reglab/statecodes huggingface dataset:
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 1 - OPEN MEETINGS RESOLUTION › Section 2.60.1.8 - OPEN MEETINGS RESOLUTION

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				WHEREAS, 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, 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 within the authority of or the delegated authority
				of such board, commission or other policy-making body. Are declared to be
				public meetings open to the public at all times; and
B. WHEREAS, any meeting 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; and
C.
				WHEREAS, Section 10-15-1(C) of the Open Meetings Act requires the venture
				capital investment advisory committee (the "committee") to determine annually
				what constitutes reasonable notice of its public meetings;
D. NOW, THEREFORE, BE IT RESOLVED by the
				committee on this 25th day of October 1990, that: The committee ordinarily
				shall hold meetings as exigencies may demand. The following shall constitute
				reasonable public notice of the committee's meetings.
(1)
REGULAR MEETINGS:
(a) At each regular meeting of the committee,
				the committee shall announce the proposed date, time and place of its next
				regular meeting. At least 10 days before a regular meeting is held the
				committee shall also distribute, in the following manner, a written notice
				listing the time, date, and place of the meeting, and a date upon which copies
				of the proposed agenda will be available upon request at the state investment
				office:
(b) The committee will
				deliver copies of the notice to the governor's press boxes for distribution to
				the news media; and
(c) The
				committee will mail copies of the notice to those broadcast stations licensed
				by the federal communications commission and newspapers of general circulation
				and to other entities and persons which have made written request of the
				committee for notice of public meetings.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 1 - OPEN MEETINGS RESOLUTION › Section 2.60.1.13 - ADOPTION

Current through Register Vol. 35, No. 13, July 16, 2024
Adopted by the venture capital investment advisory committee
				  in an open meeting on October 25, 1990. VENTURE CAPITAL INVESTMENT ADVISORY
				  COMMITTEE
By: P. J. Archibeck, State Investment Officer
Date: November 5, 1990
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 2 - AUTHORIZATION, OPERATIONS AND REPORTING OF STATE AGENCY BANK ACCOUNTS AND INVESTMENTS › Section 2.60.2.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Office of the State Treasurer, State Cash
				  Manager.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 2 - AUTHORIZATION, OPERATIONS AND REPORTING OF STATE AGENCY BANK ACCOUNTS AND INVESTMENTS › Section 2.60.2.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
All state agency deposits of investments unless the agency
				  has been specifically exempted by law. As used in this policy, the term state
				  agency "shall mean the state of New Mexico or any of its branches, agencies,
				  departments, boards, instrumentalities or institutions other than state
				  educational institutions designated by Article 12, Section 11 of the
				  Constitutions of New Mexico and the investments made by the state treasurer or
				  the state investment council.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 2 - AUTHORIZATION, OPERATIONS AND REPORTING OF STATE AGENCY BANK ACCOUNTS AND INVESTMENTS › Section 2.60.2.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Article V, Section 1, New Mexico Constitution; Section
				  6-1-13
				  NMSA 1978; Sections
				  6-10-24.1,
				  6-10-26
				  and
				  6-10-29
				  NMSA 1978.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 2 - AUTHORIZATION, OPERATIONS AND REPORTING OF STATE AGENCY BANK ACCOUNTS AND INVESTMENTS › Section 2.60.2.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
3-2-84, unless a later date is cited 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 2 - AUTHORIZATION, OPERATIONS AND REPORTING OF STATE AGENCY BANK ACCOUNTS AND INVESTMENTS › Section 2.60.2.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of Part 2 Chapter 6 [now 2.60.2 NMAC] is to
				  establish standards and procedures for uniform investing of state funds and
				  proper reporting procedures.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 2 - AUTHORIZATION, OPERATIONS AND REPORTING OF STATE AGENCY BANK ACCOUNTS AND INVESTMENTS › Section 2.60.2.8 - AUTHORIZATION OF CHECKING AND SAVINGS ACCOUNTS

