All state agency deposits of investments unless the agency has been specifically exempted by law. As used in this policy, the term state agency "shall mean the state of New Mexico or any of its branches, agencies, departments, boards, instrumentalities or institutions other than state educational institutions designated by Article 12, Section 11 of the Constitutions of New Mexico and the investments made by the state treasurer or the state investment council.
N.M. Admin. Code § 2.60.2.2