed by the state board of finance.
History:
Laws 1923, ch. 76, § 26; 1925, ch. 123, § 10; C.S. 1929, § 112-126; 1941 Comp., § 7-238; 1953 Comp., § 11-2-41; Laws 1975, ch. 211, § 4.
ANNOTATIONS
Authority to invest.
— The words "with the approval of" establish an advice-and-consent relationship between the county treasurer and the board of finance with respect to investments in U.S. bonds or treasury certificates so that decisions concerning the investment of county funds in government securities are, in the first instance, a matter for the county treasurer. The county board of finance has no veto power, but does not have the power of choice itself.
Board of Cnty. Comm'rs v. Padilla
, 1990-NMCA-125, 111 N.M. 278, 804 P.2d 1097.
Funds of contractors' licensing board must be deposited with state treasurer.
— The contractors' licensing board is created as a state agency whose funds must be deposited with the state treasurer. The board is not specifically authorized to invest its surplus funds, and all such funds must be handled by the state treasurer. 1953 Op. Att'y Gen. No. 53-5719.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-44.1 - Deposits in credit unions.

Notwithstanding the provisions of Sections 6-10-36 or 6-10-44 NMSA 1978 requiring equitable or ratable deposits in banks and savings and loan associations, a treasurer or board of finance, in its discretion may deposit its public money in one or more credit unions as long as each deposit is insured by an agency of the United States.
History:
1978 Comp., § 6-10-44.1, enacted by Laws 1987, ch. 79, § 18.
ANNOTATIONS
Deposits in credit unions.
— Sections 6-10-36(D) and 6-10-44 NMSA 1978 do not give the county treasurer and the county board of finance co-equal powers with respect to deposits in federally insured credit unions. These sections do not alter with the relative authority of the county treasurer and the county board of finance as stated in 6-10-8 NMSA 1978. Sections 6-10-36(D) and 6-10-44.1 NMSA 1978 were intended to permit deposits in credit unions by treasurers and boards of finance of various public bodies, not just counties, leaving to other statutory provisions the question of the relative responsibilities of the two in making an investment decision.
Board of Cnty. Comm'rs v. Padilla
, 1990-NMCA-125, 111 N.M. 278, 804 P.2d 1097.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-45 - [Deposit of local funds with state treasurer to match allotments.]

The local governing authorities of counties, cities, towns and villages are hereby authorized to deposit with the state treasurer so much of their funds, within the limits of existing statutes, as may be necessary to match allotments of money to the state of New Mexico from public or private sources; provided, that said deposits with the state treasurer are expended entirely for the benefit of, and within the jurisdiction of, the counties, cities, towns and villages making such deposits.
History:
Laws 1925, ch. 140, § 1; C.S. 1929, § 33-4601; 1941 Comp., § 7-239; 1953 Comp., § 11-2-42.
ANNOTATIONS
Bracketed material.
— The bracketed material in the catchline was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
72 Am. Jur. 2d States § 77.
81A C.J.S. States § 155.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-46 - Disbursement of state funds; vouchers and warrants.

All payments and disbursements of public funds of the state shall be made upon warrants drawn by the secretary upon the treasury of the state based upon itemized vouchers in a form approved by the secretary.
History:
Laws 1923, ch. 76, § 24; C.S. 1929, § 112-124; 1941 Comp., § 7-240; 1953 Comp., § 11-2-43; Laws 1957, ch. 252, § 6; 1977, ch. 247, § 110; 2003, ch. 273, § 15.
ANNOTATIONS
The 2003 amendment,
effective July 1, 2003, substituted "in a form approved by the secretary" for "as provided by law" at the end.
Funds from specific tax levies to be paid by state treasurer on orders of proper boards.
— Funds collected from special tax levies made for cattle, hogs, and sheep should be paid out upon warrants drawn by the state treasurer on orders of the respective boards. 1937 Op. Att'y Gen. No. 37-1661.
There is no statutory provision for the invalidation of warrants
which have been duly issued and outstanding. The legislature has made specific provision for the situation in which a warrant duly issued and outstanding may be lost or destroyed, and the conditions under which a duplicate warrant may be issued in such situation. 1958 Op. Att'y Gen. No. 58-05.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
81A C.J.S. States § 226.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-47 - [Safekeeping and insurance of money and securities in state treasury; payment of cost.]

