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2020 New Mexico Statutes
Chapter 22 - Public Schools
Article 8 - Public School Finance
Section 22-8-40.1 - Deposit of public school funds; providing exception on interest rate limitation for "NOW" accounts.
Universal Citation: NM Stat § 22-8-40.1 (2020)
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.
History: 1978 Comp., § 22-8-40.1, enacted by Laws 1981, ch. 341, § 1.
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