reglab/statecodes huggingface dataset:
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 13 - OPEN MEETINGS RESOLUTION › Section 2.60.13.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section 10-15-1(B) of the Open Meetings Act (Sections
				  10-15-1
				  through
				  10-15-4 NMSA
				  1978) states that, except as may be otherwise provided in the Constitution or
				  the provisions of the Open Meetings Act, all meetings of a quorum of members of
				  any board, council, commission, or other policy-making body of any state agency
				  held for the purpose of formulating public policy, discussing public business
				  or for the purpose of taking any action with in the authority of or the
				  delegated authority of such a body, are declared to be public meetings open to
				  the public at all times.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 13 - OPEN MEETINGS RESOLUTION › Section 2.60.13.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
Any meetings subject to the Open Meetings Act at which the
				  discussion or adoption of any proposed resolution, rule, regulation or formal
				  action occurs shall be held only after reasonable notice to the
				  public.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 14 - BROKER POLICY › Section 2.60.14.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
New Mexico State Investment Council, 2055 South Pacheco
				  Street, Suite 100, Santa Fe, New Mexico 87505, (505) 424-2500
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 14 - BROKER POLICY › Section 2.60.14.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
The state investment office recognizes the value of outside
				  research, quantitative support, and other services provided by the brokerage
				  firms with which it transacts securities trades. The state investment office
				  attempts to compensate brokers fairly and in approximate proportion to the
				  overall utility of each brokerage firm to the funds' internal management
				  activities. Brokerage firms with offices in New Mexico will be given preference
				  in the award of commission business within a best price and execution context
				  where all other factors are judged equal.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 14 - BROKER POLICY › Section 2.60.14.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
Compiler's note: The words or paragraph, above, are no
					 longer applicable. Later dates are now cited only at the end of sections, in
					 the history notes appearing in brackets.
6/15/99; Recompiled
					 10/1/01
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 14 - BROKER POLICY › Section 2.60.14.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The state investment office recognizes the value of outside
				  research, quantitative support, and other services provided by the brokerage
				  firms with which it transacts securities trades. The state investment office
				  attempts to compensate brokers fairly and in approximate proportion to the
				  overall utility of each brokerage firm to the funds' internal management
				  activities. Brokerage firms with offices in New Mexico will be given preference
				  in the award of commission business within a best price and execution context
				  where all other factors are judged equal. The state investment office is
				  responsible for the management of the assets of the land grant permanent fund,
				  the severance tax permanent fund, and a number of funds managed for other state
				  agencies. As a part of that responsibility, a portion of the funds are managed
				  in-house by the state investment council staff. In order to fulfill that
				  responsibility, it is essential that the staff have access to the necessary
				  market information, research, services, and securities trading capabilities
				  provided by those brokerage firms that emphasizes institutional capabilities.
				  In addition, it is necessary that those brokers who are professionally trained
				  to service large institutions such as the state investment council provide
				  sales coverage. The broker/dealer selection process must, therefor, focus on
				  obtaining the services needed by the staff in the management of the in-house
				  portion of the portfolios.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 14 - BROKER POLICY › Section 2.60.14.8 - GENERAL REQUIREMENTS FOR INSTITUTIONAL BROKER/DEALERS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Trading must be done either with the New
				York trading desk or a regional office with direct lines into the New York
				trading desk.
B. Sales/research
				coverage must be provided by institutional salespersons that report to the
				institutional department.
C.
				Brokers must provide access to all research information disseminated by the
				firm, including the ability to access the information electronically.
D. Brokers must provide access to research
				conference calls of interest to the staff.
E. Brokers must provide ability for staff to
				talk directly with their institutional analysts, strategists, and economists on
				a periodic basis. In addition, brokers are expected to arrange for periodic
				basis. In addition, brokers are expected to arrange for periodic face-to-face
				meeting in Santa Fe with their research staff.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 14 - BROKER POLICY › Section 2.60.14.9 - BROKER/DEALER APPROVED LISTS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				GENERAL - Brokers desiring to conduct business with the state investment
				council should contact the appropriate member of the investment staff. This
				could be the state investment officer, deputy state investment officer or the
				portfolio managers. The institutional firms will be evaluated on the breadth of
				their capabilities. Firms will be added to the approved list based upon the
				collective judgment of those investment staff members most affected. New Mexico
				based firms, defined, as a brokerage firm that maintains at least one active
				retail office in the state, should contact the state investment officer or the
				deputy state investment officer. New Mexico based firms must have the ability
				to execute institutional-sized orders.
