The bill amends Section 6-10-10 of the New Mexico Statutes to expand the investment authority of the state treasurer and county or municipal treasurers regarding sinking funds and unexpended bond proceeds. Specifically, it allows these treasurers, with the advice and consent of their respective boards of finance, to invest such funds in a broader range of securities, including those issued by supranational issuers and various federally backed obligations. The new language emphasizes the treasurers' ability to manage funds not immediately necessary for public use, thereby enhancing their investment options to potentially yield better returns.

Additionally, the bill introduces specific definitions and parameters for investment policies, including the types of securities eligible for investment and the requirements for investment companies and funds. The effective date for these provisions is set for July 1, 2025. Overall, the bill aims to provide greater flexibility and opportunity for local public bodies in managing their financial resources while ensuring that investments are made in secure and regulated environments.

Statutes affected:
introduced version: 6-10-10