SENATE BILL 278

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

INTRODUCED BY

Linda M. Lopez

AN ACT

RELATING TO PUBLIC FINANCES; CLARIFYING THE DUTIES OF THE STATE TREASURER; AMENDING DEFINITIONS.

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

     SECTION 1. Section 6-10-1.1 NMSA 1978 (being Laws 1987, Chapter 79, Section 3, as amended) is amended to read:

     "6-10-1.1. DEFINITIONS.--As used in Chapter 6, Article 10 NMSA 1978:

          A. "department" means the department of finance and administration;

          B. "deposit" includes share, share certificate and share draft;

          C. "eligible governing body" means a local governing body, the governing authority of a tribe or any other governmental or quasi-governmental body created or authorized to be created pursuant to New Mexico statutes;

          D. "finance officer" means the chief financial officer of an eligible governing body or a participating government;

          E. "local governing body" means a political subdivision of the state, including a school district or a post-secondary educational institution;

          F. "participating government" means an eligible governing body or the state treasurer on behalf of the general fund that has invested money in the participating government investment fund;

          G. "secretary" means the secretary of finance and administration; [and]

          H. "treasury" means the master depository or cash concentration account held at the state's fiscal agent bank and administered by the office of the state treasurer, unless the context otherwise clearly indicates; and

          [H.] I. "tribe" means a federally recognized Indian nation, tribe or pueblo or a subdivision or agency of a federally recognized Indian nation, tribe or pueblo, located wholly or partially in New Mexico."

     SECTION 2. Section 6-10-3 NMSA 1978 (being Laws 1923, Chapter 76, Section 2, as amended) is amended to read:

     "6-10-3. PAYMENT OF STATE MONEY INTO TREASURY--SUSPENSE FUNDS.--All public money in the custody or under the control of any state official or agency obtained or received by any official or agency from any source, except as in Section 6-10-54 NMSA 1978 provided, shall be paid into the state treasury. It is the duty of every official or person in charge of any state agency receiving any money in cash or by check, draft or otherwise for or on behalf of the state or any agency thereof from any source, except as in Section 6-10-54 NMSA 1978 provided, to forthwith and before the close of the next succeeding business day after the receipt of the money to deliver or remit it to the state treasurer; provided, however, that:

          A. the money collected by the state [park and recreation] parks division of the energy, minerals and natural resources department and the state monuments [of the museum] division of the [office of] cultural affairs department shall be deposited into the state treasury no later than ten days following collection [Provided that];

          B. county treasurers shall remit all money received for taxes for state purposes or that are by law required to be remitted to the [state treasurer] county remittance fund on or before the tenth day of the next succeeding month following the receipt or collection thereof [Provided further that];

          C. every official or person in charge of any state agency receiving any money, except as in Section 6-10-54 NMSA 1978 provided, in cash or by check or draft [or otherwise], on deposit, in escrow or in evidence of good faith to secure the performance of any contract or agreement with the state or with any department, institution or agency of the state, which money has not yet been earned so as to become the absolute property of the state, shall deliver or remit to the state [treasurer] treasury within the times and in the manner as in this section provided, which money shall be [by the state treasurer] deposited in a suspense account to the credit of the proper official, person, board or bureau in charge of any state agency so receiving the money [provided, however, that]; and

          D. all money held by the commissioner of public lands on deposit, in escrow or in evidence of good faith to secure the performance of any contract or agreement with the state shall be delivered or remitted to the state [treasurer] treasury within six months from the date this act is approved and at those times, in the amounts and from the various banks in which it is deposited as may be directed by the state board of finance."

     SECTION 3. Section 8-6-3 NMSA 1978 (being Laws 1851-1852, Page 170, as amended) is amended to read:

     "8-6-3. DUTIES OF TREASURER--RECEIPTS.--The state treasurer shall receive and keep all [moneys] money of the state except when otherwise specially provided; disburse the public money upon warrants drawn according to law and not otherwise; keep a just, true and comprehensive account of all [moneys] money received and disbursed; render [his] the state treasurer's accounts to the [division of] financial control division of the department of finance and administration annually, or [oftener] more often if required; and report to the legislature, at the commencement of each regular session, a detailed statement of the condition of the treasury. [He] The state treasury shall grant duplicate receipts for all [sums of] money [which shall be] paid into the treasury, and the person receiving the [same] duplicate receipts shall [deposit one with the division of financial control who shall credit such person accordingly and charge the treasurer] record the entry in the centralized accounting system administered by the department of finance and administration."

     SECTION 4. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2011.

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