B. EQUITIES - The approved list shall consist
				of institutional firms and New Mexico based firms. The list of institutional
				firms shall be limited to ten firms and shall receive approximately 90 percent
				of the commissions generated by equity trades. Those institutional firms that
				have offices in New Mexico will be included in the institutional list. The
				remaining commissions will be divided among those New Mexico firms that provide
				primarily retail coverage for individuals and that have indicated an interest
				in doing business with the SIC.
C.
				The primary focus of equity trading is to obtain the bet [sic] net price,
				consisting of both commission cost and execution cost. Considerations involved
				in selecting the brokerage firm with which to place the order include but are
				not limited to:
(1) Marketability of the
				stock. Some stocks are more liquid than others are.
(2) speed of execution necessary. A brokerage
				firm may be required to commit capital to accommodate the order.
(3) location of execution. OTC and
				international exchange trades tend to be more difficult than trades executed on
				national U.S. exchanges.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 14 - BROKER POLICY › Section 2.60.14.11 - ELIGIBLE BROKERAGE AND RESEARCH SERVICES

Current through Register Vol. 35, No. 13, July 16, 2024
A. INVESTMENT RESEARCH - advice, furnished
				either directly or through publications or writings, as to the value of
				securities, the advisability of investing in, purchasing or selling securities,
				the advisability of investing in, purchasing or selling securities, and the
				availability of securities or purchasers or sellers of securities. Analyses and
				reports concerning issuers, industries, securities, economic factors and
				trends, portfolio strategy and portfolio performance.
B. DATA SERVICE - On line data feeds that aid
				in the investment decision-making process.
C. EQUIPMENT - Computer hardware/software and
				communications equipment which support the investment decision-making process.
				All computer hardware/ software purchases will be coordinated with the
				management information systems department.
D. EXCHANGE FEES - Fees paid to both domestic
				and international exchanges to provide real-time quotes.
E. PROFESSIONAL SERVICES - Services that
				provide appropriate assistance to the investment decision-making process.
				Examples include performance measurement and proxy-voting services.
F. SUBSCRIPTION/REFERENCE MATERIALS -
				Publications, which provide appropriate assistance to the investment
				decision-making process.
G. POLICY
				REVIEW - The state investment officer will recommend changes to this policy as
				necessary to conform to standard industry practices.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 15 - COLLATERAL POLICY FOR NEW MEXICO SAVINGS AND LOAN ASSOCIATIONS GOVERNING CERTIFICATES OF DEPOSIT CREATED AFTER MAY 25, 1988 › Section 2.60.15.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
State Investment Council.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 15 - COLLATERAL POLICY FOR NEW MEXICO SAVINGS AND LOAN ASSOCIATIONS GOVERNING CERTIFICATES OF DEPOSIT CREATED AFTER MAY 25, 1988 › Section 2.60.15.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
[RESERVED]
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 15 - COLLATERAL POLICY FOR NEW MEXICO SAVINGS AND LOAN ASSOCIATIONS GOVERNING CERTIFICATES OF DEPOSIT CREATED AFTER MAY 25, 1988 › Section 2.60.15.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  7-27-5,
				  7-27-5.2,
				  6-8-7,
				  6-10-10,
				  6-10-16,
				  6-10-17,
				  6-10-18,
				  6-10-20,
				  6-10-24.1,
				  6-10-29
				  and
				  6-10-35
				  NMSA 1978.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 15 - COLLATERAL POLICY FOR NEW MEXICO SAVINGS AND LOAN ASSOCIATIONS GOVERNING CERTIFICATES OF DEPOSIT CREATED AFTER MAY 25, 1988 › Section 2.60.15.4 - DURATION

Current through Register Vol. 35, No. 13, July 16, 2024
[Permanent.]
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 15 - COLLATERAL POLICY FOR NEW MEXICO SAVINGS AND LOAN ASSOCIATIONS GOVERNING CERTIFICATES OF DEPOSIT CREATED AFTER MAY 25, 1988 › Section 2.60.15.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
These rules will become effective five (5) days after filing
				  with the records and rules commission. [Filed June 6, 1988, effective June 11,
				  1988]
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 15 - COLLATERAL POLICY FOR NEW MEXICO SAVINGS AND LOAN ASSOCIATIONS GOVERNING CERTIFICATES OF DEPOSIT CREATED AFTER MAY 25, 1988 › Section 2.60.15.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
In the exercise of it's authority under Sections
				  7-27-5,
				  7-27-5.2,
				  6-8-7,
				  6-10-10,
				  6-10-16,
				  6-10-17,
				  6-10-18,
				  6-10-20,
				  6-10-24.1,
				  6-10-29
				  and
				  6-10-35
				  NMSA 1978, the state investment council (the "council") desires to minimize
				  potential risks to existing and future deposits of severance tax permanent
				  funds ("state funds"). As a first step towards achieving this objective, the
				  council hereby directs the state investment officer to review the financial
				  condition of each savings and loan association in the program. The review will
				  include a determination of each savings and loan associations' regulatory net
				  worth/average asset ratio, its total four quarter (successive quarters ending
				  with the current quarter) net income (before or after taxes, whichever is
				  greater, and determined by computing all four quarters on a consistent basis of
				  either "before taxes" or "after taxes")/total average assets (over the past 12
				  months) ratio. The institutions shall then be classified according to the level
				  of risk and each level of risk assigned an appropriate level of
				  collateralization
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 15 - COLLATERAL POLICY FOR NEW MEXICO SAVINGS AND LOAN ASSOCIATIONS GOVERNING CERTIFICATES OF DEPOSIT CREATED AFTER MAY 25, 1988 › Section 2.60.15.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "Securities"
				shall be defined as those securities eligible as collateral for severance tax
				permanent funds under Section
				6-10-16
				and
				7-27-5.2 [repealed], as
				amended, and effective May 21, 1986, Art IV, Sec. 23, N.M.
