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 for sinking funds or 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 insured obligations. The new language emphasizes the treasurers' authority to invest in these securities, which must be secured and meet specific criteria regarding maturity and credit ratings.

Additionally, the bill outlines the responsibilities of the treasurers in managing these investments, including the requirement to obtain consent from the boards of finance for amendments to the investment policy and to file duplicate receipts for deposits. The effective date for the provisions of this act is set for July 1, 2025. Overall, the bill aims to enhance the investment strategies available to local and state financial managers, thereby potentially increasing the returns on public funds.

Statutes affected:
introduced version: 6-10-10