A. The governing body is the board of finance of the municipality and the members of the governing body shall serve without compensation additional to the compensation authorized by law for their services as members of the governing body.

B. The municipal clerk shall:

(1) serve as secretary to the board of finance;

(2) keep a record of the proceedings of the board of finance which shall be a public record; and

(3) convene a meeting of the board of finance whenever necessary or whenever requested to do so by any member of the board of finance.

C. The municipal treasurer shall:

(1) supervise the depositing and safekeeping of all money belonging to the municipality; and

(2) with the advice and consent of the municipal board of finance, designate banks qualified to receive on deposit money entrusted to his care.

History: 1953 Comp., § 14-36-1, enacted by Laws 1965, ch. 300.

Cross references. — For division of financial control of state department of finance and administration, powers and duties, see 6-5-1 NMSA 1978 et seq.

For local government division of state department of finance and administration, duties of local public bodies, see 6-6-1 NMSA 1978 et seq.

For fiscal year designated, see 6-10-1 NMSA 1978.

For deposit and investment of funds, see 6-10-10 NMSA 1978.

For security for deposits, see 6-10-16 NMSA 1978 et seq.

For interest rates and powers of state board of finance, see 6-10-30 NMSA 1978 et seq.

For officials misusing funds, penalty, see 6-10-40 NMSA 1978.

For deposit of funds with state treasurer to match allotments from public or private sources, see 6-10-45 NMSA 1978.

For bribery of treasurers and employees, penalty, see 6-10-53 NMSA 1978.

For the Warrant Cancellation Act, see 6-10-55 to 6-10-57 NMSA 1978.

For loss or destruction of warrant or order for money, issuance of duplicate, see 6-10-59 and 6-10-60 NMSA 1978.

Am. Jur. 2d, A.L.R. and C.J.S. references. — Constitutionality of statute relieving officer or public depository or his surety from liability for loss of public funds, 38 A.L.R. 1512, 96 A.L.R. 295.

Liability on bond for security of public funds deposited in banks as affected by form of transaction, or nature or validity of deposits, 65 A.L.R. 798.

Invalid designation by another than depositing officer of depository for public funds as affecting liability of officer or his bond for loss thereof through failure of depository, 66 A.L.R. 1059.

Liability of public officer or his bond for loss of public funds due to insolvency of bank in which they were deposited, 93 A.L.R. 819, 155 A.L.R. 436.

Termination of interest, or reduction of interest rate, on deposit of public funds, 107 A.L.R. 1210.

Liability of public officer for interest or other earnings received on public money in his possession, 5 A.L.R.2d 257.