Current through Register Vol. 35, No. 13, July 16, 2024
Procedures: A state agency may not open a new deposit account
				  or deposit money in an existing deposit account unless it has submitted a
				  request to the office of the state cash manager in writing on forms prescribed
				  by the cash manager and received written authorization from the cash manager
				  for each account.
A. In the written
				authorization, the cash manager will establish for each account those
				conditions and reports appropriate to that account. Reports to the cash manager
				are required at least monthly for all accounts.
B. Any accounts operating without
				authorization will be reported to the state board of finance on a monthly
				basis. All unauthorized accounts may be closed by the cash manager.
C. Authorizations are valid for one-year
				period. All state agencies, operating accounts, are required to certify in
				writing the need for each account on an annual basis beginning January 1, 1985
				and every January 1st thereafter.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 2 - AUTHORIZATION, OPERATIONS AND REPORTING OF STATE AGENCY BANK ACCOUNTS AND INVESTMENTS › Section 2.60.2.9 - INVESTMENT ACCOUNTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. As used
				in this policy, the term "investment account" shall mean all in-state
				certificates of deposit, money market accounts and repurchase
				agreements.
B. REPORTING
				PROCEDURES: It is the responsibility of each state agency to provide written
				constitutional or statutory authority permitting the investments. Investment
				authority must be submitted to the cash manager on an annual basis beginning
				January 31, 1984 and each January 1st thereafter. All investment accounts must
				be reported monthly in writing to the cash manager detailing the type, location
				and amount of investments held.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 2 - AUTHORIZATION, OPERATIONS AND REPORTING OF STATE AGENCY BANK ACCOUNTS AND INVESTMENTS › Section 2.60.2.11 - REPORT SUBMISSION

Current through Register Vol. 35, No. 13, July 16, 2024
State agencies including the state treasurer and state
				  investment council are required to submit a report on each checking, savings
				  and investment account at least monthly or as otherwise specified by the cash
				  manager. Monthly reports must be submitted and received by the office of the
				  state cash manager on or before the 25th day of the month following the
				  reporting period. Each report must contain a signed certification that the
				  account has been reconciled. A summary of all reports not received by the
				  cutoff date will be submitted to the state board of finance on a monthly
				  basis.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 2 - AUTHORIZATION, OPERATIONS AND REPORTING OF STATE AGENCY BANK ACCOUNTS AND INVESTMENTS › Section 2.60.2.12 - TRANSFER POLICY

Current through Register Vol. 35, No. 13, July 16, 2024
The transfer of funds to the state treasurer from checking or
				  savings accounts must not be made less frequently than agency transfer as
				  authorized by the cash manager. Any significant changes in deposit volume
				  should be reported as soon as possible. Any requested changes in transfer
				  policy must be submitted in writing and requires approval of the cash manager
				  prior to implementation.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 2 - AUTHORIZATION, OPERATIONS AND REPORTING OF STATE AGENCY BANK ACCOUNTS AND INVESTMENTS › Section 2.60.2.13 - CLOSING OF CHECKING OR SAVINGS ACCOUNTS

Current through Register Vol. 35, No. 13, July 16, 2024
When closing a checking or savings account, each state agency
				  shall submit a written certification stating the account is closed, the
				  circumstances necessitating the closing of the account, and a final bank or
				  savings and loan statement indicating a zero balance.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 2 - AUTHORIZATION, OPERATIONS AND REPORTING OF STATE AGENCY BANK ACCOUNTS AND INVESTMENTS › Section 2.60.2.14 - CONSOLIDATION OF ACCOUNTS

Current through Register Vol. 35, No. 13, July 16, 2024
The cash manager shall combine accounts where feasible and
				  instruct state agencies on deposit and reconciliation
				  procedures.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 2 - AUTHORIZATION, OPERATIONS AND REPORTING OF STATE AGENCY BANK ACCOUNTS AND INVESTMENTS › Section 2.60.2.15 - INTEREST AND BEARING ACCOUNTS

Current through Register Vol. 35, No. 13, July 16, 2024
All state fund deposit accounts should be placed in interest
				  bearing accounts when feasible. All state agencies maintaining demand deposit
				  accounts are encouraged to establish interest bearing accounts whenever
				  possible. A written explanation as to why the account is not in an interest
				  bearing account will be required by the cash manager.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 3 - DEPOSITS › Section 2.60.3.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Article V, Section 1, New Mexico Constitution; Section
				  6-1-13
				  NMSA 1978.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 3 - DEPOSITS › Section 2.60.3.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
8/1/72, unless a later date is cited at 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 3 - DEPOSITS › Section 2.60.3.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of Part 2 Chapter 6 is to establish the times
				  deposits will be accepted by the cashiers office.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 3 - DEPOSITS › Section 2.60.3.8 - DEADLINE TO MAKE DEPOSITS

