2006 New Mexico Statutes - Section 22-8-38 — Boards of finance; designation.

22-8-38. Boards of finance; designation.

Upon written application to and approval of the state superintendent [secretary], any local school board may be designated a board of finance for public school funds of the school district.  Any local school board designated a board of finance may require all funds distributed to, allocated to or collected for the school district or the public schools under its jurisdiction to be deposited with it.  The state superintendent shall designate a local school board as a board of finance if:   

A.     the local school board shows to the satisfaction of the state superintendent [secretary] that it has personnel properly trained to keep accurate and complete fiscal records;   

B.     the local school board agrees to consult with the state superintendent [secretary] on any matters not covered by the manual of accounting and budgeting before taking any action relating to funds held by it as a board of finance;   

C.     the persons handling these funds are adequately bonded to protect the funds entrusted to them from loss; and   

D.     the local school board making application has not been suspended and not reinstated as a board of finance within the past year.   

Disclaimer: These codes may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.