				Constitution.
B. "Mortgages", shall
				be defined as eligible mortgage collateral under Section
				7-27-5.2 NMSA 1978
				[repealed] and the council's guidelines promulgated under Section
				7-27-5.2 [repealed], as
				those guidelines may be amended from time to time by the council.
C. "Risk classifications:"
(1) "Class A" means a savings and loan
				association which meets all of the following financial conditions:
(a) A regulatory net worth to average asset
				ratio (as contained in the FHLB quarterly report) of 3 percent or
				greater.
(b) A ratio of its' four
				quarter net income (before or after taxes, whichever is greater, and determined
				by computing all four quarters on a consistent basis of either " before taxes"
				or "after taxes") to its total average assets of .30 percent or
				greater.
(c) Failure of a savings
				and loan association to meet any one of these financial conditions
				automatically results in reclassification into the next lower financial
				class.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 15 - COLLATERAL POLICY FOR NEW MEXICO SAVINGS AND LOAN ASSOCIATIONS GOVERNING CERTIFICATES OF DEPOSIT CREATED AFTER MAY 25, 1988 › Section 2.60.15.8 - COLLATERALIZATION REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. The
				investment officer is directed to require collateral to be maintained for
				institutions within each classification at levels in accordance with the
				following schedule for all new deposits and all reinvestments of existing
				deposits. These rules will become effective five (5) days after filing with the
				records and rules commission.
(1) CLASS A. A
				savings and loan in this class shall be required to maintain collateral at the
				statutory minimum level set forth in Section
				6-10-17
				NMSA 1978 or Section
				7-27-5.2 NMSA 1978
				[repealed], as applicable. Collateral in the form of securities shall have an
				aggregate market value equal to 50 percent of the amount of deposit. Collateral
				in the form of mortgages shall have an aggregate outstanding principal balance
				equivalent to 120 percent of the amount of the initial deposit, and shall be
				maintained at a minimum of an aggregate outstanding principal balance
				equivalent to 100 percent of the amount of the deposit.
(2) CLASS B. A savings and loan in this class
				shall be required to maintain collateral in the form of securities with an
				aggregate market value equal to 75 percent of the amount of deposit or
				collateral in the form of mortgages with an aggregate outstanding principal
				balance equivalent to 120 percent of the amount of the initial
				deposit.
(3) CLASS C. A savings and
				loan in this class shall be required to maintain collateral in the form of
				securities with an aggregate market value equal to 100 & of the amount of
				the deposit, or collateral in the form of mortgages maintained at a minimum
				aggregate outstanding principal balance equivalent to 120 percent of the amount
				of the deposit.