The state board of finance shall have power to contract for the safekeeping and insurance of all monies or securities in the state treasury, the cost of such safekeeping and insurance to be paid out of the interest on deposit fund upon warrants drawn by the state auditor.
History:
Laws 1923, ch. 76, § 28; C.S. 1929, § 112-128; 1941 Comp., § 7-244; 1953 Comp., § 11-2-47.
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 6-10-48 - Insolvency of depository institution; profit and loss account.

Whenever any state funds have been deposited with any depository institution of this state and the depository institution has or will become insolvent at the time the deposit of state funds or any part thereof remains on deposit in that institution and the state board of finance determines that all or any part of the deposit of state funds is uncollectible or the deposit or any part thereof has been rendered uncollectible by reason of compromise or settlement thereof by the state board of finance, under order of court, the state board of finance shall order the state treasurer to transfer the balances of the amounts so deemed to be uncollectible to a profit and loss account and to close the accounts upon his books, specifying in the order the amounts to be credited to the profit and loss account.
History:
Laws 1929, ch. 67, § 1; C.S. 1929, § 13-1201; 1941 Comp., § 7-245; 1953 Comp., § 11-2-48; Laws 1987, ch. 79, § 19.
ANNOTATIONS
The 1987 amendment,
effective June 19, 1987, substituted "any depository institution of this state and the depository institution" for "any banking institution of this state and such banking institution" and made minor changes in language throughout the section.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
26A C.J.S. Depositaries § 12(4).
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-49 - [Insolvency of banks; state funds; right to recover deposits not impaired.]

That the provisions of this act [6-10-48, 6-10-49 NMSA 1978], or action thereon by the state board of finance shall in no way prevent, interfere with or prejudice the right of the state of New Mexico to proceed with the collection of said amounts against the said depository or the sureties upon the bond of said depository nor shall the provisions of this act or actions thereunder by the said state board of finance, prevent, interfere with or prejudice the right of the said state board of finance to proceed with an action or actions to recover said amounts from said depository or the sureties upon the bond of said depository.
History:
Laws 1929, ch. 67, § 2; C.S. 1929, § 13-1202; 1941 Comp., § 7-246; 1953 Comp., § 11-2-49.
ANNOTATIONS
Bracketed material.
— The bracketed material in the catchline was inserted by the compiler and is not part of the law.
Prorating liability of depository bonds.
— Prorating of liability was ordered for depository bonds and public securities given by a bank subsequently insolvent.
Gregg v. Hinkle
, 1924-NMSC-030, 29 N.M. 576, 224 P. 1025.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
11 Am. Jur. 2d Banks §§ 1028 to 1143.
Right, in absence of statute, to preference in respect of deposits or public funds in insolvent bank, 103 A.L.R. 621.
Liability on bond of public officer for loss of public funds due to insolvency of bank in which they were deposited, 155 A.L.R. 436.
26A C.J.S. Depositaries § 13.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-50 - Loss of money deposited in qualified banks, savings and loan associations or credit unions; treasurers relieved of liability.

No treasurer is liable for the loss of public money deposited by him in any bank, savings and loan association or credit union qualified to receive it under the provisions of this article due to the failure of the depository to repay the money except in cases where the loss could have been avoided by the exercise of reasonable care on the part of the treasurer.
Nothing in this section shall be construed as relieving from liability any security given by any bank or savings and loan association under the provisions of this article.
History:
Laws 1923, ch. 76, § 30; C.S. 1929, § 112-130; 1941 Comp., § 7-247; 1953 Comp., § 11-2-50; Laws 1981, ch. 332, § 16; 1987, ch. 79, § 20.
ANNOTATIONS
The 1987 amendment,
effective June 19, 1987, inserted "or credit union" following "savings and loan association" near the middle of the first paragraph, substituted "this article" for "this act" in both places it appears and made minor changes in language throughout the section.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
63C Am. Jur. 2d Public Officers and Employees § 348.
26A C.J.S. Depositaries § 12(4).
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-51 - To cover all moneys lawfully intrusted to treasurers.

