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.
§ 6-10-36.1 NMSA 1978
Receipts of public money; disposition by certain municipalities
Known as the Warrant Cancellation Act
The act spans §§ 6–6 (74 sections).
Laws 1997, ch. 161, § 1; 2007, ch. 130, § 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.