(4) CLASS D. A
				savings and loan in this class shall be required to maintain collateral in the
				form of securities with an aggregate market value equal to 100 percent of the
				amount of the deposit, or collateral in the form of mortgages with an aggregate
				outstanding principal balance equivalent to 120 percent of the amount of the
				deposit. The investment officer may, at his discretion, require the pledging of
				additional mortgage collateral of up to 200 percent of the outstanding
				principal balance, or additional securities with an aggregate market value
				equal to 120 percent of the amount of the deposit to prevent the loss of public
				funds.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 16 - SEVERANCE TAX PERMANENT FUND POLICY GOVERNING PURCHASES OF SMALL BUSINESS ADMINISTRATION OR FARMERS HOME ADMINISTRATION OBLIGAT › Section 2.60.16.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
State Investment Council, 2055 S. Pacheco Street, Suite 100,
				  Santa Fe, New Mexico 87505
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 16 - SEVERANCE TAX PERMANENT FUND POLICY GOVERNING PURCHASES OF SMALL BUSINESS ADMINISTRATION OR FARMERS HOME ADMINISTRATION OBLIGAT › Section 2.60.16.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
New Mexico small business administration or farmers home
				  administration.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 16 - SEVERANCE TAX PERMANENT FUND POLICY GOVERNING PURCHASES OF SMALL BUSINESS ADMINISTRATION OR FARMERS HOME ADMINISTRATION OBLIGAT › Section 2.60.16.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Pursuant to Section 7-27-5.4(A) NMSA 1978 as amended pursuant
				  to Senate Bill 1018 approved by the 41st legislature of the state of New
				  Mexico, 2nd session, which says, in part" no more than ten percent of the book
				  value of the severance tax permanent fund (the STPF") may be invested in notes
				  or obligations securing loans to New Mexico businesses made by farm credit
				  entities, banks and savings and loan associations and mortgages approved by the
				  congress of July 30, 1953 known as the Small Business Act of 1953, as amended,
				  and notes or obligations pursuant to the act of congress of August 14, 1946
				  amended, only to the extent that both principal and interest are guaranteed by
				  the United States government." The effective yield of these loans shall be a
				  market rate not less than the yield available on the planned amortized class
				  tranche of collateralized mortgage obligations guaranteed by mortgage
				  corporation with an average life comparable to the maturity of the loan. The
				  state investment officer may enter into administration of the receipts
				  therefrom. Any servicing agreement may contain reasonable and customary
				  provisions, including servicing fees not to exceed one hundred fifty basis
				  points, as may be agreed upon; provided, in no event shall the rate paid by the
				  borrower on the loan, together with servicing fees, exceed the maximum rate
				  permitted by the applicable federal guarantee program;"
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 16 - SEVERANCE TAX PERMANENT FUND POLICY GOVERNING PURCHASES OF SMALL BUSINESS ADMINISTRATION OR FARMERS HOME ADMINISTRATION OBLIGAT › Section 2.60.16.4 - DURATION

Current through Register Vol. 35, No. 13, July 16, 2024
Permanent.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 16 - SEVERANCE TAX PERMANENT FUND POLICY GOVERNING PURCHASES OF SMALL BUSINESS ADMINISTRATION OR FARMERS HOME ADMINISTRATION OBLIGAT › Section 2.60.16.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
June 15, 1999 unless a later date is specified at the end of
				  a section or paragraph.
Compiler's note: The words or paragraph, above, are no
					 longer applicable. Later dates are now cited only at the end of sections, in
					 the history notes appearing in
					 brackets.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 16 - SEVERANCE TAX PERMANENT FUND POLICY GOVERNING PURCHASES OF SMALL BUSINESS ADMINISTRATION OR FARMERS HOME ADMINISTRATION OBLIGAT › Section 2.60.16.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
As amended pursuant to Senate Bill 1018 approved by the 41st
				  legislature of the state of New Mexico, 2nd session, which says, in part" no
				  more than ten percent of the book value of the severance tax permanent fund
				  (the STPF") may be invested in notes or obligations securing loans to New
				  Mexico businesses made by farm credit entities, banks and savings and loan
				  associations and mortgages approved by the congress of July 30, 1953 known as
				  the Small Business Act of 1953, as amended, and notes or obligations pursuant
				  to the act of congress of August 14, 1946 amended, only to the extent that both
				  principal and interest are guaranteed by the United States
				  government."
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 16 - SEVERANCE TAX PERMANENT FUND POLICY GOVERNING PURCHASES OF SMALL BUSINESS ADMINISTRATION OR FARMERS HOME ADMINISTRATION OBLIGAT › Section 2.60.16.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
[RESERVED]
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 16 - SEVERANCE TAX PERMANENT FUND POLICY GOVERNING PURCHASES OF SMALL BUSINESS ADMINISTRATION OR FARMERS HOME ADMINISTRATION OBLIGAT › Section 2.60.16.9 - PROCEDURE

Current through Register Vol. 35, No. 13, July 16, 2024
Upon approval of a loan by the SBA/FmHA, the originating
				  financial institution desiring to sell the loan to the state investment council
				  should contact the SBA/FmHA portfolio manager by phone or in writing to request
				  a commitment. The portfolio manager will provide a commitment at the time of
				  receiving the request and will issue a commitment letter providing the details
				  of the commitment.
A. Each request for
				a commitment must include the following information; the borrowers name, the
				SBA GP number or FmHA case number, the maximum amount the loan is approved for,
				the loan maturity, the guarantee portion of the loan, as a percent, to be
				purchased by the state, the nature of the loan and the commitment
				period.
B. In the month the
				institution is prepared to deliver the loan the state investment office must
				receive at least two weeks prior to settlement from the originating institution
				an invoice on a form provided by the STPF and the completed loan package in the
				form required by the SBA or farmer's home administration.
