0001| SENATE BILL 865
|
0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
|
0003| INTRODUCED BY
|
0004| SHANNON ROBINSON
|
0005|
|
0006|
|
0007|
|
0008|
|
0009|
|
0010| AN ACT
|
0011| RELATING TO TECHNICAL AND VOCATIONAL INSTITUTE DISTRICTS;
|
0012| PROVIDING TECHNICAL AND VOCATIONAL INSTITUTES AUTHORITY TO
|
0013| CONTRACT WITH ONE OR MORE FISCAL AGENTS AND DESIGNATE ONE OR
|
0014| MORE DEPOSITORIES FOR THE DEPOSIT OF FUNDS; AMENDING SECTION
|
0015| 6-10-36 NMSA 1978 (BEING LAWS 1977, CHAPTER 136, SECTION 1, AS
|
0016| AMENDED).
|
0017|
|
0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
|
0019| Section 1. A new section of the Technical and Vocational
|
0020| Institute Act is enacted to read:
|
0021| "[NEW MATERIAL] FISCAL AGENT AND DEPOSITORY.--
|
0022| A. The board may designate a bank or savings and
|
0023| loan association doing business in New Mexico and having an
|
0024| unimpaired capital and surplus of at least ten million dollars
|
0025| ($10,000,000) as the fiscal agent of the technical and
|
0001| vocational institute. The selection of the fiscal agent shall
|
0002| be made pursuant to the procedures of the Procurement Code.
|
0003| B. The bank or savings and loan association so
|
0004| designated shall enter into an agreement with the technical and
|
0005| vocational institute for any or all of the following services:
|
0006| (1) the collection for the technical and
|
0007| vocational institute of all checks and other items received by
|
0008| the technical and vocational institute on any account;
|
0009| (2) the handling of the checking account of
|
0010| the technical and vocational institute;
|
0011| (3) the handling of all transfers of money in
|
0012| connection with the sale or retirement of bonds or obligations
|
0013| of the technical and vocational institute or the purchase by
|
0014| the technical and vocational institute of bonds or other
|
0015| securities;
|
0016| (4) the investment of funds of the technical
|
0017| and vocational institute;
|
0018| (5) the safekeeping of bonds or other
|
0019| securities belonging to or held by the technical and vocational
|
0020| institute or any official thereof;
|
0021| (6) implementation of a cash management system
|
0022| to provide daily sweeps of balances into a revenue generating
|
0023| account;
|
0024| (7) processing of credit card transactions
|
0025| involving the technical and vocational institute;
|
0001| (8) administration of direct deposit payroll
|
0002| and other payment programs; and
|
0003| (9) acting as the agent of the technical and
|
0004| vocational institute in fiscal matters generally.
|
0005| C. The agreement shall contain the terms and
|
0006| conditions which are necessary, in the judgment of the board,
|
0007| for the proper conduct of the fiscal affairs and the
|
0008| safekeeping of the money of the technical and vocational
|
0009| institute."
|
0010| Section 2. Section 6-10-36 NMSA 1978 (being Laws 1977,
|
0011| Chapter 136, Section 1, as amended) is amended to read:
|
0012| "6-10-36. PUBLIC MONEY DEPOSITS OF CERTAIN GOVERNMENTAL
|
0013| UNITS--DISTRIBUTION--INTEREST.--
|
0014| A. All public money except that in the custody of
|
0015| the state treasurer, institutions of higher education,
|
0016| technical and vocational institutes, incorporated municipali-
|
0017|
|
0018| ties and counties which have adopted home rule charters as
|
0019| authorized by the constitution and local school boards which
|
0020| have been designated as boards of finance shall be deposited in
|
0021| qualified depositories in accordance with the terms of this
|
0022| section or invested as otherwise provided by law.
|
0023| B. Deposits of funds of a governmental unit may be
|
0024| made in noninterest-bearing checking accounts in one or more
|
0025| banks or savings and loan associations designated as checking
|
0001| depositories located within the geographical boundaries of the
|
0002| governmental unit. In addition, deposits of funds may be in
|
0003| noninterest-bearing accounts in one or more credit unions
|
0004| designated as checking depositories located within the
|
0005| geographical boundaries of the governmental unit to the extent
|
0006| the deposits are insured by an agency of the United States. If
|
0007| there is no checking depository within the geographical
|
0008| boundaries of the governmental unit, one or more banks, savings
|
0009| and loan associations or credit unions within the county in
|
0010| which the principal office of the governmental unit is located
|
0011| may be so designated; provided any credit union deposits are
|
0012| insured by an agency of the United States.
