Notwithstanding the provisions of Subsection E of Section 22-8-40 NMSA 1978, the requirement for a rate of interest of not less than one hundred percent of the asked price on United States treasury bills of the same maturity on the day of deposit shall not apply to interest-bearing checking accounts.
§ 22-8-40.1 NMSA 1978
Deposit of public school funds; providing exception on interest rate limitation for "NOW" accounts
Known as the Public School Finance Act
The act spans §§ 22–22 (86 sections).
1978 Comp., § 22-8-40.1, enacted by Laws 1981, ch. 341, § 1.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.