45th legislature - STATE OF NEW MEXICO - first session, 2001
RELATING TO FINANCIAL INSTITUTIONS; CLARIFYING THE REQUIREMENT FOR SECURITY FOR PUBLIC DEPOSITS; DECLARING AN EMERGENCY.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. Section 6-10-16.1 NMSA 1978 (being Laws 1981, Chapter 332, Section 20) is amended to read:
"6-10-16.1. SECURITY FOR PUBLIC DEPOSITS.--All deposits
of public funds [made after the effective date of this act]
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."
Section 2. EMERGENCY.--It is necessary for the public peace, health and safety that his act take effect immediately.
.134683.1