A municipality or village having within its boundaries no suitable banking facility in which to deposit collected receipts of public money shall deposit receipts within a period not to exceed five days from the date of collection, except when inclement weather or natural disaster conditions exist, in which case the period is extended to ten days; provided the municipality or village adopts a reasonable administrative policy approved by the local government division of the department of finance and administration establishing procedures for the safeguarding of the public funds prior to deposit.
History: Laws 1997, ch. 161, § 1; 2007, ch. 130, § 1.
Cross references. — For deposit and investment of funds, see 6-10-10 NMSA 1978.
The 2007 amendment, effective June 15, 2007, increased the time for deposit of funds to ten days when inclement weather or natural disaster conditions exist.
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