New Mexico Statutes 6-10-16. Security for deposits of public money
A. Deposits of public money shall be secured by:
Terms Used In New Mexico Statutes 6-10-16
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
(1) securities of the United States, its agencies or instrumentalities;
(2) securities of the state of New Mexico, its agencies, instrumentalities, counties, municipalities or other subdivisions;
(3) securities, including student loans, that are guaranteed by the United States or the state of New Mexico;
(4) revenue bonds that are underwritten by a member of the financial industry regulatory authority, known as FINRA, and are rated “BAA” or above by a nationally recognized bond rating service; or
(5) letters of credit issued by a federal home loan bank.
B. No security is required for the deposit of public money that is insured by the federal deposit insurance corporation or the national credit union administration.
C. All securities shall be accepted as security at market value. The restrictions of Subsection A of this section apply to all securities subject to this subsection.