New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS
Part 2 - AUTHORIZATION, OPERATIONS AND REPORTING OF STATE AGENCY BANK ACCOUNTS AND INVESTMENTS
Section 2.60.2.8 - AUTHORIZATION OF CHECKING AND SAVINGS ACCOUNTS
Current through Register Vol. 35, No. 18, September 24, 2024
Procedures: A state agency may not open a new deposit account or deposit money in an existing deposit account unless it has submitted a request to the office of the state cash manager in writing on forms prescribed by the cash manager and received written authorization from the cash manager for each account.
A. In the written authorization, the cash manager will establish for each account those conditions and reports appropriate to that account. Reports to the cash manager are required at least monthly for all accounts.
B. Any accounts operating without authorization will be reported to the state board of finance on a monthly basis. All unauthorized accounts may be closed by the cash manager.
C. Authorizations are valid for one-year period. All state agencies, operating accounts, are required to certify in writing the need for each account on an annual basis beginning January 1, 1985 and every January 1st thereafter.
