SENATE BILL 429

48th legislature - STATE OF NEW MEXICO - first session, 2007

INTRODUCED BY

Clinton D. Harden

AN ACT

RELATING TO LOCAL GOVERNMENT FINANCES; EXTENDING THE PERIOD OF TIME FOR CERTAIN ENTITIES TO MAKE DEPOSITS.

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

     Section 1. Section 6-10-36.1 NMSA 1978 (being Laws 1997, Chapter 161, Section 1) is amended to read:

     "6-10-36.1. RECEIPTS OF PUBLIC MONEY--DISPOSITION BY CERTAIN MUNICIPALITIES.--[For any] A municipality or village having within its boundaries no suitable banking facility in which to deposit collected receipts of public money [such municipality or village] shall deposit receipts within [a period not to exceed five] ten days from the date of collection, excluding a Saturday, Sunday or legal holiday; 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."

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