The bill amends Section 6-10-10 of the New Mexico Statutes to expand the investment options available to the state treasurer and county or municipal treasurers regarding sinking funds or unexpended money from 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 insured obligations. The bill also clarifies the definitions of terms related to deposits and investments, ensuring that the investment policy aligns with the objectives and risk tolerances of the respective funds.

Additionally, the bill introduces new provisions that require the treasurers to obtain consent from their boards of finance before making amendments to the investment policy, which must be reviewed at least every two years. The effective date for these changes is set for July 1, 2025. Overall, the bill aims to enhance the management of public funds by providing more flexible investment opportunities while maintaining oversight and accountability through the involvement of boards of finance.

Statutes affected:
introduced version: 6-10-10