Chapter 6 — Chapter 6

Investments made pursuant to Sections 6-8-1 through 6-8-16 NMSA 1978 shall be made in accordance with the prudent investor rule set forth in the Uniform Prudent Investor Act [45-7-601 to 45-7-612 NMSA 1978]. History: 1953 Comp., § 11-2-8.13, enacted by Laws 1957, ch. 179, § 10; 2…

Securities purchased or held by the state investment officer or the council shall be in the custody of a custodian bank contracted pursuant to the provisions of Subsection H of Section 6-8-7 NMSA 1978. History: 1953 Comp., § 11-2-8.14, enacted by Laws 1957, ch. 179, § 11; 1975, c…

ANNOTATIONS Repeals. — Laws 1996, ch. 4, § 3, repealed 6-8-12 NMSA 1978, as enacted by Laws 1957, ch. 179, § 12, relating to collection of income and proceeds and availability for investment, effective upon certification by the secretary of state that the proposed amendments to a…

The investment office shall keep accurate and complete records and accounts concerning the state investment portfolio. History: 1953 Comp., § 11-2-8.16, enacted by Laws 1957, ch. 179, § 13, 1977, ch. 247, § 103; 2015, ch. 95, § 7.

No later than twenty days after the end of each month, the state investment officer shall submit to the council a report of the operations of the investment office during the past month. Each report shall include a schedule of cumulative fiscal year actual and budgeted expenditur…

The state auditor shall be responsible for conducting a continuous post-audit of the investment transactions of the state, and shall submit annually a special report on his findings to the investment council, the secretary, the governor, and to the appropriate legislative committ…

On or before January 1 of each year, and at such other times as it may deem in the public interest, the investment council shall report to the governor and to the legislature with respect to its review of the work of the investment division [office]. History: 1953 Comp., § 11-2-8…

History: 1953 Comp., § 11-2-10.1, enacted by Laws 1970, ch. 2, § 1; 1978 Comp., § 6- 8-17, repealed by Laws 2005, ch. 240, § 7.

History: 1953 Comp., § 11-2-10.2, enacted by Laws 1970, ch. 2, § 2; 1971, ch. 41, § 1; 1987, ch. 79, § 2; 1978 Comp., § 6-8-18, repealed by Laws 2005, ch. 240, § 7.

History: Laws 1987, ch. 126, § 1; 1989, ch. 98, § 2; 1990, ch. 91, § 1; 1996, ch. 31, § 2; 1997, ch. 183, § 3; 2001, ch. 252, § 4; repealed by Laws 2005, ch. 240, § 7.

A. There is created a "state investment council". The council shall be composed of: (1) the governor; (2) the state treasurer; (3) the commissioner of public lands; (4) the secretary; (5) the chief financial officer of a state institution of higher education appointed by the gove…

History: Laws 1987, ch. 219, § 3; 1990, ch. 126, § 1; 1997, ch. 183, § 4; 2001, ch. 252, § 5; 2005, ch. 240, § 2; 2010, ch. 14, § 6; repealed by Laws 2015, ch. 95, § 11.

History: Laws 1997, ch. 183, § 5; 2001, ch. 252, § 6; repealed by Laws 2005, ch. 240, § 7.

A. Neither the state investment council nor the state investment officer shall make any investment, other than investments in publicly traded equities or publicly traded fixed-income securities, unless the recipient of the investment discloses the identity of any third-party mark…

fund created. A. For the purpose of making disbursements and distributions pursuant to this section, the "state investment council suspense fund" is created in the state treasury. B. When pursuing a claim and utilizing legal services on a contingent fee basis, all amounts receive…

Nothing in this 2011 act [6-8-7, 6-8-23 NMSA 1978] shall prejudice or impair the rights of a qui tam plaintiff pursuant to the Fraud Against Taxpayers Act [44-9-1 to 44-9- 14 NMSA 1978]. History: Laws 2011, ch. 9, § 3.

The state treasurer shall establish and maintain the program established pursuant to 26 U.S.C. Section 529A and the Accounts for Persons with Disabilities Act [6-8A-1 to 6- 8A-7 NMSA 1978]. History: Laws 2016, ch. 40, § 8.

A. Members of the council appointed pursuant to Paragraphs (6) and (7) of Subsection A of Section 6-8-2 NMSA 1978, with the advice and consent of the senate, shall serve for staggered terms of five years. Members of the council shall serve until their successors are appointed and…

A. There is established an "investment office". The chief administrative officer of the office shall be known as the "state investment officer". B. The state investment officer shall be appointed by the council. The state investment officer shall devote the officer's entire time …

A. Before the state investment officer or other responsible employee of the investment office enters upon the officer's or employee's duties, the secretary shall require an individual bond or include the state investment officer and all employees of the investment office under a …

The functions, powers and duties vested by law relating to the investment or reinvestment of money and the purchase, sale or exchange of investments or securities of the permanent fund are transferred to the state investment officer. The state treasurer shall maintain custody of …

investment officer; investment policy; investment managers. A. Subject to the limitations, conditions and restrictions contained in policymaking regulations or resolutions adopted by the council, the council may make purchases, sales, exchanges, investments and reinvestments of t…

In the event of default in the payment of principal [of], or interest on, an investment made, the investment officer is authorized to institute proper proceedings to collect matured interest and principal; the investment officer may, after consultation with the investment council…

History: 1953 Comp., § 11-2-8.12, enacted by Laws 1957, ch. 179, § 9; 1961, ch. 248, § 1; 1965, ch. 219, § 1; 1969, ch. 262, § 1; 1970, ch. 81, § 2; 1975, ch. 211, § 2; 1983, ch. 277, § 1; 1987, ch. 231, § 1; 1989, ch. 98, § 1; 1991, ch. 83, § 1; 1996, ch. 31, § 1; 1997, ch. 183,…

Sections 1 through 7 [6-8A-1 to 6-8A-7 NMSA 1978] of this act may be cited as the "Accounts for Persons with Disabilities Act". History: Laws 2016, ch. 40, § 1.

