AN ACT

RELATING TO PUBLIC FINANCES; INCREASING THE TIME WITHIN WHICH

CERTAIN MUNICIPALITIES MAY DEPOSIT RECEIPTS OF PUBLIC MONEY.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. Section 6-10-36.1 NMSA 1978 (being Laws

1997, Chapter 161, Section 1) is amended to read:

"6-10-36.1. RECEIPTS OF PUBLIC MONEY--DISPOSITION BY

CERTAIN MUNICIPALITIES.--A municipality or village having

within its boundaries no suitable banking facility in which to

deposit collected receipts of public money shall deposit

receipts within a period not to exceed five days from the date

of collection, except when inclement weather or natural

disaster conditions exist, in which case the period is

extended to ten days; provided the municipality or village

adopts a reasonable administrative policy approved by the

local government division of the department of finance and

administration establishing procedures for the safeguarding of

the public funds prior to deposit."

HB 194

Page 1