All moneys, whether belonging to the state of New Mexico or to any county thereof, or to any city, town, village, municipal school district, union high school district, independent rural school district, rural school district or to any other special or other district, board of [or] institution, when lawfully in the possession or custody or under the control of the state treasurer, or of any county, city, town or village treasurer, or of any person acting as treasurer of any board in control, shall be considered to be moneys of and belonging to the state of New Mexico, or of the county, city, town, village or board in control for which such treasurer or person so in possession lawfully acts.
History:
Laws 1933, ch. 175, § 11; 1941 Comp., § 7-248; 1953 Comp., § 11-2-51.
ANNOTATIONS
Bracketed material.
— The bracketed material 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 6-10-52 - [Failure to comply with specific requirements; penalty.]

Any person who shall willfully or knowingly fail to perform any act required, and as required by Section 2 [6-10-3 NMSA 1978] or Section 25 [6-10-42 NMSA 1978] hereof, or who shall commit any act in violation of either of said sections, shall be guilty of a felony and upon conviction shall be punished by a fine of not to exceed two thousand dollars ($2,000), or by imprisonment in the penitentiary for a term of not more than three years, or by both such fine and imprisonment.
History:
Laws 1923, ch. 76, § 29; C.S. 1929, § 112-129; 1941 Comp., § 7-249; 1953 Comp., § 11-2-52.
ANNOTATIONS
Bracketed material.
— The bracketed material 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 6-10-53 - [Bribery of public treasurers and employees; penalty.]

Any person or persons who shall directly or indirectly pay or give, or offer to pay or give, to any one holding the office of state treasurer or the office of treasurer of any county, city or town, or board in control, in this state, or to any person or persons under such officer's direction for the profit of any such officer or other person or persons, any reward or compensation either in money or other property or thing of value, in consideration of a loan to or deposit with any such person or persons, or body of persons, association or corporation, of any public monies in the custody or under the control of such state treasurer, or the treasurer of any county, city or town, or board in control, or in consideration of any other agreement or arrangement touching the use of such monies or any part thereof, for any purpose not authorized by law, shall be deemed guilty of a felony, and upon conviction thereof shall be punished by a fine of not more than five thousand dollars [($5,000)] or by imprisonment for not more than ten years or both.
History:
Laws 1923, ch. 76, § 31; C.S. 1929, § 112-131; 1941 Comp., § 7-250; 1953 Comp., § 11-2-53.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Cross references.
— For bribery of public officer or employee,
see
30-24-1 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
12 Am. Jur. 2d Bribery §§ 15 to 18.
11 C.J.S. Bribery §§ 15 to 19.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-54 - [Institutions exempted from paying over money to state treasurer; liability for failure to make authorized deposit.]

The several educational, charitable and penal institutions of the state shall be exempt from the provisions of Section 2 [6-10-3 NMSA 1978] of this act; provided, however, that any treasurer of the board in control of any such institution who shall fail, neglect or refust [refuse] to deposit all the funds, earned or unearned, of such institution in a qualified depository under an agreement to pay interest at the rate specified in Section 10 hereof on daily balances, shall be liable on his official bond for the amount of loss occasioned by the failure to so deposit such funds under an agreement to pay interest at such rate.
History:
Laws 1923, ch. 76, § 23; 1925, ch. 123, § 9; C.S. 1929, § 112-123; 1941 Comp., § 7-251; 1953 Comp., § 11-2-54.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Compiler's notes.
— Laws 1923, ch. 76, § 10, which is referred to in this section, was repealed by Laws 1933, ch. 175, § 13. For present provision,
see
6-10-35 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
81A C.J.S. States §§ 223, 224.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-55 - Short title.

This act [6-10-55 to 6-10-57 NMSA 1978] may be cited as the "Warrant Cancellation Act".
History:
1953 Comp., § 11-2-43.1, enacted by Laws 1963, ch. 233, § 1.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-56 - Definitions.

As used in the Warrant Cancellation Act:
A. "fiscal officer" means:
(1) for the state, the state treasurer, or, for all warrants issued by the department of finance and administration, the secretary of that department, or, for all warrants issued by agencies and institutions other than the department of finance and administration, the legally authorized disbursing officer of the agency or institution;
(2) for a county, the county treasurer;
(3) for a municipality, the municipal treasurer;
(4) for a school district, the legally authorized disbursing officer for the local board of education; and
(5) for a special district, the legally authorized disbursing officer; and
B. "warrant" means any warrant or check issued by the state, its agencies, institutions and political subdivisions.
History:
1953 Comp., § 11-2-43.2, enacted by Laws 1963, ch. 233, § 2; 1965, ch. 51, § 1; 1977, ch. 247, § 111.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-58 - Signing checks for state funds.