Current through Register Vol. 35, No. 13, July 16, 2024
Effective 8-1-72 the cashier's door will be closed at 4 p.m.
				  to give personnel time to get their work completed.
A. Any deposits not at the cashier's office,
				room 156, by 4 p.m. will not be accepted until the following day.
B. Deposits cannot be delivered to any other
				department of the treasurer's, and MUST be made at room 156.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 4 - DEPOSITORY BANK REQUIREMENTS, COLLATERAL LEVEL REQUIREMENTS, AND CUSTODIAL BANK REQUIREMENTS › Section 2.60.4.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
State Board of Finance, 181 Bataan Memorial Building, Santa
				  Fe, NM 87501.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 4 - DEPOSITORY BANK REQUIREMENTS, COLLATERAL LEVEL REQUIREMENTS, AND CUSTODIAL BANK REQUIREMENTS › Section 2.60.4.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
State treasurer and financial institutions holding deposits
				  of public money or collateral pledged to secure those deposits under the state
				  board of finance authority.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 4 - DEPOSITORY BANK REQUIREMENTS, COLLATERAL LEVEL REQUIREMENTS, AND CUSTODIAL BANK REQUIREMENTS › Section 2.60.4.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
April 30, 1998, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 4 - DEPOSITORY BANK REQUIREMENTS, COLLATERAL LEVEL REQUIREMENTS, AND CUSTODIAL BANK REQUIREMENTS › Section 2.60.4.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule provides general guidance regarding the financial
				  and legal requirements to be followed by the state treasurer to minimize risks
				  to existing and future deposits of public money under the authority of the
				  board.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 4 - DEPOSITORY BANK REQUIREMENTS, COLLATERAL LEVEL REQUIREMENTS, AND CUSTODIAL BANK REQUIREMENTS › Section 2.60.4.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "Board" means
				state board of finance.
B.
				"Custodial bank" means a federal reserve bank or branch thereof or any bank
				designated by the board as described in this rule.
C. "Deposit" means the amount of state funds
				held by the financial institution in an account owned by the state, or any
				funds deposited (including CD deposits) by the state with that financial
				institution. For purposes of computing the deposit ratio or the amount of
				collateral to be posted, the amount insured by the federal deposit insurance
				company, the federal savings and loan insurance corporation or the national
				credit union administration shall not be included.
D. "Deposit ratio" means the amount of state
				funds on deposit or invested with a financial institution divided by the total
				amount of deposits at the financial institution, excluding, however, funds held
				by the fiscal agent bank, as the state's fiscal agent bank, and demand deposits
				held by state checking depository banks when determining the amount of state
				funds.
E. "Depository bank" means a
				financial institution certified or designated by the state treasurer to hold
				deposits of public money.
F.
				"Equity ratio" means the amount of state funds on deposit or invested with a
				financial institution divided by the total equity capital of the financial
				institution, excluding, however, funds held by the fiscal agent bank, as the
				state's fiscal agent bank, and demand deposits held by state checking
				depository banks when determining the amount of state funds.
G. "FDIC" means federal deposit insurance
				corporation.
H. "Financial
				institution" means any bank, savings and loan association or credit union whose
				deposits are insured by an agency of the United States.
I. "Letters of credit" means those letters of
				credit that are eligible to be pledged to the state to secure state funds
				pursuant to Section
				6-10-16,
				NMSA 1978, as it may be amended from time to time.
J. "Non-performing loans" means loans that
				are at least 90 days past due and accruing or non-accruing.
K. "Securities" means those securities
				eligible as collateral for public funds under Section
				6-10-16
				NMSA 1978.
L. "Surety bond" means a
				bond substantially in the form prescribed in
				6-10-15 NMSA
				1978, issued by a surety company that is continually rated in the highest
				category by at least one nationally recognized statistical rating agency and
				licensed to do business in New Mexico.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 4 - DEPOSITORY BANK REQUIREMENTS, COLLATERAL LEVEL REQUIREMENTS, AND CUSTODIAL BANK REQUIREMENTS › Section 2.60.4.8 - DESIGNATION AS A DEPOSITORY

Current through Register Vol. 35, No. 13, July 16, 2024
BANK:
A. A financial institution requesting to
				become a depository bank must submit the following information to the state
				treasurer:
(1) a letter from the financial
				institution requesting to become a depository bank;
(2) copy of FDIC certification or the
				national credit union administration certification;
(3) financial reports for the preceding four
				quarters; a newly chartered financial institution must provide its most recent
				financial report; and
(4) other
				public information requested by the state treasurer.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 4 - DEPOSITORY BANK REQUIREMENTS, COLLATERAL LEVEL REQUIREMENTS, AND CUSTODIAL BANK REQUIREMENTS › Section 2.60.4.9 - COLLATERAL REQUIREMENTS FOR DEPOSITORY BANK SERVICES AND RISK ASSESSMENT RATIOS