C. The severance tax fund will purchase SBA
				and FmHA loans on or about the 20th of each month. Accrued interest may be
				purchased. Please forward the necessary documents to this office at least two
				weeks prior to settlement.
D. Send
				all correspondence to: State Investment Council, Portfolio Manager SBA Loans,
				2055 S. Pacheco, Suite 100, Santa Fe, New Mexico 87505, Phone #
				505-424-2500.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 16 - SEVERANCE TAX PERMANENT FUND POLICY GOVERNING PURCHASES OF SMALL BUSINESS ADMINISTRATION OR FARMERS HOME ADMINISTRATION OBLIGAT › Section 2.60.16.10 - GUARANTEED PAYMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
To provide both timeliness and certainty in loan payments the
				  state investment office may convert each SBA loan purchased after July 1, 1989
				  to a depository receipt, offered by Colson Acquisition Service to guarantee
				  payments on the same day every month. Also, all loans currently held may be
				  converted to the depository receipt, if they are eligible and it is cost
				  effective. The state investment office will pay the cost of converting the SBA
				  certificate to the depository receipt. The lender will continue to pay the
				  initial standard setup fee.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 17 - COLLATERAL POLICY FOR NEW MEXICO BANKS GOVERNING CERTIFICATES OF DEPOSIT CREATED AFTER MAY 25, 1988 › Section 2.60.17.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
State Investment Council.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 17 - COLLATERAL POLICY FOR NEW MEXICO BANKS GOVERNING CERTIFICATES OF DEPOSIT CREATED AFTER MAY 25, 1988 › Section 2.60.17.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
[RESERVED]
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 17 - COLLATERAL POLICY FOR NEW MEXICO BANKS GOVERNING CERTIFICATES OF DEPOSIT CREATED AFTER MAY 25, 1988 › Section 2.60.17.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  7-27-5,
				  7-27-5.2 [repealed],
				  6-8-7,
				  6-10-10,
				  6-10-16,
				  6-10-17,
				  6-10-18,
				  6-10-20,
				  6-10-24.1,
				  6-10-29
				  and
				  6-10-35
				  NMSA 1978
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 17 - COLLATERAL POLICY FOR NEW MEXICO BANKS GOVERNING CERTIFICATES OF DEPOSIT CREATED AFTER MAY 25, 1988 › Section 2.60.17.4 - DURATION

Current through Register Vol. 35, No. 13, July 16, 2024
[Permanent.]
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 17 - COLLATERAL POLICY FOR NEW MEXICO BANKS GOVERNING CERTIFICATES OF DEPOSIT CREATED AFTER MAY 25, 1988 › Section 2.60.17.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
These rules will become effective five (5) days after filing
				  with the records center and archives commission. [Filed June 6, 1988, effective
				  June 11, 1988]
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 17 - COLLATERAL POLICY FOR NEW MEXICO BANKS GOVERNING CERTIFICATES OF DEPOSIT CREATED AFTER MAY 25, 1988 › Section 2.60.17.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
In the exercise of it's authority under Sections
				  7-27-5,
				  7-27-5.2 [repealed],
				  6-8-7,
				  6-10-10,
				  6-10-16,
				  6-10-17,
				  6-10-18,
				  6-10-20,
				  6-10-24.1,
				  6-10-29
				  and
				  6-10-35
				  NMSA 1978, the state investment council (the "council") desires to minimize
				  potential risks to existing and future bank deposits of severance tax permanent
				  funds ("state funds"). As a first step towards achieving this objective, the
				  council hereby directs the state investment officer to review the financial
				  condition of each bank in the program. The review will include a determination
				  of each bank's primary capital/asset ratio, its net income/total average assets
				  ratio and its non-performing loans/primary capital ratio. The institutions
				  shall then be classified according to the level of risk, and each level of risk
				  assigned an appropriate level of collateralization.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 17 - COLLATERAL POLICY FOR NEW MEXICO BANKS GOVERNING CERTIFICATES OF DEPOSIT CREATED AFTER MAY 25, 1988 › Section 2.60.17.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "Securities"
				shall be defined as those securities eligible as collateral for severance tax
				permanent funds under Section
				6-10-16
				and
				7-27-5.2 [repealed], as
				amended, and effective May 21, 1986, Art. IV, Section 23, N.M.
				Constitution.
B. "Mortgages", shall
				be defined as eligible mortgage collateral under Section
				7-27-5.2 NMSA 1978
				[repealed] and the council's guidelines promulgated under Section
				7-27-5.2 [repealed], as
				those guidelines may be amended from time to time by the council.
