There is a newer version of the New Mexico Statutes
2011 New Mexico Statutes
Chapter 22: Public Schools
Article 8: Public School Finance, 22-8-1 through 22-8-48
Section 22-8-40.1: Deposit of public school funds; providing exception on interest rate limitation for "NOW" accounts.
NM Stat § 22-8-40.1 (1996 through 1st Sess 50th Legis) What's This?
22-8-40.1. Deposit of public school funds; providing exception on interest rate limitation for "NOW" accounts.
Notwithstanding the provisions of Subsection E of Section 22-8-40 NMSA 1978, the requirement for a rate of interest of not less than one hundred percent of the asked price on United States treasury bills of the same maturity on the day of deposit shall not apply to interest-bearing checking accounts.
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