Current through Register Vol. 35, No. 13, July 16, 2024
A. The board
				directs the state treasurer to conduct risk assessment analysis of depository
				banks holding deposits of public money under the board's authority. The risk
				assessment will include a determination of each depository bank's primary
				capital-to-asset ratio, net operating income to total average asset ratio and
				non-performing loans to primary capital ratio for the past four (4) consecutive
				quarters. These risk assessment ratios will determine collateral level
				requirements for financial institutions holding deposits of public money as
				listed below.
(1) If a depository bank's
				primary capital-to-asset ratio as defined by the FDIC is:
(a) 6.1 percent or greater, the depository
				bank shall be required to maintain collateral with an aggregate market value
				equal to 50 percent of the amount of the deposit;
(b) 5.0 percent to 6.0 percent, the
				depository bank shall be required to maintain collateral with an aggregate
				market value equal to 75 percent of the amount of the deposit;
(c) less than 5.0 percent, the depository
				bank shall be required to maintain collateral with an aggregate market value
				equal to 102 percent of the amount of the deposit.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 4 - DEPOSITORY BANK REQUIREMENTS, COLLATERAL LEVEL REQUIREMENTS, AND CUSTODIAL BANK REQUIREMENTS › Section 2.60.4.10 - REQUIRED TYPES OF COLLATERAL

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Deposits of public money shall be secured by the following.
(1) Securities of the United States, its
				agencies or instrumentalities which shall be accepted at market
				value.
(2) Securities of the state
				of New Mexico, its agencies, instrumentalities, counties, municipalities or
				other subdivisions, which shall be accepted at par value.
(3) Securities, including student loans,
				guaranteed by the United States or the state of New Mexico which shall be
				accepted at market value.
(4)
				Revenue bonds that are underwritten by a member of the national association of
				securities dealers, known as "N.A.S.D.", and are rated "BAA" or above by a
				nationally recognized bond rating service, which shall be accepted as security
				at market value.
(5) Bonds of the
				New Mexico mortgage finance authority, a state instrumentality.
(6) Farmers' home administration loans, which
				are fully guaranteed by the federal government.
(7) Letters of credit issued by a federal
				home loan bank in the same amount that would be required if securities were
				being posted as collateral pursuant to Subsection A of 2.60.4.9 NMAC, which
				shall be accepted at par value.
(8)
				Surety bonds in the same amount that would be required if securities were being
				posted as collateral pursuant to Subsection A of 2.60.4.9 NMAC, which shall be
				accepted at par value. Additionally, each surety bond must receive prior
				approval from the board and a district judge of the first judicial
				district.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 4 - DEPOSITORY BANK REQUIREMENTS, COLLATERAL LEVEL REQUIREMENTS, AND CUSTODIAL BANK REQUIREMENTS › Section 2.60.4.11 - DEPOSITORY BANK REPORTING TO THE STATE TREASURER

