SENATE BILL 255

50th legislature - STATE OF NEW MEXICO - first session, 2011

INTRODUCED BY

John M. Sapien

AN ACT

RELATING TO PUBLIC MONEY; CREATING A STATUTORY FIDUCIARY DUTY FOR THE CHIEF FINANCIAL OFFICER OF EACH POLITICAL SUBDIVISION AND EACH STATE OFFICER OR EMPLOYEE ENTRUSTED WITH THE RECEIPT OR INVESTMENT OF PUBLIC MONEY.

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

     SECTION 1. CHIEF FINANCIAL OFFICERS OF POLITICAL SUBDIVISIONS--CERTAIN STATE OFFICERS--STATUS AS FIDUCIARY.--

          A. The chief financial officer of each political subdivision of New Mexico has the ultimate responsibility as a fiduciary of all of the money belonging to the political subdivision and entrusted to the financial officer's care and shall manage the money for the sole benefit of the political subdivision, to the exclusion of any contrary interest.

          B. Each state officer or employee entrusted with the receipt or investment of public money has the ultimate responsibility as a fiduciary of all the state money entrusted to the officer or employee's care and shall manage the money for the sole benefit of the state, or other appropriate beneficiary, to the exclusion of any contrary interest.

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