As used in the Accounts for Persons with Disabilities Act: A. "account" means an individual tax-free savings account for a designated beneficiary that is established pursuant to Section 529A of the Internal Revenue Code of 1986, as amended; B. "account owner" means a person who e…

A. The office shall: (1) ensure that an account meets the requirements of a qualified program; and (2) promulgate rules to implement and administer the qualified program and other requirements of the Accounts for Persons with Disabilities Act. B. The office may contract with thir…

A. An account owner may: (1) establish an account with a financial organization or fiduciary; (2) close the account and establish an account with another financial organization or fiduciary, no more than twice in any tax year; and (3) change the owner of an account to a family me…

A. If a designated beneficiary incurs a qualified disability expense, the financial organization or fiduciary shall pay such expense, or reimburse such expense; provided that the account balance is sufficient to do so. B. If any person attempts to contribute to an account and suc…

Unless required by federal law, the state or an agency or instrumentality of the state shall not: A. seek payment from an account or its proceeds for benefits provided to the beneficiary of the account pursuant to 26 U.S.C. Section 529A; or B. undertake estate recovery from an ac…

programs. A. Notwithstanding any other provision of federal law that requires consideration of one or more financial circumstances of a person when determining eligibility to receive benefits or determining the amount of assistance, such provisions shall not apply to a designated…

The state shall not be liable for financial losses suffered by any account owner, or designated beneficiary, with respect to an account established pursuant to the Accounts for Persons with Disabilities Act. History: Laws 2016, ch. 40, § 9.

As used in the Uniform Facsimile Signature of Public Officials Act: A. "public security" means a bond, note, certificate of indebtedness or other obligation for the payment of money issued by this state or by any of its departments, agencies, boards or other instrumentalities or …

Any authorized officer, after filing with the secretary of state his manual signature certified by him under oath, may execute or cause to be executed with a facsimile signature in lieu of his manual signature: A. any public security, provided that at least one signature required…

When the seal of this state or any of its departments, agencies or other instrumentalities or of any of its political subdivisions is required in the execution of a public security or instrument of payment, the authorized officer may cause the seal to be printed, engraved, stampe…

Any person who with intent to defraud uses on a public security or an instrument of payment: A. a facsimile signature, or any reproduction of it, of any authorized officer; or B. any facsimile seal, or any reproduction of it, of this state or any of its departments, agencies or o…

This act [6-9-1 to 6-9-6 NMSA 1978] shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it. History: 1953 Comp., § 5-9-5, enacted by Laws 1959, ch. 118, § 5.

This act [6-9-1 through 6-9-6 NMSA 1978] may be cited as the Uniform Facsimile Signature of Public Officials Act. History: 1953 Comp., § 5-9-6, enacted by Laws 1959, ch. 118, § 6. ARTICLE 10 Public Money

A. The fiscal year for the state and for the counties, cities, towns, villages and school districts thereof begins on July 1 and ends on June 30. The year beginning on July 1, 1925 shall be known as the fourteenth fiscal year. B. Beginning July 1, 1994, the fiscal year shall be c…

As used in Chapter 6, Article 10 NMSA 1978: A. "department" means the department of finance and administration; B. "deposit" includes share, share certificate and share draft; C. "eligible governing body" means a local governing body, the governing authority of a tribe or any oth…

A. A state agency or local governing body may accept payment by credit card or electronic means of any amount due under any law or program administered by the agency or local governing body. The state board of finance shall adopt rules on the terms and conditions of a state agenc…

A. Upon the certification or designation of a bank, savings and loan association or credit union whose deposits are insured by an agency of the United States to receive public money on deposit, the state treasurer and county or municipal treasurers who have on hand any public mon…

of earnings; report of investments. A. There is created in the state treasury the "local government investment pool". The fund shall consist of all deposits from participating governments, including revenues dedicated to repaying bonds, that are placed in the custody of the state…

state cash manager. As a condition of retaining state deposits or investments, each financial institution certified or designated to receive state public money on deposit shall submit to the state cash manager its quarterly statement of condition at the same time the statement is…

No moneys of this state belonging to any sinking fund or other fund shall be invested by the state treasurer in any form of security without the prior approval of such investment by the state board of finance. The state board of finance, prior to approving any such investment sha…

The state treasurer is hereby authorized and directed to invest, as hereinafter provided, the funds on deposit in the state treasury to the credit of any special road fund, where such balance is in the amount of $10,000 (ten thousand dollars) or more. History: Laws 1933, ch. 128,…

Investments mentioned in Section one [6-10-12 NMSA 1978] of this act shall not be made until after funds due the highway department for expenses incurred against such balance, are deducted nor shall such investments be made if the balance in such fund is to be expended by the sta…

Investments provided for in Section one [6-10-12 NMSA 1978] shall be in securities such as are eligible for investment of common school permanent or other permanent funds, and shall be subject to the same regulations and approval. History: Laws 1933, ch. 128, § 3; 1941 Comp., § 7…

No public moneys in the custody of the state treasurer or the treasurer of any county, city or town in this state, or in the custody of any board in control mentioned in Section 6 hereof, shall be deposited in any bank or savings and loan association (except as otherwise herein p…

A. Deposits of public money shall be secured by: (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 l…