Current through Register Vol. 35, No. 13, July 16, 2024
A. The figures to be used by the state
				treasurer in completing the risk assessment analysis for a depository bank
				shall be calculated from the quarterly call statements, thrift reports, or
				national credit union administration reports of the financial institution and
				on the state treasurer's generated report "New Mexico financial institution
				quarterly report". Both reports shall be furnished by the financial institution
				to the state treasurer no later than on the tenth day of the second month
				following the end of each calendar quarter. If the tenth day falls on a weekend
				or a legal holiday, the figures shall be submitted on the next business
				day.
B. By the tenth day, a
				depository bank shall submit a monthly collateral (including surety bonds and
				letters of credit) level report to the state treasurer on the state treasurer's
				generated form "state treasurer collateral compliance monthly report". If the
				tenth falls on a weekend or a legal holiday, the figures shall be submitted on
				the next business day.
C. The
				reports provided to the state treasurer by the depository bank shall be
				certified in writing by the president, an executive officer, or a person
				authorized by a corporate resolution certifying the information of the
				financial institution.
D. The state
				treasurer may, at any time between quarterly reporting periods, request any
				additional certified public information from the depository bank as needed to
				assess its risk level.
E. The state
				treasurer is directed to require each depository bank to provide a copy of any
				regulatory enforcement decisions or orders issued by a state or federal
				regulatory agency having authority to issue such enforcement decisions or
				orders that have a material impact on the depository bank or on financial
				ratios required of it by its respective regulatory agencies or this rule to the
				state treasurer within ten (10) business days of any such document becoming
				public.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 4 - DEPOSITORY BANK REQUIREMENTS, COLLATERAL LEVEL REQUIREMENTS, AND CUSTODIAL BANK REQUIREMENTS › Section 2.60.4.12 - COLLATERAL LEVEL NON-COMPLIANCE AND APPROPRIATE ADJUSTMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. If a depository
				bank is unable to meet the risk assessment qualifications for a minimum level
				of collateral required, the state treasurer is directed to cease making any
				additional deposits of public money into the depository bank and to withdraw
				deposits in the order they would otherwise mature to an amount which can be
				collateralized at an appropriate level of collateral in accordance with the
				risk assessment ratios.
B. If a
				depository bank has not maintained qualifying securities as collateral, the
				state treasurer shall request the depository bank to substitute or provide
				additional qualifying securities to meet collateral requirements within ten
				(10) calendar days. If the depository bank does not comply with the request
				within ten (10) calendar days, the state treasurer shall withdraw from that
				depository bank within the next ten (10) calendar days all deposits of public
				money under the state treasurer's control without penalty.
C. Upon receipt of notice by a depository
				bank of an adverse event or final administrative enforcement action imposed
				upon it.
(1) If the state treasurer believes
				such action indicates a high level of risk in maintaining public deposits in
				that depository bank, the state treasurer shall report to the board and the
				board shall decide whether additional collateral shall be required.
(2) The state treasurer may require the
				pledging of additional collateral or make an emergency withdrawal of state
				deposits prior to maturity and prior to obtaining board direction when such
				action is necessary in the state treasurer's judgment in the exercise of
				reasonable care to protect state funds.
(3) If the depository bank believes that
				exceptional circumstances exist which indicate that it is or was not
				appropriate for the state treasurer to take any action pursuant to this
				subsection:
(a) the depository bank shall
				appear at the next regularly scheduled board meeting and present its
				position;
(b) the board shall
				determine what action should be taken or if deposits should be
				reinstated.
(4) If a
				surety company that has issued the surety bond ceases to be rated in the
				highest rating category by at least one nationally recognized statistical
				rating agency, the surety bond issued by the company shall no longer be valid
				for use as collateral for state deposits and alternative collateral must be
				pledged immediately.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 4 - DEPOSITORY BANK REQUIREMENTS, COLLATERAL LEVEL REQUIREMENTS, AND CUSTODIAL BANK REQUIREMENTS › Section 2.60.4.13 - REQUIREMENTS TO PROVIDE CUSTODIAL BANK SERVICES

Current through Register Vol. 35, No. 13, July 16, 2024
A. A financial institution requesting to
				become a custodial bank must submit the following information to the state
				treasurer:
(1) a letter from the federal
				reserve bank or branch thereof or any bank qualified to perform custodial
				functions in the state of New Mexico requesting to become a custodial
				bank;
(2) copy of FDIC
				certification;
(3) financial
				reports for the preceding four quarters; newly chartered financial institutions
				must provide their most recent financial report;
(4) for banks that are not federal reserve
				banks or branches thereof, information and documentation demonstrating their
				qualifications to perform custodial functions in the state; and
(5) other public information requested by the
				state treasurer.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 4 - DEPOSITORY BANK REQUIREMENTS, COLLATERAL LEVEL REQUIREMENTS, AND CUSTODIAL BANK REQUIREMENTS › Section 2.60.4.14 - CUSTODIAL BANK REPORTING TO THE STATE TREASURER

Current through Register Vol. 35, No. 13, July 16, 2024
A. The figures to be used by the state
				treasurer in completing the risk assessment analysis for a custodial bank shall
				be calculated from the quarterly call statements of the custodial bank and from
				the treasurer's generated report "New Mexico financial institution quarterly
				report". Both reports shall be furnished by the custodial bank to the state
				treasurer no later than on the tenth day of the second month following the end
				of the calendar quarter. If the tenth day falls on a weekend or a legal
				holiday, the figures shall be submitted on the next business day.
B. A custodial bank shall report monthly to
				the state treasurer the collateral amounts held for each depository bank for
				which it holds collateral.
C. The
				figures provided to the state treasurer by the custodial bank shall be
				certified in writing by the president, an executive officer, or a person
				authorized by a corporate resolution certifying the information of the
				custodial bank.
D. The state
				treasurer is directed to require each custodial bank to provide a copy of any
				regulatory enforcement decisions or orders issued by a state or federal
				regulatory agency having authority to issue such enforcement decisions or
				orders that have a material impact on the custodial bank or on financial ratios
				required of it by its respective regulatory agencies or this rule to the state
				treasurer within ten (10) business days of any such document becoming
				public.
E. The state treasurer may,
				at any time between quarterly reporting periods, request any additional public
				certified information from a custodial bank as needed to assess its risk
				level.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 4 - DEPOSITORY BANK REQUIREMENTS, COLLATERAL LEVEL REQUIREMENTS, AND CUSTODIAL BANK REQUIREMENTS › Section 2.60.4.15 - CUSTODIAL BANK NON-COMPLIANCE

