New Mexico Administrative Code

A. The purpose of these regulations is to exercise the council's rule making authority under Sections 6-8-7 and 7-27-5.2(I) [repealed] consistently with the requirements of 7-27-5.2 [repealed] and the overall investment standard governing the severance tax permanent fund and safe…

A. "Council" shall mean the state investment council. B. "State funds" means funds of the severance tax permanent fund deposited pursuant to Sections 7-27-5 and 7-27-5.2 [repealed] NMSA 1978 (and known as the differential rate investments). C. "Reinvestment of certificate of depo…

All New Mexico banks and savings and loan associations, desiring to receive deposits of the severance tax permanent fund pursuant to Sections 7-27-5 and 7-27-5.2 [repealed] NMSA 1978, as amended, including those institutions requesting reinvestments of certificates of deposit, sh…

The investment officer shall rule on applications and make funds available to all financial institutions in accordance with the applicable statutes and the investment criteria outlined below. A. GENERAL STANDARDS GOVERNING APPLICATIONS: (1) The applicant and the custodian or cust…

State Investment Council.

A. Pursuant to Section 7-27-5.7 NMSA 1978 the severance tax permanent fund may be invested in notes, obligations and mortgages held by banks and savings and loan associations which represent loans by such financial institutions upon the production potential of new oil and gas wel…

[Filed July 12, 1989.]

The purpose of this investment program is to provide a mechanism to encourage private New Mexico financial lending agencies to make loans to qualified oil and gas producers to initiate the drilling of and enhance the production from new oil and gas wells in the state and thereby …

A. "Lender" shall mean a New Mexico bank or savings and loan which has made loans based upon the production potential of new oil and gas wells drilled in New Mexico and desires to sell a participation in the notes, obligation of mortgages to the severance tax permanent fund. B. "…

The state investment officer may invest the severance tax permanent fund in participations up to but not to exceed 80 percent of the outstanding funded principal balance at the time of purchase, of loans made on the production potential of new oil and gas wells drilled in New Mex…

New Mexico banks and savings and loan associations desiring to sell a participation interest in a loan based an the production potential of new oil and gas wells to the severance tax permanent fund may do so by submitting a request in writing to the state investment officer provi…

State Investment Council.

With respect to the STM program, the authority shall comply with the requirements set forth in this section as well as any other requirements which may be adopted from time to time by the council to ensure the continuity and efficacy of the STM program. The authority shall, throu…

All mortgage loans which are included in any mortgage pass-through security purchased by the council shall contain the following minimum criteria: A. be originated by a qualified mortgage lender; B. be secured by a single family residence; C. be a conventional mortgage; D. have a…

A. A commitment fee or fees shall be established and collected by the authority from each mortgage lender filing an application in such amount or amounts as the authority may deem appropriate. A portion of the commitment fee shall be non-refundable. The commitment fee or fees may…

The yield to the severance tax permanent fund on the mortgage pass-through security purchased by the council pursuant to the provisions of the pass-through securities investment act shall be set from time to time by the council in accordance with the Pass-Through Securities Inves…

The council rules and regulations may be amended by the council at any time and from time to time.

These council rules and regulations are issued under and pursuant to Section 10 of Chapter 306 of the Laws of 1983 of the state of New Mexico, being Section 7-27-5.3 NMSA 1978, (the "Pass-through Securities Investment Act"). These rules and regulations apply to the purchase of th…

[Permanent.]

[Filed August 31, 1984]

These council rules and regulations are established to effectuate, and shall be applied so as to accomplish, the general purposes of the Pass-through Securities Investment Act and the following specific objectives: A. the expansion of the supply of funds in the state available fo…

The following words and terms as used in these council rules and regulations shall have the following meanings. A. "Application" shall mean an application to sell mortgage loans filed by a mortgage lender with the authority in response to an invitation. B. "Authority" shall mean …

A mortgage lender which desires to participate in the STM program shall meet the following criteria: A. If a commercial bank, its deposits must be insured by FDIC; if a savings institution, its deposits must be insured by FSLIC; and if a credit union, its deposits must be insured…

A. Funds available to the authority by reason of the sale of its mortgage pass-through securities shall be allocated by the authority based upon instructions from the council among eligible mortgage lenders submitting applications. The allocation shall be based on the following c…

State Investment Council.

