New Mexico Statutes
§ 6-10-16 — Security for deposits of public money
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
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Legislative History
1953 Comp., § 11-2-18.1, enacted by Laws 1969, ch. 243, § 1; 1981, ch. 332,
Nearby Sections
15
§ 6-1-6
[Separate accounts.]§ 6-1-7
Repealed§ 6-10-1
Fiscal year designated§ 6-10-1.1
Definitions§ 6-10-1.2
Payment methods authorized; fee§ 6-10-10
Deposit and investment of funds