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Unless a waiver is granted by the state treasurer pursuant to Subsection D of
				2.60.4.13.NMAC, a financial institution will be disqualified from serving as
				custodial bank for state deposits when any one of the following three
				conditions occur:
(1) any one of the
				following risk assessment ratio conditions occur for three consecutive
				quarters:
(a) primary capital-to-asset ratio
				falls below 6.1 percent;
(b) net
				operating income-to-total average asset ratio falls below .61 percent;
				or
(c) the non-performing
				loans-to-primary capital ratio rises above 34.9 percent;
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 7 - PROCEDURES FOR DESIGNATING A FISCAL AGENT AND CUSTODY BANK OF NEW MEXICO › Section 2.60.7.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
Banks, savings and loan associations, and custody banks
				  submitting proposals to be the fiscal agent or custody bank for the state of
				  New Mexico.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 7 - PROCEDURES FOR DESIGNATING A FISCAL AGENT AND CUSTODY BANK OF NEW MEXICO › Section 2.60.7.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section
				  6-10-35,
				  NMSA, 1978 Comp., provides that the state board of finance may designate a bank
				  or savings and loan association doing business in this state and having an
				  unimpaired capital and surplus of at least $20,000,000 as the fiscal agent of
				  New Mexico. The statute also provides that after designation of the state
				  fiscal agent, the board shall apprise the legislature of its designation and
				  shall include a brief description of the designee's particular
				  qualifications.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 7 - PROCEDURES FOR DESIGNATING A FISCAL AGENT AND CUSTODY BANK OF NEW MEXICO › Section 2.60.7.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
July 1, 1987, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 7 - PROCEDURES FOR DESIGNATING A FISCAL AGENT AND CUSTODY BANK OF NEW MEXICO › Section 2.60.7.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
Establishes designation procedures for selecting a fiscal
				  agent bank and custody bank for the state of New Mexico.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 7 - PROCEDURES FOR DESIGNATING A FISCAL AGENT AND CUSTODY BANK OF NEW MEXICO › Section 2.60.7.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "Fiscal agent"
				is that bank or savings and loan association selected by the board to provide
				services such as:
(1) collection for the
				state of all checks or other items received by the state on any
				account;
(2) handling of the
				checking account of the state treasurer;
(3) handling of all transfers of money in
				connection with the sale or retirement of bonds or obligations of the
				state;
(4) the rate of interest to
				be paid upon average daily balances of state funds; and
(5) acting as the agent of the state in
				fiscal matters generally, except as to those matters for which the custody bank
				provides custodial service to the state, subject always to supervision and
				approval of the state board of finance.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 8 - ACCEPTANCE OF PAYMENT CARDS AND USE OF ELECTRONIC FUND TRANSFERS › Section 2.60.8.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
State Board of Finance, 181 Bataan Memorial Building, Santa
				  Fe, NM 87501.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 8 - ACCEPTANCE OF PAYMENT CARDS AND USE OF ELECTRONIC FUND TRANSFERS › Section 2.60.8.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
State agencies with respect to acceptance of payment cards
				  and all public bodies with respect to electronic fund transfers. These
				  regulations do not apply to procurement cards issued to agencies for
				  procurement of goods and services or to travel cards issued by the state
				  general services department.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 8 - ACCEPTANCE OF PAYMENT CARDS AND USE OF ELECTRONIC FUND TRANSFERS › Section 2.60.8.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
A. Article
				IV, Section 30 of the New Mexico state constitution states that no money shall
				be paid out of the treasury except upon warrant drawn by the proper
				officer.
B. Section
				6-10-1.2
				NMSA 1978 provides that a state agency may accept payment by credit card or
				electronic means of any amount due the state under any law or program
				administered by the agency and that the state board of finance shall adopt
				rules on the terms and conditions of accepting payments by credit card or
				electronic transfer. A state agency may charge a uniform convenience fee to
				cover the approximate costs imposed by a financial institution that are
				directly related to processing a credit card or electronic transfer
				transaction. The fee shall be charged to the person using the credit card or
				electronic transfer, and amounts collected are appropriated to the state agency
				to defray the cost of processing the transaction.
C. Section
				6-10-35
				NMSA 1978 provides that the state board of finance may designate a bank or
				savings and loan association as the "fiscal agent of New Mexico" and to act as
				the agent of the state in fiscal matters generally, subject to the supervision
				and approval of the state board of finance.
D. Section
				6-10-46
				NMSA 1978 states that all payments and disbursements of public funds of the
				state shall be made upon warrants drawn by the secretary of finance and
				administration, upon the treasury of the state , based upon itemized vouchers
				in a form approved by the secretary of finance and administration.
E. Section
				6-10-63
				NMSA 1978 provides that any public money may be transferred by means of
				electronic fund transfer between any public body and a public or private entity
				and that the state board of finance shall adopt rules and regulations to carry
				out this purpose.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 8 - ACCEPTANCE OF PAYMENT CARDS AND USE OF ELECTRONIC FUND TRANSFERS › Section 2.60.8.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
August 31, 2000, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 8 - ACCEPTANCE OF PAYMENT CARDS AND USE OF ELECTRONIC FUND TRANSFERS › Section 2.60.8.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule provides general guidance regarding the financial
				  and legal requirements for acceptance of payment cards through the state's
				  fiscal agent bank and any approved third-party processor and the use of
