All deposits of public funds 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. A surety company that issues a surety bond pursuant to this section shall be rated in the highest category by at least one nationally recognized statistical rating agency.
§ 6-10-16.1 NMSA 1978
Security for public deposits
Known as the Warrant Cancellation Act
The act spans §§ 6–6 (74 sections).
Laws 1981, ch. 332, § 20; 2001, ch. 21, § 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.