C. Risk classifications:
(1) "CLASS A" means a bank which meets all of
				the following conditions:
(a) a primary
				capital to asset ratio (as defined by the FDIC) of 6 percent or
				greater;
(b) a net income (current
				quarter plus previous three quarters after taxes) to average asset ratio of .61
				percent or greater.
(c) a ratio of
				non-performing loans (defined as loans which are at least 90 days past due) to
				primary capital ratio of 34.9 percent or less.
(d) Failure of a bank to meet any one of
				these ratios automatically results in reclassification into the next lower
				financial class.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 17 - COLLATERAL POLICY FOR NEW MEXICO BANKS GOVERNING CERTIFICATES OF DEPOSIT CREATED AFTER MAY 25, 1988 › Section 2.60.17.8 - COLLATERALIZATION REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. The
				investment officer shall require collateral levels to be maintained for all
				institutions (within each classification) in accordance with the following
				schedule for both new deposits and reinvestments of existing deposits. These
				rules will become effective five (5) days after filing with the records center
				and archives commission.
(1) CLASS A. A bank
				in this classification shall be required to maintain collateral at the
				statutory minimum level set forth in Section
				6-10-17
				NMSA 1978 or Section
				7-27-5.2 NMSA 1978
				[repealed], as applicable. Collateral in the form of securities shall have an
				aggregate market value equal to 50 percent of the amount of deposit. Collateral
				in the form of mortgages shall have an aggregate outstanding principal balance
				equivalent to 120 percent of the amount of the initial deposit, and shall be
				maintained at a minimum of an aggregate outstanding principal balance
				equivalent to 100 percent of the amount of the deposit.
(2) CLASS B. A bank in this classification
				shall be required to maintain collateral in the form of securities with an
				aggregate market value equal to 75 percent of the amount of deposit, or
				collateral in the form of mortgages with an aggregate outstanding principal
				balance equivalent to 120 percent of the amount of the initial
				deposit.
(3) CLASS C. A bank in
				this classification shall be required to maintain collateral in the form of
				securities with an aggregate market value equal to 100 percent of the amount of
				the deposit, or collateral in the form of mortgages with a minimum aggregate
				outstanding principal balance equivalent to 120 percent of the amount of the
				deposit.
(4) CLASS D. A bank in
				this classification shall be required to maintain collateral in the form of
				securities with an aggregate market value equal to 100 percent of the amount of
				the deposit, or collateral in the form of mortgages with an aggregate
				outstanding principal balance equivalent to 120 percent of the amount of the
				deposit. The investment officer may, at his discretion, require the pledging of
				additional mortgage collateral (up to 200 percent of the outstanding principal
				balance), or additional securities with an aggregate market value equal to 120
				percent of the amount of the deposit, to prevent the loss of public
				funds.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 20 - VENTURE CAPITAL INVESTMENT ADVISORY COMMITTEE POLICIES AND PROCEDURES MANUAL › Section 2.60.20.8 - THE NATIONAL VENTURE CAPITAL INVESTMENT PROGRAM (VCIP)

Current through Register Vol. 35, No. 13, July 16, 2024
A. PROGRAM STRUCTURE:
(1) The national venture capital investment
				program of the state of New Mexico's severance tax permanent fund (STPF, or
				fund) is intended to produce significant capital gains to the fund corpus and
				additional diversification for the fund's assets. The venture capital
				investment program is managed by the New Mexico state investment council (SIC,
				or council) with the advice of the venture capital investment advisory
				committee (VCIAC, or committee) and a fiduciary advisor. Currently, the advisor
				is brinson partners inc. (BPI, or the advisor). The STPF is a permanent trust
				fund, and all market-rate fund investments are subject to the prudent man rule.
				Since the council is also required to retain investment discretion over all
				fund assets, the advisor has been retained on a non-discretionary basis to
				advise the committee and council on venture capital investments. Historically,
				the average returns on well structured venture capital investment programs have
				been 6 percent to 10 percent above that achievable in the traditional U.S.
				equities market.
(2) The venture
				capital asset class entails a high degree of risk, which must be managed very
				carefully to avoid significant losses. Based on historical data, even the most
				experienced and successful venture capitalists expect that 30 percent of their
				direct investment portfolio companies will fail. This fact necessitates prudent
				selection and proper diversification of venture capital fund
				investments.