|
0013| C. Public money placed in interest-bearing deposits
|
0014| in banks and savings and loan associations shall be equitably
|
0015| distributed among all banks and savings and loan associations
|
0016| having their main or manned branch offices within the
|
0017| geographical boundaries of the governmental unit which have
|
0018| qualified as public depositories by reason of insurance of the
|
0019| account by an agency of the United States or by depositing
|
0020| collateral security or by giving bond as provided by law in the
|
0021| proportion that each bank's or savings and loan association's
|
0022| net worth bears to the total net worth of all banks and savings
|
0023| and loan associations having their main office or manned branch
|
0024| office within the geographical boundaries of the governmental
|
0025| unit. The net worth of the main office of a savings and loan
|
0001| association and its manned branch offices within the
|
0002| geographical boundaries of a governmental unit is the total net
|
0003| worth of the association multiplied by the percentage that
|
0004| deposits of the main office and the manned branch offices
|
0005| located within the geographical boundaries of the governmental
|
0006| unit are of the total deposits of the association. The net
|
0007| worth of each manned branch office or aggregate of manned
|
0008| branch offices of a savings and loan association located
|
0009| outside the geographical boundaries of the governmental unit in
|
0010| which the main office is located is the total net worth of the
|
0011| association multiplied by the percentage that deposits of the
|
0012| branch or the aggregate of branches located outside the
|
0013| geographical boundaries of the governmental unit in which the
|
0014| main office is located are of the total deposits of the as-
|
0015|
|
0016| sociation. The director of the financial institutions division
|
0017| of the regulation and licensing department shall promulgate a
|
0018| formula for determining the net worth of banks' main offices
|
0019| and branches for the purposes of distribution of public money
|
0020| as provided for by this section. "Net worth" means the assets
|
0021| less liabilities as reported by those banks and savings and
|
0022| loan associations on their most recent semiannual reports to
|
0023| the state or federal supervisory authority having jurisdiction.
|
0024| D. Public money may be placed at the discretion of
|
0025| the designated board of finance or treasurer in interest-
|
0001| bearing deposits in credit unions having their main or manned
|
0002| branch offices within the geographical boundaries of the
|
0003| governmental unit to the extent such deposits are insured by an
|
0004| agency of the United States.
|
0005| E. The rate of interest for all public money
|
0006| deposited in interest-bearing accounts in banks, savings and
|
0007| loan associations and credit unions shall be set by the state
|
0008| board of finance, but in no case shall the rate of interest be
|
0009| less than one hundred percent of the asked price on United
|
0010| States treasury bills of the same maturity on the day of
|
0011| deposit. Any bank or savings and loan association that fails
|
0012| to pay the minimum rate of interest at the time of deposit pro-
|
0013|
|
0014| vided for herein for any respective deposit forfeits its right
|
0015| to an equitable share of that deposit under this section.
|
0016| If the deposit is part or all of the proceeds of a bond
|
0017| issue and the interest rate prescribed in this subsection
|
0018| materially exceeds the rate of interest of the bonds, the
|
0019| interest rate prescribed by this subsection shall be reduced on
|
0020| that deposit to an amount not materially exceeding the interest
|
0021| rate of the bonds if the bond issue would lose its tax exempt
|
0022| status [under Section 103 of the United State Internal Revenue
|
Code of 1954, as amended] pursuant to the provisions of the
|
0024| Internal Revenue Code of 1986, as amended.
|
0025| F. Public money in excess of that for which banks,
|
0001| savings and loan associations and credit unions within the
|
0002| geographical boundaries of the governmental unit have qualified
|
0003| may be deposited in qualified depositories in other areas
|
0004| within the state under the same requirements for payment of
|
0005| interest as if the money were deposited within the geographical
|
0006| boundaries of the governmental unit or may be invested as
|
0007| provided by law.
|
0008| G. The department of finance and administration may
|
0009| monitor the deposits of public money by governmental units to
|
0010| assure full compliance with the provisions of this section."
|
0011|
|
0012|
|
0013| FORTY-THIRD LEGISLATURE
|
0014| FIRST SESSION, 1997
|
0015|
|
0016|
|
0017| March 5, 1997
|
0018|
|
0019| Mr. President:
|
0020|
|
0021| Your EDUCATION COMMITTEE, to whom has been referred
|
0022|
|
0023| SENATE BILL 865
|
0024|
|
0025| has had it under consideration and reports same with
|
0001| recommendation that it DO PASS, and thence referred to the
|
0002| FINANCE COMMITTEE.