From and after the taking effect of this act, all checks drawn against any funds in the hands of the state treasurer shall be signed by the state treasurer or his duly authorized deputy.
History:
Laws 1923, ch. 76, § 27; C.S. 1929, § 112-127; Laws 1937, ch. 133, § 1; 1941 Comp., § 7-241; 1953 Comp., § 11-2-44.
ANNOTATIONS
Compiler's notes.
— The phrase "after the taking effect of this act" means after March 9, 1923, the effective date of Laws 1923, Chapter 76.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-59 - Loss or destruction of state or political subdivision warrant or order for money; issue of duplicate.

In case of the loss or destruction of any warrant, draft, check or order for the payment of money out of the treasury of the state, or of any political subdivision of the state, the officer who drew the original instrument, or his successors in office, shall issue a duplicate as provided in Section 6-10-60 NMSA 1978.
History:
Laws 1874, ch. 20, § 1; C.L. 1884, § 187; C.L. 1897, § 399; Code 1915, § 791; C.S. 1929, § 27-303; 1941 Comp., § 7-242; 1953 Comp., § 11-2-45; Laws 1965, ch. 50, § 1.
ANNOTATIONS
State or county obligated to pay debt when warrant lost.
— Where a state or county warrant is issued in payment of a debt and that warrant is lost, the county or state is under some form of duty to pay the debt. 1956 Op. Att'y Gen. No. 56-6450.
Lost warrants
must be issued in name of original payee. 1966 Op. Att'y Gen. No. 66-10.
Owner of negotiable bond entitled to duplicate, but must pay cost of issuance.
— The owner of a negotiable bond or coupon is generally entitled to the issuance of a duplicate thereof, where he has satisfactorily shown by affidavit to the county issuing authority that such negotiable security has been in fact lost, mutilated or destroyed. The claimant should pay the county the reasonable expense of issuing the duplicate. 1962 Op. Att'y Gen. No. 62-139.
A municipality has an obligation to issue a duplicate check that was lost.
— Where the city of Las Cruces (city) issued a check in the year 2000 to a vendor for payment of services rendered, but where the vendor apparently lost the check, but discovered the uncashed check upon closing her business in 2009, and where the vendor returned the uncashed check to the city and requested that the city re-issue the check, the provisions of this section authorize the city to re-issue the check on the condition that, when the vendor requests the city to issue a duplicate check, she file an affidavit stating that the check was lost. Municipalities have an obligation regarding debts that they incur, and in this case, as long as the vendor was never paid for services rendered to the city, the obligation of the city has not ceased.
Legality of issuing a duplicate check in 2021 for a check that was originally issued, but never cashed, in the year 2000
(8/18/21), Att'y Gen. Adv. Ltr. 2021-06.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
20 C.J.S. Counties §§ 208 to 217; 64 C.J.S. Municipal Corporations §§ 1892, 1893; 79 C.J.S. Schools and School Districts §§ 346, 347; 81A C.J.S. States §§ 242, 243.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-61 - [Permanent fund investment laws not affected.]

Nothing in this act shall be construed to prevent the investment in such manner as may be provided by law, of any permanent funds of the state, or of any county, city, town or board in control in the state.
History:
Laws 1923, ch. 76, § 32; C.S. 1929, § 112-132; 1941 Comp., § 7-252; 1953 Comp., § 11-2-55.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Compiler's notes.
— The term "this act," which appears in this section, refers to Laws 1923, ch. 76, presently compiled as 6-1-1, 6-10-2, 6-10-3, 6-10-20, 6-10-29, 6-10-37 to 6-10-42, 6-10-44, 6-10-46, 6-10-47, 6-10-50, 6-10-52 to 6-10-54, 6-10-58 and 6-10-61 NMSA 1978.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-62 - Destruction of documentary evidence of extinguished debt; certificates of destruction; retention.

