A. The board may designate a bank or savings and loan association doing business in New Mexico and having an unimpaired tier one capital of at least ten million dollars ($10,000,000), as defined by the federal deposit insurance corporation, as the fiscal agent of the technical and vocational institute. The selection of the fiscal agent shall be made pursuant to the procedures of the Procurement Code [13-1-28 to 13-1-199 NMSA 1978].

B. The bank or savings and loan association so designated shall enter into an agreement with the technical and vocational institute for any or all of the following services:

(1) the collection for the technical and vocational institute of all checks and other items received by the technical and vocational institute on any account;

(2) the handling of the checking account of the technical and vocational institute;

(3) the handling of all transfers of money in connection with the sale or retirement of bonds or obligations of the technical and vocational institute or the purchase by the technical and vocational institute of bonds or other securities;

(4) the investment of funds of the technical and vocational institute;

(5) the safekeeping of bonds or other securities belonging to or held by the technical and vocational institute or any official thereof;

(6) implementation of a cash management system to provide daily sweeps of balances into a revenue generating account;

(7) processing of credit card transactions involving the technical and vocational institute;

(8) administration of direct deposit payroll and other payment programs; and

(9) acting as the agent of the technical and vocational institute in fiscal matters generally.

C. The agreement shall contain the terms and conditions which are necessary, in the judgment of the board, for the proper conduct of the fiscal affairs and the safekeeping of the money of the technical and vocational institute.

History: Laws 1997, ch. 123, § 1.

Effective dates. — Laws 1997, ch. 123 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 20, 1997, 90 days after adjournment of the legislature.