2019 New Mexico Statutes
Chapter 6 - Public Finances
Article 10 - Public Money
Section 6-10-38 - Bonds of state treasurer, municipal treasurers and treasurers of boards in control.

The state treasurer shall give an official bond in the sum of five hundred thousand dollars ($500,000). Municipal treasurers and treasurers of any board in control shall give bond in a sum equal to twenty percent of the public moneys received by them during the preceding fiscal year, but in no instance shall the bond of a municipal treasurer be required in excess of fifty thousand dollars ($50,000).

The state treasurer shall appoint a deputy treasurer who shall take the oath of office required of the treasurer and shall receive salary as provided by law. In case of the death of the state treasurer, his deputy shall, unless removed, continue in office and perform the duties of the treasurer until a treasurer is appointed and qualified as required by law.

The state board of finance may enforce the collection of any bond given by any defaulting public official or depository of the state or any of its agencies or political subdivisions. In the case of officers or depositories other than the state, at least four months must have elapsed after the ascertainment of any default by any officer or depository without collection of the amount of the default by the county, municipality or other political subdivision or board in control concerned. The state board of finance may employ attorneys and agents to enforce the collection and to pay them compensation out of any money appropriated for the board of finance.

History: Laws 1923, ch. 76, § 16; 1925, ch. 123, § 5; C.S. 1929, § 112-116; Laws 1933, ch. 36, § 1; 1941 Comp., § 7-233; 1953 Comp., § 11-2-36; Laws 1967, ch. 238, § 3.

Legislature has right to require bond of public officers handling the public moneys. Board of Comm'rs v. District Court, 1924-NMSC-009, 29 N.M. 244, 223 P. 516.

Treasurers may give more than one official bond, if together they meet the requirements of the statute. 1918 Op. Att'y Gen. 18-2140.

Separate bond not required for additional duties. — No separate official bond is required of the treasurer for his duties as treasurer of irrigation district. 1920 Op. Att'y Gen. 20-2737.

Bond intended to protect all municipal funds handled by treasurer. — The fact that the city treasurer handles funds derived from special revenue bond or general obligation bond issues has no bearing upon the type of bond required of that official. There is nothing in the statutory provisions regarding bond issues which would indicate that the surety bond prescribed by this section is not meant to protect all municipal funds, from whatsoever source, handled by the treasurer. 1961 Op. Att'y Gen. No. 61-125.

Amount of municipal treasurer's bond. — Except in cases involving personal sureties, the bond of the municipal treasurer should be in a sum equal to 20% of the public moneys received by such treasurer during the preceding fiscal year, with a maximum of $50,000. 1961 Op. Att'y Gen. No. 61-125.

Reduction of treasurers' bonds is not impairment of contract with surety company, and such companies should not object thereto. 1924 Op. Att'y Gen. No. 24-3752.

All moneys handled by state institutions are public funds and must be protected. — All moneys coming into the hands of various boards of state institutions are to be protected and accurately accounted for by their officers as public funds, including tuition of the state military institute. 1931 Op. Att'y Gen. No. 31-278.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 63C Am. Jur. 2d Public Officers and Employees §§ 41 to 130.

62 C.J.S. Municipal Corporations §§ 336, 359; 81A C.J.S. States §§ 85, 91.