A. When a debt in the form of a bond, note, certificate of indebtedness or interest coupon, incurred by the state, a state agency or institution, or by a political subdivision of the state (hereinafter called the "debtor agency"), has been extinguished by the full payment thereof, the documentary evidence of the debt may be destroyed. When the payment has been made by a bank, savings and loan association or other third-party paying agent, the bank, savings and loan association or other third-party paying agent shall forward to the governing authority of the debtor agency a certificate of destruction on which shall be specified:
(1) the number and maturity date of the bond, note, certificate or coupon;
(2) the date paid; and
(3) any other information required by the debtor agency. The debtor agency shall retain all such certificates of destruction for six years.
B. If the debtor agency is the paying agent, the bond, note, certificate of indebtedness or interest coupon shall be retained for a period of two years following payment, at which time the documentary evidence of the debt may be destroyed and a certificate of destruction prepared containing the same information as that required in Subsection A of this section. The certificate of destruction shall be retained by the debtor agency for six years.
History:
1953 Comp., § 11-2-75, enacted by Laws 1975, ch. 117, § 1; 1981, ch. 332, § 17.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-63 - Electronic fund transfers.

Notwithstanding any other provision of law, any public money may be transferred by means of electronic funds transfer between any public body and a public or private entity. The state board of finance shall adopt rules and regulations to carry out the purpose of this section.
History:
1978 Comp., § 6-10-63, enacted by Laws 1989, ch. 48, § 1.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 11 - Acceptance and Disbursement of United States Funds › Section 6-11-1 - [Funds from forest reserves; acceptance.]

That the terms and conditions of the acts of congress providing for the distribution among the states and territories of the United States of a portion of the revenues derived from forest reserves be, and the same are hereby accepted.
History:
Laws 1909, ch. 119, § 1; Code 1915, § 1350; C.S. 1929, § 33-5801; 1941 Comp., § 7-301; 1953 Comp., § 11-3-1.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Compiler's notes.
— The federal law providing for the distribution of a portion of the funds received from forest reserves (now national forests) is compiled as 16 U.S.C.S. § 500.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 11 - Acceptance and Disbursement of United States Funds › Section 6-11-2 - [Transmission of money to counties.]

The treasurer of the state of New Mexico shall transmit to the treasurers of the various counties in which forest reserves are situated, the proportion of money in his hands from the source mentioned which shall be due such county, such proportion to be based upon the number of acres of forest reserve in such county.
History:
Laws 1909, ch. 119, § 2; Code 1915, § 1351; C.S. 1929, § 33-5802; 1941 Comp., § 7-302; 1953 Comp., § 11-3-2.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 11 - Acceptance and Disbursement of United States Funds › Section 6-11-3 - Application of money to forest reserve school purposes fund and county road fund; expenditure upon roads; building of roads.

A. Money received under Section 6-11-2 NMSA 1978 shall be applied in the different counties to which it is transmitted as follows:
(1) one-half to the credit of the forest reserve school purposes fund, hereby created; and
(2) one-half to the credit of the county road fund.
B. One-half of the money accruing to any county and duly remitted to the county treasurer to be credited to the county road fund under Subsection A of this section may be expended by the board of county commissioners upon roads within forest reserves in those counties and upon those other roads in the counties deemed by the boards of county commissioners to be necessary or convenient to the public.
History:
1953 Comp., § 11-3-3, enacted by Laws 1978, ch. 128, § 2.
ANNOTATIONS
Repeals and reenactments.
— Laws 1978, ch. 128, § 2, repealed 11-3-3, 1953 Comp. (former 6-11-3 NMSA 1978), relating to application of money to forest reserve school purposes fund and county road fund, expenditure upon roads and building of roads, and enacted a new section.
Method of distribution provided here is exclusive and must be followed,
and school districts of the county must share in the distribution according to that method whether or not forest land is located within their boundaries. 1955 Op. Att'y Gen. No. 55-6224 (decided under former law).
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 11 - Acceptance and Disbursement of United States Funds › Section 6-11-4 - [Officer not to receive compensation; misapplication of funds; penalty; removal.]