|
0003|
|
0004| Respectfully submitted,
|
0005|
|
0006|
|
0007|
|
0008|
|
0009| __________________________________
|
0010| Cynthia Nava, Chairman
|
0011|
|
0012|
|
0013|
|
0014| Adopted_______________________ Not
|
0015| Adopted_______________________
|
0016| (Chief Clerk) (Chief Clerk)
|
0017|
|
0018|
|
0019| Date ________________________
|
0020|
|
0021|
|
0022| The roll call vote was 7 For 1 Against
|
0023| Yes: 7
|
0024| No: Rawson
|
0025| Excused: None
|
0001| Absent: None
|
0002|
|
0003|
|
0004| S0865ED1
|
0005|
|
0006|
|
0007|
|
0008| FORTY-THIRD LEGISLATURE SB 865/a
|
0009| FIRST SESSION, 1997
|
0010|
|
0011|
|
0012| March 8, 1997
|
0013|
|
0014| Mr. President:
|
0015|
|
0016| Your FINANCE COMMITTEE, to whom has been referred
|
0017|
|
0018| SENATE BILL 865
|
0019|
|
0020| has had it under consideration and reports same with
|
0021| recommendation that it DO PASS, amended as follows:
|
0022|
|
0023| 1. On page 1, line 24, after "unimpaired" insert "tier
|
0024| one".
|
0025|
|
0001| 2. On page 1, line 24, strike "and surplus".
|
0002|
|
0003| 3. On page 1, line 25, after "($10,000,000)" insert ",
|
0004| as defined by the federal deposit insurance corporation,".
|
0005|
|
0006|
|
0007|
|
0008| Respectfully submitted,
|
0009|
|
0010|
|
0011|
|
0012|
|
0013| __________________________________
|
0014| Ben D. Altamirano, Chairman
|
0015|
|
0016|
|
0017|
|
0018|
|
0019|
|
0020|
|
0021|
|
0022|
|
0023|
|
0024|
|
0025|
|
0001|
|
0002|
|
0003|
|
0004|
|
0005|
|
0006|
|
0007|
|
0008|
|
0009|
|
0010|
|
0011|
|
0012|
|
0013| Adopted_______________________ Not
|
0014| Adopted_______________________
|
0015| (Chief Clerk) (Chief Clerk)
|
0016|
|
0017|
|
0018| Date ________________________
|
0019|
|
0020|
|
0021| The roll call vote was 6 For 0 Against
|
0022| Yes: 6
|
0023| No: None
|
0024| Excused: Argon, Altamirano, Ingle, McKibben, Smith
|
0025| Absent: None
|
0001|
|
0002|
|
0003| S0875FC1 .118570.1
|
0004|
|
0005| State of New Mexico
|
0006| House of Representatives
|
0007|
|
0008| FORTY-THIRD LEGISLATURE
|
0009| FIRST SESSION, 1997
|
0010|
|
0011|
|
0012| March 14, 1997
|
0013|
|
0014|
|
0015| Mr. Speaker:
|
0016|
|
0017| Your EDUCATION COMMITTEE, to whom has been referred
|
0018|
|
0019| SENATE BILL 865, as amended
|
0020|
|
0021| has had it under consideration and reports same with
|
0022| recommendation that it DO PASS, and thence referred to the
|
0023| APPROPRIATIONS AND FINANCE COMMITTEE.
|
0024|
|
0025| Respectfully submitted,
|
0001|
|
0002|
|
0003|
|
0004|
|
0005| Samuel F. Vigil, Chairman
|
0006|
|
0007|
|
0008| Adopted Not Adopted
|
0009|
|
0010| (Chief Clerk) (Chief Clerk)
|
0011|
|
0012| Date
|
0013|
|
0014| The roll call vote was 10 For 0 Against
|
0015| Yes: 10
|
0016| Excused: Mallory, McSherry, Nicely
|
0017| Absent: None
|
0018|
|
0019|
|
0020| G:\BILLTEXT\BILLW_97\S0865 State of New Mexico
|
0021| House of Representatives
|
0022|
|
0023| FORTY-THIRD LEGISLATURE
|
0024| FIRST SESSION, 1997
|
0025|
|
0001|
|
0002| March 17, 1997
|
0003|
|
0004|
|
0005| Mr. Speaker:
|
0006|
|
0007| Your APPROPRIATIONS AND FINANCE COMMITTEE, to
|
0008| whom has been referred
|
0009|
|
0010| SENATE BILL 865, as amended
|
0011|
|
0012| has had it under consideration and reports same with
|
0013| recommendation that it DO PASS.
|
0014|
|
0015| Respectfully submitted,
|
0016|
|
0017|
|
0018|
|
0019|
|
0020| Max Coll, Chairman
|
0021|
|
0022|
|
0023| Adopted Not Adopted
|
0024|
|
0025| (Chief Clerk) (Chief Clerk)
|
0001|
|
0002| Date
|
0003|
|
0004| The roll call vote was 13 For 0 Against
|
0005| Yes: 13
|
0006| Excused: Garcia, M.H., Picraux, Marquardt, Taylor, J.P.
|
0007| Absent: None
|
0008|
|
0009|
|
0010| G:\BILLTEXT\BILLW_97\S0865
|