				  electronic fund transfers.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 8 - ACCEPTANCE OF PAYMENT CARDS AND USE OF ELECTRONIC FUND TRANSFERS › Section 2.60.8.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "Agency" means
				each department, agency, branch, commission, and board of government of the
				state of New Mexico.
B. "Board"
				means state board of finance.
C.
				"Electronic fund transfer" means any transfer of funds, other than a
				transaction originated by check, draft, or similar paper instrument which is
				initiated through an electronic terminal, telephonic instrument, or computer or
				magnetic tape so as to order, instruct, or authorize a financial institution to
				debit or credit an account.
D.
				"Fiscal agent" means the bank or savings and loan association designated as the
				fiscal agent of New Mexico by the board.
E. "Fiscal agent agreement" means the
				agreement between the board and the fiscal agent that defines the terms,
				conditions, and procedures of the fiscal agent designation. The fiscal agent
				agreement includes a merchant agreement that addresses the terms and conditions
				for use of payment cards.
F.
				"Payment card" means a card, code, or other means of access to a consumer's
				account for the purpose of initiating electronic fund transfers when the person
				to whom such card or other means of access was issued has requested and
				received or has signed or has used, or authorized another to use, such card or
				other means of access for the purpose of transferring money between accounts or
				obtaining money, property, labor, or services. Cards must be authorized and
				accepted by the fiscal agent per the state's fiscal agent agreement and
				pursuant to current contracts between payment card companies and the board.
				Payment cards are linked to a cardholder's deposit account, credit account, or
				loan account. Payment cards may include credit cards, debit cards, stored-value
				cards, and other similar cards.
G.
				"Payment gateway" means a service of the fiscal agent that allows members of
				the public to make payments by payment card to an agency using the agency's
				website, via touch-tone or, where available, voice commands over the telephone.
H. "Public body" means any
				department, board, agency or instrumentality of the state, any county, city,
				town, village, school district, other district, educational institution or any
				other governmental agency or political subdivision of the state.
I. "Third-party processor" means a payment
				card processor of transactions on behalf of an agency that is not the fiscal
				agent.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 8 - ACCEPTANCE OF PAYMENT CARDS AND USE OF ELECTRONIC FUND TRANSFERS › Section 2.60.8.10 - ELECTRONIC FUND TRANSFERS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Public bodies requesting authorization for use of electronic fund transfers
				must submit to the directors of the financial control division of the
				department of finance and administration and the board a letter explaining the
				reason for the use of electronic fund transfers and the fund for which it is to
				be used. Public bodies may only initiate electronic fund transfers after
				receiving written authorization by the financial control division of the
				department of finance and administration.
B. Electronic fund transfers can only occur
				after notification of the state treasurer's office of the amount of the
				transfer
C. The state treasurer and
				each public body is responsible for the tracking of and the accounting for all
				electronic fund transfers. The reconciliation process is the responsibility of
				the public body and the financial control division of the department of finance
				and administration.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 9 - INVESTING AGENCIES RECONCILING AND REPORTING POLICY › Section 2.60.9.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
To protect funds and assets of the state deposited or held in
				  custody with the fiscal agent bank and the correspondent bank of the fiscal
				  agent by establishing requirements for reconciling securities and cash balances
				  of investing agencies.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 9 - INVESTING AGENCIES RECONCILING AND REPORTING POLICY › Section 2.60.9.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "Board" means
				the state board of finance.
B.
				"SBF" means the board of finance division, department of finance and
				administration, which administers the fiscal agent contract.
C. "Investing agencies" means the state
				investment council (SIC), the educational retirement board (ERB), the public
				employees retirement association (PERA) and the state treasurer's office (STO)
				overnight investment program.
D.
				"Cash manager" means the cash manager division of the STO.
E. "Fiscal agent bank" means the fiscal agent
				operating under the current fiscal agent contract with the board.
F. "Correspondent bank" means the
				correspondent bank providing correspondent banking services to the fiscal agent
				bank, approved by the board.
G.
				"Exceptions" means any differences between balances and transactions on the
				records of investing agencies and the records of the fiscal agent and the
				correspondent bank.
H. "Investment
				exception/resolution report" means the reconcilement form prescribed by the
				state treasurer's office to be completed by the investing agencies in order to
				comply with this directive.
I.
				"Reconcile" means a determination of items necessary to bring the records of
				investing agencies and the fiscal agent and correspondent bank balances into
				agreement for the prior business day.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 9 - INVESTING AGENCIES RECONCILING AND REPORTING POLICY › Section 2.60.9.8 - REPORTING EXCEPTIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Daily
				Reconcilement and Reporting Requirements:
(1)
				All investing agencies shall reconcile their respective investment transactions
				and investment, account cash balances daily to the records of the fiscal agent
				bank and correspondent bank for the prior business day.
(2) All investing agencies shall report the
				following day by submitting an investment exception/resolution report to the
				cash manager:
(a) any bank-caused
				exceptions;
(b) any exceptions that
				have not been reconciled within fourteen (14) days; and
(c) any resolution of an exception reported
				in Paragraph A, Section 2.b, [now Subparagraph (b) of Paragraph (2) of
				Subsection A of 2.60.9.8 NMAC] above.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 9 - INVESTING AGENCIES RECONCILING AND REPORTING POLICY › Section 2.60.9.9 - BACK-UP PROCEDURES