No officer shall receive any compensation for the receipt, handling or disbursement of said funds, and any officer who shall apply said funds to any other purpose than the purpose mentioned in this article and in the acts of congress referred to, shall forfeit treble the amount so misapplied and shall be immediately removed from office.
History:
Laws 1909, ch. 119, § 4; Code 1915, § 1353; C.S. 1929, § 33-5805; 1941 Comp., § 7-304; 1953 Comp., § 11-3-4.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 11 - Acceptance and Disbursement of United States Funds › Section 6-11-7 - Short title.

This act [6-11-7 to 6-11-9 NMSA 1978] may be cited as the "Public Works Grant-in-Aid Act."
History:
Laws 1979, ch. 307, § 1.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 11 - Acceptance and Disbursement of United States Funds › Section 6-11-9 - Administration; limitations.

A. The secretary of the department of finance and administration shall administer the public works grant-in-aid fund and shall process all applications for grants from that fund. Grants may be made from the fund for the purpose of meeting the state matching requirement in public works projects in accordance with the provisions of Section 304, Title 3 of the federal Public Works and Economic Development Act of 1965, as amended.
B. The commerce and industry department shall develop standards and criteria for awarding grants for public works projects for the approval of the governor. Incorporated municipalities or counties sponsoring projects of unincorporated communities, including, but not limited to, Indian communities, shall be entitled to receive funds from the public works grant-in-aid fund. Projects proposed must be in accordance with the provisions of the federal Public Works and Economic Development Act of 1965, as amended. All terminology contained in that act relating to nonprofit organizations shall be disregarded as such entities are not eligible for state financial assistance.
History:
Laws 1979, ch. 307, § 3; 1983, ch. 296, § 22.
ANNOTATIONS
Cross references.
— For public works contracts,
see
13-4-1 NMSA 1978 et seq.
For Section 304, Title 3 of the federal Public Works and Economic Development Act of 1965,
see
42 U.S.C. § 3153. For the act generally,
see
42 U.S.C. § 3121 et seq.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
64 Am. Jur. 2d Public Works and Contracts §§ 2, 3.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12 - State Indebtedness › Section 6-12-1 - [Borrowing or investing permanent funds to pay interest on state bonds.]

The state treasurer is authorized by this article [6-12-1, 6-12-2 NMSA 1978] in order to provide for the prompt payment of interest on the bonded indebtedness of the state, to borrow money upon the best terms possible, but at a rate of interest not to exceed six percent, and for the shortest practicable time, in quantity sufficient to pay any interest as it accrues, whenever the money in the state treasury, applicable to such payment is insufficient to meet interest coupons as they mature, unless there should be in any one or more of the funds in which are placed the proceeds of the administration of public lands donated to the territory or state of New Mexico by congress, money which is not needed for immediate use for the purposes for which such lands were donated and which is to be invested in accordance with the requirements of the acts of congress and of the constitution, or funds in the permanent school fund, in which case the state treasurer may invest so much of such fund, or funds, as may be necessary for the purpose of meeting the interest-bearing obligations, in an interest-bearing obligation to be executed by him, the interest thereon to run until both principal and interest can be paid back to the fund or funds from which it may have been borrowed.
History:
Laws 1913, ch. 45, § 1; Code 1915, § 4582; C.S. 1929, § 109-302; 1941 Comp., § 7-501; 1953 Comp., § 11-5-1.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Compiler's notes.
— The term "this article," referred to near the beginning of this section, appears in Code 1915, § 4582, and refers to Article III of Chapter XCI of that code. That article consisted of §§ 4581 and 4582, which are presently compiled as 6-12-1 and 6-12-2 NMSA 1978.
Cross references.
— For destruction of documentary evidence of extinguished debt,
see
6-10-62 NMSA 1978.
For the Short-Term Cash Management Act,
see
Chapter 6, Article 12A NMSA 1978.
Authority to borrow.
— The state treasurer is authorized by this act (article) to borrow money for the payment of interest on bonds for the benefit of a territorial county. This is a debt of the state assumed in N.M. Const., art. IX, § 1. 1913 Op. Att'y Gen. No. 13-1095.
Transfer may be made from one fund to another
to meet interest on state debts. 1914 Op. Att'y Gen. No. 14-1367.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
64 Am. Jur. 2d Public Securities and Obligations § 375.
81A C.J.S. States §§ 213, 214, 261.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12 - State Indebtedness › Section 6-12-2 - Certificates of indebtedness and interest; treasurer may borrow to pay.

