6-10-16. Security for deposits of public money.
187 words·~1 min read·
/nm/chapter-6-public-finances/article-10-public-money/6-10-16·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Deposits of public money shall be secured by:
(1)securities of the United States, its agencies or instrumentalities;
(2)securities of the state of New Mexico, its agencies, instrumentalities, counties, municipalities or other subdivisions;
(3)securities, including student loans, that are guaranteed by the United States or the state of New Mexico;
(4)revenue bonds that are underwritten by a member of the financial industry regulatory authority, known as FINRA, and are rated "BAA" or above by a nationally recognized bond rating service; or
(5)letters of credit issued by a federal home loan bank.
B. No security is required for the deposit of public money that is insured by the federal deposit insurance corporation or the national credit union administration.
C. All securities shall be accepted as security at market value. The restrictions of Subsection A of this section apply to all securities subject to this subsection.
History: 1953 Comp., § 11-2-18.1, enacted by Laws 1969, ch. 243, § 1; 1981, ch. 332, § 5; 1987, ch. 79, § 6; 1987, ch. 307, § 1; 2000, ch. 47, § 1; 2013, ch. 65, § 4.