With respect to the STM program, the authority shall comply with the requirements set forth in this section as well as any other requirements which may be adopted from time to time by the council to ensure the continuity and efficacy of the STM program. The authority shall, throu…

All mortgage loans which are included in any mortgage pass-through security purchased by the council shall contain the following minimum criteria: A. be originated by a qualified mortgage lender; B. be secured by a single family residence; C. be a conventional mortgage; D. have a…

A. A commitment fee or fees shall be established and collected by the authority from each mortgage lender filing an application in such amount or amounts as the authority may deem appropriate. All or a portion of the commitment fee shall be nonrefundable. The commitment fee or fe…

The yield to the severance tax permanent fund on the mortgage pass-through security purchased by the council pursuant to the provisions of the Pass-through Securities Investment Act shall be set from time to time by the council in accordance with the Pass-through Securities Inves…

The council rules and regulations may be amended by the council at any time and from time to time.

These rules and regulations apply to the purchase of the conventional mortgage pass-through certificates in the original amount of up to $87,000,000, reduced by the principal amount of the certificate authorized by and delivered pursuant to the council's rule 84-1 [now 2.60.23 NM…

These council rules and regulations are issued under and pursuant to Section 10 of Chapter 306 of the Laws of 1983 of the state of New Mexico, being Section 7-27-5.3 NMSA 1978, (the "Pass-through Securities Investment Act").

[Filed March 28, 1985]

These council rules and regulations are established to effectuate, and shall be applied so as to accomplish, the general purposes of the Pass-through Securities Investment Act and the following specific objectives: A. the expansion of the supply of funds in the state available fo…

The following words and terms as used in these council rules and regulations shall have the following meanings: A. "Application" shall mean an application to sell mortgage loans filed by a mortgage lender with the authority in response to an invitation. B. "Authority" shall mean …

A mortgage lender which desires to participate in the STM program shall meet the following criteria: A. If a commercial bank, its deposits must be insured by FDIC; if a savings institution, its deposits must be insured by FSLIC; and if a credit union, its deposits must be insured…

A. Funds available to the authority by reason of the sale of its mortgage pass-through securities shall be allocated by the authority based upon instructions from the council among eligible mortgage lenders submitting applications. A preference will be given to mortgage lenders w…

State Investment council.

A. Principal Objectives: Based upon the two purpose statements in Section II [now Section 2.60.25.9 NMAC] above, the principal objectives of both funds are: (1) the preservation of capital in real terms, while providing reasonable levels of income distribution to the beneficiarie…

The most important component of investment strategy is the portfolio asset mix, or the resource allocations between the various classes of securities available to the council for investment purposes. A. Current asset allocations and authorization: The council has currently author…

The following general operating policies and procedures will be observed by the council staff in implementing the directives contained in this document. Specific operating procedures for daily investment office activities will be found in the state investment office operations ma…

A. Constitutional and statutory restrictions: The only short term securities purchased are those specifically authorized in the New Mexico statutes. Currently, commercial paper (CP), repurchase agreements (repos), and banker's acceptances (BA) are specifically identified in Secti…

A. Constitutional and statutory restrictions:(1) The New Mexico state permanent fund may invest in "common and preferred stocks and convertible issues of any corporation organized and operating within the United States; provided that it has a minimum net worth of twenty-five mill…

A. Constitutional and statutory restrictions: The New Mexico Constitution and statutes contain numerous provisions to insure the safety of the two funds' assets. These provisions include limits on quality, types of securities, and total corporate securities. Bonds must be rated a…

A. Constitutional and statutory restrictions: The severance tax permanent fund may be invested in a series of investments that are identified in Section 7-27-5 NMSA 1978 as "differential rate" investments. Differential rate (DR) investments are defined as those investments intend…

[Permanent.]

[Filed December 13, 1990]