New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 81 - RETIREE HEALTH CARE FUNDS
Part 4 - CONTRACTS
Section 2.81.4.14 - MULTI-TERM CONTRACTS; SPECIFIED PERIOD
Current through Register Vol. 35, No. 6, March 26, 2024
A. A multi-term contract for services (including the furnishing of insurance) except for professional services, in an amount under twenty-five thousand dollars $25,000.00, or more if authorized under Section 13-1-150 NMSA 1978, may be entered into for any period of time deemed to be in the best interests of the NMRHCA, not to exceed four years; provided that the term of the contract and conditions of renewal or extension, if any, are included in the specifications and funds are available for the first fiscal period at the time of contracting.
B. If the amount of the contract is twenty-five thousand dollars ($25,000.00) or more, a multi-term contract for services (including the furnishing of insurance) shall not exceed eight years including all extensions and renewals. Payment and performance obligations for succeeding fiscal periods shall be subject to the availability and appropriation of funds therefor.
C. A contract for professional services (not including the furnishing of insurance) may not exceed a term of four years including all extensions and renewals, except that a multi-term contract for the services of trustees, escrow agents, registrars, paying agents, letter of credit issuers and other forms of credit enhancement, and other similar services (excluding bond attorneys, underwriters and financial advisors with regard to the issuance, sale and delivery of public securities) may be for the life of the securities or as long as the securities remain outstanding.
