The state board of finance at any time, but at least once each fiscal year, shall fix the rate of interest to be paid upon all time deposits of public money made by all public officials authorized to make deposits of public money.
History: 1953 Comp., § 11-2-27, enacted by Laws 1975, ch. 304, § 1; 2001, ch. 55, § 1.
ANNOTATIONSRepeals and reenactments. — Laws 1975, ch. 304, § 1, repealed 11-2-27, 1953 Comp., relating to interest rates and powers of state board of finance, and enacted a new section.
The 2001 amendment, effective June 15, 2001, changed the minimum number of times the board of finance shall fix interest rates from once each quarter to once each fiscal year.
Home-rule municipalities may establish interest rates in conflict with those of board of finance. — Home-rule municipalities have the right to establish an interest rate policy pursuant to N.M. Const., art. X, § 6, that may be in conflict with the interest rate policy established by the board of finance. 1975 Op. Att'y Gen. No. 75-56.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 63C Am. Jur. 2d Public Funds § 10.
Termination of interest, or reduction of interest rate, on deposit of public funds, 107 A.L.R. 1210.
26A C.J.S. Depositaries § 12(1).