Current through Register Vol. 35, No. 13, July 16, 2024
Investing agencies shall establish procedures by 3/31/90 to
				  be utilized if the communications software system used by the fiscal agent bank
				  and investing agencies is not available. The designated personnel administering
				  the procedures and a copy of the procedures will be reported to the director of
				  the SBF, contract administrator of the fiscal agent contract.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 9 - INVESTING AGENCIES RECONCILING AND REPORTING POLICY › Section 2.60.9.10 - DOCUMENTATION AND AUDIT

Current through Register Vol. 35, No. 13, July 16, 2024
A. All
				documentation and statements are subject to audit by the state auditor and
				external auditors. The state auditor may not [sic] any failure to comply with
				this policy and the amount of any outstanding reconcilement exceptions in the
				annual audits of investing agencies.
B. Failure of any investing agencies to
				comply with this policy may result in a determination of the state treasurer to
				refuse to pay a warrant pursuant to Section
				8-6-7,
				NMSA 1978. Investing agencies not complying with this policy will be
				responsible for any losses, expenses, overdraft charges or interest charges
				incurred by the investing agency or the STO, including, but not limited to,
				so-called "failed" investment agency.
C. Investing agencies shall maintain
				sufficient collected available uninvested balances in their respective
				investment cash accounts maintained through the STO at the fiscal agent and
				correspondent bank to reimburse the state general fund for any overdraft
				charges of the fiscal agent bank and correspondent bank on behalf of an
				investing agency.
D. Investing
				agencies shall submit for audit to the state auditor or external auditors
				exceptions not cured within ninety (90) days from the date of the quarterly
				report submitted by the STO to the board.
E. In no event shall overdraft charges or the
				expenses of any audit to cure descrepancies described in this policy by [sic]
				borne by the state general fund.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 9 - INVESTING AGENCIES RECONCILING AND REPORTING POLICY › Section 2.60.9.11 - ADOPTION

Current through Register Vol. 35, No. 13, July 16, 2024
A. Approved by
				State Board of Finance on November 28, 1989.
B. This rule is effective November 28,
				1989.
C. Rosina Boyd, Director,
				State Board of Finance
D. Date
				signed. November 28, 1989
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 13 - OPEN MEETINGS RESOLUTION › Section 2.60.13.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
State Investment Council, 2055 South Pacheco Street, Suite
				  100 Santa Fe, New Mexico 87505.