Notwithstanding the provisions of Sections 6-10-36 or 6-10-44 NMSA 1978 requiring equitable or ratable deposits in banks and savings and loan associations, a treasurer or board of finance, in its discretion may deposit its public money in one or more credit unions as long as each deposit is insured by an agency of the United States.
History: 1978 Comp., § 6-10-44.1, enacted by Laws 1987, ch. 79, § 18.
Deposits in credit unions. — Sections 6-10-36(D) and 6-10-44 NMSA 1978 do not give the county treasurer and the county board of finance co-equal powers with respect to deposits in federally insured credit unions. These sections do not alter with the relative authority of the county treasurer and the county board of finance as stated in 6-10-8 NMSA 1978. Sections 6-10-36(D) and 6-10-44.1 NMSA 1978 were intended to permit deposits in credit unions by treasurers and boards of finance of various public bodies, not just counties, leaving to other statutory provisions the question of the relative responsibilities of the two in making an investment decision. Board of Cnty. Comm'rs v. Padilla, 1990-NMCA-125, 111 N.M. 278, 804 P.2d 1097.
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.]