All deposits of public funds shall be secured by securities as defined in Section 6-10- 16 NMSA 1978 in the amount required by law or by surety bonds as provided for in Section 6-10-15 NMSA 1978. A surety company that issues a surety bond pursuant to this section shall be rated in the highest category by at least one nationally recognized statistical rating agency. History: Laws 1981, ch. 332, § 20; 2001, ch. 21, § 1.
Security for public deposits
NMSA 1978, § 6-10-16.1 — under Article 10.
NMSA 1978, § 6-10-16.1