Whenever the money in the funds is insufficient to meet the outstanding certificates of indebtedness and interest coupons as they mature, it shall be the duty of the state treasurer to borrow temporarily a sufficient sum to make such payment, and for such purposes the said treasurer is hereby authorized and empowered to make and negotiate the necessary loan on the best terms obtainable, at a rate of interest not to exceed six per centum per annum; provided, that any surplus money in the interest on deposits fund and any surplus of any other fund on hand not otherwise appropriated shall be first used to pay said deficit before borrowing money to make such payments. The secretary of finance and administration shall countersign any and all necessary papers for the negotiation of such loan, and charge the proceeds to the treasurer, and the treasurer shall redeem such paper out of the interest fund whenever there shall be money in such fund available.
History:
Laws 1913, ch. 83, § 1; Code 1915, § 4581; C.S. 1929, § 109-301; 1941 Comp., § 7-502; 1953 Comp., § 11-5-2; Laws 1977, ch. 247, § 133.
ANNOTATIONS
Compiler's notes.
— This section was a proviso to § 1 of the 1913 Appropriation Act, and the reference to "the funds" in the first clause evidently referred to the appropriation for payment of interest on the bonded indebtedness and for interest and principal on certificates of indebtedness for 1909 and 1912 which preceded it.
Authority to pay interest on county bonds.
— The state treasurer is authorized to pay interest on Grant county bonds, as a part of the state indebtedness under this section. 1913 Op. Att'y Gen. No. 13-1014.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
81A C.J.S. States §§ 213, 214, 261.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12 - State Indebtedness › Section 6-12-3 - Repealed.

History:
1941 Comp., § 7-503, enacted by Laws 1941, ch. 172, § 1; 1953 Comp., § 11-5-3; 1978 Comp., § 6-12-3, repealed by Laws 2004, ch. 73, § 1.
ANNOTATIONS
Repeals.
— Laws 2004, ch. 73, § 1 repealed 6-12-3 NMSA 1978, as enacted by Laws 1941, ch. 172, § 1, relating to bonds, debentures and certificates of indebtedness authorized in 1941 and investment of the state's permanent funds, effective May 19, 2004. For provisions of former section,
see
the 2003 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12 - State Indebtedness › Section 6-12-4 - [Public sale of securities.]

Such bonds, debentures and certificates shall, notwithstanding the provisions of any other law, bear the lowest rates of interest obtainable but not exceeding four percent per annum, and shall be sold for not less than par and accrued interest; and if sold to persons other than the state treasurer shall be sold for cash and only to the bidder or bidders offering the highest price, not less than par and accrued interest, or offering to purchase the same at par and accrued interest, or offering to purchase said debentures at par and accrued interest at the lowest rate of interest, and only after advertising the time and place of sale by notice published for two consecutive weeks in one newspaper published in the city of Santa Fe, New Mexico, and one newspaper published in the city of New York, the first publication to be not less than fifteen days prior to the date of sale.
History:
1941 Comp., § 7-504, enacted by Laws 1941, ch. 172, § 2; 1953 Comp., § 11-5-4.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
64 Am. Jur. 2d Public Securities and Obligations §§ 202 to 203.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12 - State Indebtedness › Section 6-12-5 - [Application of act.]

The provisions of this act [6-12-4, 6-12-5 NMSA 1978] shall be applicable to the bonds, debentures or certificates of indebtedness which have been or may be authorized by the fifteenth legislature to be issued by the state of New Mexico, the New Mexico insane asylum [Las Vegas medical center], the 1941 compilation commission, the state office building commission of New Mexico, the New Mexico normal university [New Mexico highlands university] and other state institutions.
History:
1941 Comp., § 7-505, enacted by Laws 1941, ch. 172, § 3; 1953 Comp., § 11-5-5.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law. An amendment to N.M. Const., article XIV § 1, adopted September 20, 1955, changed the name of the New Mexico insane asylum to the New Mexico state hospital. The New Mexico state hospital is now known as the Las Vegas medical center.
See
23-1-13 NMSA 1978.
The state school formerly known as the New Mexico normal university is now the New Mexico highlands university.
See
N.M. Const., art. XII, § 11. As to bonds, debentures or certificates of indebtedness of the university,
see
§§ 21-3-13 to 21-3-28 NMSA 1978.
Compiler's notes.
— The state office building commission was created by Laws 1941, ch. 62, § 3 (compiled as 6-216, 1941 Comp.). That act was ruled unconstitutional in State Office Bldg. Comm'n v. Trujillo, 1941-NMSC-051, 46 N.M. 29, 120 P.2d 434.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12 - State Indebtedness › Section 6-12-6 - State refunding bonds; authorized; purpose.

