2019 New Mexico Statutes
Chapter 6 - Public Finances
Article 10 - Public Money
Section 6-10-44 - Temporary investment of excess funds; federal bonds or treasury certificates eligible.
If at any time the state treasurer, or the treasurer of any county, incorporated municipality or board in control has on hand more money than can be divided equitably and ratably among qualified depositories, such treasurer may, with the approval of the proper board of finance, temporarily invest such excess funds in United States bonds or treasury certificates under such rules and regulations as may be prescribed by the state board of finance.
History: Laws 1923, ch. 76, § 26; 1925, ch. 123, § 10; C.S. 1929, § 112-126; 1941 Comp., § 7-238; 1953 Comp., § 11-2-41; Laws 1975, ch. 211, § 4.
ANNOTATIONSAuthority to invest. — The words "with the approval of" establish an advice-and-consent relationship between the county treasurer and the board of finance with respect to investments in U.S. bonds or treasury certificates so that decisions concerning the investment of county funds in government securities are, in the first instance, a matter for the county treasurer. The county board of finance has no veto power, but does not have the power of choice itself. Board of Cnty. Comm'rs v. Padilla, 1990-NMCA-125, 111 N.M. 278, 804 P.2d 1097.
Funds of contractors' licensing board must be deposited with state treasurer. — The contractors' licensing board is created as a state agency whose funds must be deposited with the state treasurer. The board is not specifically authorized to invest its surplus funds, and all such funds must be handled by the state treasurer. 1953 Op. Att'y Gen. No. 53-5719.