(3) Venture capital
				has been accepted as a prudent asset class for investment both by the financial
				markets and by the federal government. Most institutional investors limit their
				exposure to venture capital to between 2 percent and 5 percent of their total
				portfolios. Subsection A of
				7-27-5.6 NMSA 1978, as
				amended during the 1990 legislative session, specifies that the total
				investment in the VCIP may not exceed one and one-half percent of the book
				value of the STPF.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 20 - VENTURE CAPITAL INVESTMENT ADVISORY COMMITTEE POLICIES AND PROCEDURES MANUAL › Section 2.60.20.9 - NEW MEXICO VENTURE CAPITAL INVESTMENT PROGRAM (NMVCIP)

Current through Register Vol. 35, No. 13, July 16, 2024
A. INTRODUCTION:
(1) The 1990 New Mexico legislature passed an
				amendment (House Bill 140) to the original 1987 venture capital statute which
				created a New Mexico-oriented venture capital program, and authorized up to
				one-half percent of the severance tax permanent fund for potential investment
				in New Mexico based venture capital funds. This amended statute is contained in
				Section
				7-27-5.15
				NMSA 1978.
(2) This new program is
				the New Mexico venture capital investment program (NMVCIP) of the STPF, and is
				a differential rate program which was intended by the legislature to encourage
				development of a venture capital industry within the state. The NMVCIP has
				several provisions that differ from the original 1987 program (the venture
				capital investment program, or VCIP) contained in Section
				7-27-5.6 NMSA 1978 and
				implemented by Section I [now 2.60.20.8 NMAC] of this Manual. These amended
				provisions are listed below under New Mexico venture capital fund requirements.
				The policies and procedures contained in Section I [now 2.60.20.8 NMAC] will
				also apply to NMVCIP investments except where changed in Section II [now
				2.60.20.9 NMAC]. The NMVCIP investments are required to be prudent investments
				and are subject to the exercise of good business judgement by the VCIAC and
				state investment council. The sub-sections listed below will correspond by
				title to those in Section I [now 2.60.20.8 NMAC] and contain any changes
				applicable to the NMVCIP.
(3) It
				should be noted that a New Mexico venture capital fund could apply for
				investment consideration under either the VCIP or the NMVCIP.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 21 - ADMINISTRATIVE PROCEDURES FOR NEW MEXICO FINANCIAL INSTITUTIONS APPLYING FOR DEPOSITS OF SEVERENCE TAX PERMANENT FUND › Section 2.60.21.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
State Investment Council.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 21 - ADMINISTRATIVE PROCEDURES FOR NEW MEXICO FINANCIAL INSTITUTIONS APPLYING FOR DEPOSITS OF SEVERENCE TAX PERMANENT FUND › Section 2.60.21.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
These regulations will apply to applications received by the
				  state investment council from banks, savings and loan associations, and credit
				  unions for all deposits, including reinvestment of existing deposits, deposits
				  made in addition to existing deposits in an institution, and deposits made in
				  institutions not previously having a deposit, of the severance tax permanent
				  fund made after these regulations go into effect. The regulations in effect at
				  the time existing deposits were made shall govern those certificates of
				  deposit.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 21 - ADMINISTRATIVE PROCEDURES FOR NEW MEXICO FINANCIAL INSTITUTIONS APPLYING FOR DEPOSITS OF SEVERENCE TAX PERMANENT FUND › Section 2.60.21.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Pursuant to Sections
				  6-10-9,
				  6-10-35,
				  and
				  7-27-5.2 [repealed] NMSA
				  1978, the state investment officer shall receive and review written
				  applications from banks and savings and loan associations that wish to qualify
				  as depositories of the severance tax permanent fund. The council is empowered
				  by Sections
				  6-8-7
				  and 7-27-5.2(I) [repealed] NMSA 1978 to establish regulations pertaining to the
				  nature, limitations, conditions, and restrictions of investments of the
				  severance tax permanent fund and to devise regulations to address the
				  investment, deposit and allocation of such funds invested under Section
				  7-27-5.2 [repealed]. The
				  state investment officer is required by Section
				  6-8-7
				  to "formulate and recommend to the council for approval investment regulations
				  or resolutions pertaining to the kind or nature of investments and limitations,
				  conditions, and restrictions upon the methods, practices or procedures for
				  investment, reinvestment, purchase, sale or exchange transactions which should
				  govern the activities of the investment office." The council is required by
				  Section 7-27-5.2(I) [repealed] to "devise guidelines to cover the investment,
				  deposit and allocation of funds, among institutions qualifying under this
				  section, of the severance tax permanent fund."
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 21 - ADMINISTRATIVE PROCEDURES FOR NEW MEXICO FINANCIAL INSTITUTIONS APPLYING FOR DEPOSITS OF SEVERENCE TAX PERMANENT FUND › Section 2.60.21.4 - DURATION

Current through Register Vol. 35, No. 13, July 16, 2024
[Permanent.]