The state treasurer may, with the approval of the state board of finance, issue bonds in such form as the state treasurer shall determine to be designated refunding bonds for the purpose of refunding any of the bonded indebtedness of the state now existing or hereafter created which has or may hereafter become due and payable at the option of the state or by consent of the bondholders or by any lawful means and for the payment or redemption of which there are insufficient funds available in the state treasury.
History:
Laws 1935, ch. 4, § 1; 1941 Comp., § 7-506; 1953 Comp., § 11-5-6; Laws 1983, ch. 265, § 23.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
64 Am. Jur. 2d Public Securities and Obligations § 38.
81A C.J.S. States § 259.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12 - State Indebtedness › Section 6-12-7 - Refunding bond issuance; procedure.

Whenever the state treasurer deems it expedient to issue refunding bonds under the provisions of Sections 6-12-6 through 6-12-14 NMSA 1978, he shall present to the state board of finance in writing a statement of the outstanding bonds proposed to the [be] refunded, setting out in full and in detail in the statement all data and information necessary to a full and clear understanding of the proposal to refund, whereupon the state board of finance if it considers the proposal to be in the best interest of the state and elects to act favorably upon it shall adopt a resolution which shall be recorded in its permanent records, which resolution shall set out the facts making the issuance of the refunding bonds necessary or advisable, the determination of the necessity or advisability by the board and the amount of the refunding bonds which it is deemed necessary and advisable to issue. The resolution shall fix the rate of interest on the refunding bonds, the dates of the refunding bonds, the denomination or denominations thereof, the maturity dates which shall not be more than twenty years from the date of the refunding bonds, the place or places of payment within or without the state of both principal and interest and shall further set out in full the form of the refunding bonds and coupons, if any; provided that where bonds are issued to refund existing and outstanding bonds which may be redeemed prior to their maturity, as set out in the bonds to be refunded, the date of maturity of those refunding bonds shall not extend beyond the date of final maturity of the bonds to be so refunded.
In the event bonds which may be redeemed prior to their maturity are to be called for refunding prior to their maturity date, the state treasurer shall call the bonds for payment on the dates, under the conditions and in the manner provided in the bonds.
History:
Laws 1935, ch. 4, § 2; 1941 Comp., § 7-507; 1953 Comp., § 11-5-7; Laws 1983, ch. 265, § 24.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12 - State Indebtedness › Section 6-12-8 - Refunding bonds; formal requisites; registration.

All refunding bonds issued under Sections 6-12-6 through 6-12-14 NMSA 1978 shall recite the title of the act under which they are issued, shall, except for bonds issued in book entry or similar form without the delivery of physical securities, be executed in the name of the state, signed by the governor, attested by the secretary of state under the seal of the state and countersigned by the state treasurer and shall be registered by the state auditor or other authorized registrar in a book or other record to be kept by the state auditor or such other authorized registrar for that purpose, which book or other record shall state the date, number, amount and maturity of each bond. The interest accruing on the refunding bonds shall be payable semiannually and may be evidenced by semiannual interest coupons attached, bearing the facsimile signature of the state treasurer in office at the time the bonds and coupons are prepared and ordered to be engraved or lithographed and, when so executed, such coupons, if any, shall be the binding obligation of the state according to their import. The refunding bonds may also be in registered or other form as provided in the Supplemental Public Securities Act [6-14-8 to 6-14-11 NMSA 1978], as hereinafter amended and supplemented.
History:
Laws 1935, ch. 4, § 3; 1941 Comp., § 7-508; 1953 Comp., § 11-5-8; Laws 1983, ch. 265, § 25.
ANNOTATIONS
Cross references.
— For facsimile signatures of public officials,
see
6-9-1 NMSA 1978 et seq.