No moneys of this state belonging to any sinking fund or other fund shall be invested by the state treasurer in any form of security without the prior approval of such investment by the state board of finance. The state board of finance, prior to approving any such investment shall make an investigation of the validity of any such security, including the authority for the issuance thereof and all proceedings leading up to such issuance, and of the adequacy of the means provided for the payment of principal and interest of such security, and shall by resolution adopted at a meeting of said board recite its findings on all said matters.
History: Laws 1925, ch. 86, § 1; C.S. 1929, § 112-301; 1941 Comp., § 7-208; 1953 Comp., § 11-2-8; Laws 1978, ch. 121, § 1.
Investment officer may use services of investment counselor or other sources of advice to aid in making an investment policy recommendation to the investment council. 1959 Op. Att'y Gen. No. 59-21.
State investment officer may invest state moneys in "closed-end" mutual funds subject to the restrictions provided for by this section. 1959 Op. Att'y Gen. No. 59-22.
Investment of funds of museum of New Mexico. — In investing funds belonging to the museum of New Mexico, the state treasurer and state board of finance may, in their discretion, utilize the same standards as govern the investment of public funds controlled by the state commissioner of public lands and as set forth in Section 6-8-10 NMSA 1978. but such enumerated investments are not controlling upon the board of finance and the state treasurer. 1964 Op. Att'y Gen. No. 64-29.
Am. Jur. 2d, A.L.R. and C.J.S. references. — Stock of private corporation, constitutional or statutory provisions prohibiting municipalities or subdivisions of state from investing in, 152 A.L.R. 495.
81A C.J.S. States § 225.
Structure New Mexico Statutes
Section 6-10-1 - Fiscal year designated.
Section 6-10-1.1 - Definitions.
Section 6-10-1.2 - Payment methods authorized; fee.
Section 6-10-2 - Public money; cash books; daily balance; public record.
Section 6-10-2.1 - State treasurer; duty.
Section 6-10-3 - Payment of state money into treasury; suspense funds.
Section 6-10-4 - Payment of obligations of prior years from current year appropriations.
Section 6-10-5 - General fund deficiency; certificates of indebtedness.
Section 6-10-6 - Issuance of certificates.
Section 6-10-7 - Retirement of certificates.
Section 6-10-8 - County boards of finance.
Section 6-10-9 - Boards of finance for institutions.
Section 6-10-10 - Deposit and investment of funds.
Section 6-10-10.2 - Statements of condition required to be transmitted to the state cash manager.
Section 6-10-11 - Approval of investment of state funds.
Section 6-10-12 - [Investment of special road fund balances over $10,000.]
Section 6-10-13 - [Limitation on investment of special road fund.]
Section 6-10-14 - [Securities eligible for special road fund investments.]
Section 6-10-15 - Surety for deposits.
Section 6-10-16 - Security for deposits of public money.
Section 6-10-16.1 - Security for public deposits.
Section 6-10-17 - Amount of security to be deposited.
Section 6-10-17.1 - Noncompliance with collateral requirements; withdrawal of public funds.
Section 6-10-18 - Assignment of securities; disposition.
Section 6-10-19 - Ineligible depository bonds.
Section 6-10-20 - Additional security.
Section 6-10-21 - Security for deposits; safekeeping; regulations of state board of finance.
Section 6-10-22 - Security for deposits; liability for loss.
Section 6-10-23 - Safekeeping of pledged securities; acceptance, release and substitution.
Section 6-10-24.1 - State funds; limitation.
Section 6-10-24.2 - Linked deposit program.
Section 6-10-25 - Declaration of policy.
Section 6-10-27 - Provisions inapplicable to permanent and certain other funds.
Section 6-10-28 - Investment of bond proceeds.
Section 6-10-30 - Interest rates set by state board of finance.
Section 6-10-31 - Interest on time deposits.
Section 6-10-32 - Treatment of interest on land grant funds.
Section 6-10-33 - Interest limited to maximum permitted by federal law or regulation.
Section 6-10-34 - Withdrawal of time deposits subject to federal law or regulation.
Section 6-10-36 - Public money deposits of certain governmental units; distribution; interest.
Section 6-10-36.1 - Receipts of public money; disposition by certain municipalities.
Section 6-10-37 - State treasurer to make deposits.
Section 6-10-39 - [Official bonds; payment of premiums; form.]
Section 6-10-41 - Suspense account unearned money; transfer.
Section 6-10-42 - Authorizing fund transfers to address delays in revenue; restrictions.
Section 6-10-43 - Interest and sinking-fund balances.
Section 6-10-44.1 - Deposits in credit unions.
Section 6-10-45 - [Deposit of local funds with state treasurer to match allotments.]
Section 6-10-46 - Disbursement of state funds; vouchers and warrants.
Section 6-10-48 - Insolvency of depository institution; profit and loss account.
Section 6-10-49 - [Insolvency of banks; state funds; right to recover deposits not impaired.]
Section 6-10-51 - To cover all moneys lawfully intrusted to treasurers.
Section 6-10-52 - [Failure to comply with specific requirements; penalty.]
Section 6-10-53 - [Bribery of public treasurers and employees; penalty.]
Section 6-10-55 - Short title.
Section 6-10-56 - Definitions.
Section 6-10-57 - Cancellation of warrants.
Section 6-10-58 - Signing checks for state funds.
Section 6-10-61 - [Permanent fund investment laws not affected.]