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 21 - ADMINISTRATIVE PROCEDURES FOR NEW MEXICO FINANCIAL INSTITUTIONS APPLYING FOR DEPOSITS OF SEVERENCE TAX PERMANENT FUND › Section 2.60.21.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
[Filed June 6, 1988]
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 21 - ADMINISTRATIVE PROCEDURES FOR NEW MEXICO FINANCIAL INSTITUTIONS APPLYING FOR DEPOSITS OF SEVERENCE TAX PERMANENT FUND › Section 2.60.21.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
A. The purpose of
				these regulations is to exercise the council's rule making authority under
				Sections
				6-8-7
				and 7-27-5.2(I) [repealed] consistently with the requirements of
				7-27-5.2 [repealed] and
				the overall investment standard governing the severance tax permanent fund and
				safety considerations imposed on the investment officer by Sections
				6-8-7
				and
				7-27-5.2 [repealed].
				These regulations define the procedure by which banks and savings and loan
				associations will apply for deposits of the severance tax permanent fund, the
				standards by which the state investment officer will evaluate such
				applications, the conditions applying to such applications, and the allocation
				of funds among depositories.
B.
				Credit unions may apply by filing an application form which may be obtained
				from the office of the state treasurer. This application will include either or
				both executed general fund or severance tax permanent fund depository
				agreements and the data required for the risk assessment report. The
				application is for both general fund and severance tax permanent fund deposits.
				Whether state funds deposited with the credit union will be severance tax
				permanent fund or general fund will depend on the term of the deposit and, of
				course, the availability of funds to be deposited. A credit union may not have
				state deposits in excess of $100,000.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 21 - ADMINISTRATIVE PROCEDURES FOR NEW MEXICO FINANCIAL INSTITUTIONS APPLYING FOR DEPOSITS OF SEVERENCE TAX PERMANENT FUND › Section 2.60.21.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "Council" shall
				mean the state investment council.
B. "State funds" means funds of the severance
				tax permanent fund deposited pursuant to Sections
				7-27-5
				and
				7-27-5.2 [repealed] NMSA
				1978 (and known as the differential rate investments).
C. "Reinvestment of certificate of deposit"
				means the replacement upon maturity, of an existing deposit at the discretion
				of the investment officer acting in accordance with these regulations. For the
				purposes of these regulations, this will be considered the same as any other
				type of deposit except that the institution retains physical possession of the
				state funds rather than the funds being transferred from the state to the
				institution.
D. FOR BANKS
(1) "CLASS A" means a bank which meets all of
				the following financial conditions:
(a) a
				primary capital to asset ratio (as defined by the FDIC) of 6 percent or
				greater.
(b) a net income (current
				quarter plus previous three quarters after taxes) to average asset ratio of .61
				percent or greater;
(c) a ratio of
				non-performing loans (defined as loans which are at least 90 days past due) to
				primary capital ratio of 34.9 percent or less.
(d) Failure of a bank to meet any one of
				these ratios automatically results in reclassification into the next lower
				financial class.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 21 - ADMINISTRATIVE PROCEDURES FOR NEW MEXICO FINANCIAL INSTITUTIONS APPLYING FOR DEPOSITS OF SEVERENCE TAX PERMANENT FUND › Section 2.60.21.8 - APPLICATION PROCESS

Current through Register Vol. 35, No. 13, July 16, 2024
All New Mexico banks and savings and loan associations,
				  desiring to receive deposits of the severance tax permanent fund pursuant to
				  Sections
				  7-27-5
				  and
				  7-27-5.2 [repealed] NMSA
				  1978, as amended, including those institutions requesting reinvestments of
				  certificates of deposit, shall make written application to the state investment
				  officer as follows:
A. The application
				shall state the amount desired, the amount (if any) already on deposit under
				the severance tax permanent fund certificate of deposit program, and the
				percentage of state funds that will be deposited with that financial
				institution if the application is granted.
B. The application shall include a current
				financial statement of the institution.
C. The application shall state the financial
				institution's agreement to pay interest on the deposits in accordance with the
				interest rate policy set by the council under Section 7-27-5.2(A) [repealed] or
				Section 7-27-5.2(B) [repealed], to calculate all interest daily on a 365 day
				basis, and to make interest payments (accruing from the previous month) to the
				council upon the first day of the next following month.
D. The application shall state the conditions
				or penalties for early withdrawal that will be incorporated into the
				certificate of deposit documents that the financial institution will issue to
				the council.
E. The application
				shall state whether the request is for new deposits or for reinvestment of
				certificates of deposit made pursuant to Section 7-27-5.2(A) [repealed] or
				7-27-5.2(B) [repealed], and shall describe the collateral that will be pledged
				to secure the deposits of state funds.
F. The application shall state the name of
				the bank or banks and/or savings and loan association or associations that the
				state treasurer's office has designated to act as the state's agent or agents
				in performing custodial functions with respect to pledged collateral and which
				the applicant plans to utilize.