N.M. Admin. Code § 2.60.7.7

Current through Register Vol. 36, No. 1, January 14, 2025

Section 2.60.7.7 - DEFINITIONS

A. "Fiscal agent" is that bank or savings and loan association selected by the board to provide services such as:

(1) collection for the state of all checks or other items received by the state on any account;

(2) handling of the checking account of the state treasurer;

(3) handling of all transfers of money in connection with the sale or retirement of bonds or obligations of the state;

(4) the rate of interest to be paid upon average daily balances of state funds; and

(5) acting as the agent of the state in fiscal matters generally, except as to those matters for which the custody bank provides custodial service to the state, subject always to supervision and approval of the state board of finance.

B. "Custody bank" is that bank selected by the board to provide services such as:

(1) executing intructions from the investing agencies as to investments of permanent or other funds of the state, except for certain investments made by the state treasurer through the fiscal agent;

(2) safekeeping of bonds or other securities belonging to or held by the state or any official thereof; and

(3) acting as an agent of the state in matters involving custodial services, except as to those matters for which the fiscal agent provides services to the state, subject always to the supervision and approval of the state board of finance.

N.M. Admin. Code § 2.60.7.7

2.60.7.7 NMAC - N, 12-1-2009