About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline

LOG IN
LOG IN


2013 New Mexico Attorney General Reports and Opinions 1 (2013)

handle is hein.sag/sagnm0091 and id is 1 raw text is: Attorney General of New Mexico GARY K. KING Attorney General April 18, 2013 ALBERT J. LAMA Chief Deputy Attorney General OPINION OF GARY K. KING Attorney General Opinion No. 13-01 BY: Zachary Shandler Assistant Attorney General TO: The Honorable Hector Balderas New Mexico State Auditor 2540 Camino Edward Ortiz, Ste. #A Santa Fe, NM 87507 OUESTION: Is the Town of Cochiti Lake (Town) subject to certain provisions of the state's public money statutes, specifically NMSA 1978, Sections 6-10-10, 6-10-36 and 6-10-44? CONCLUSION: Absent the promulgation of a rule by the New Mexico Department of Finance and Administration (Department or DFA), the Town is not subject to the limitations found in NMSA 1978, Sections 6-10-10, 6-10-36 and 6-10-44. BACKGROUND: NMSA 1978, Sections 6-10-10, 6-10-36 and 6-10-44 generally limit investments of a local public body to bank deposits, obligations of the United States and New Mexico local governments, and obligations collateralized or backed by the U.S. government. Based on the information available to us at this time, we understand that the Town has been investing some of its funds in other instruments, and since the Department views the Town as a local public body, those investments have resulted in a negative finding on the Town's annual audit.