New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS
Part 7 - PROCEDURES FOR DESIGNATING A FISCAL AGENT AND CUSTODY BANK OF NEW MEXICO
Section 2.60.7.7 - DEFINITIONS
Universal Citation: 2 NM Admin Code 2.60.7.7
Current through Register Vol. 35, No. 18, September 24, 2024
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.
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