2019 New Mexico Statutes
Chapter 6 - Public Finances
Article 10 - Public Money
Section 6-10-44.1 - Deposits in credit unions.
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.
ANNOTATIONSDeposits 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.
