This act [6-12A-1 to 6-12A-15 NMSA 1978] may be cited as the “Short-Term Cash Management Act”. History: Laws 1997, ch. 111, § 1. ANNOTATIONS Cross references. — For creation of general fund, see 6-4-2 NMSA 1978. For state indebtedness generally, see Chapter 6, Article 12 NMSA 1978. For institutional bonds, see Chapter 6, Article 13 […]
The expenses incurred by the state treasurer related to the issuance and sale of anticipation notes shall be paid out of the proceeds from the sale of the anticipation notes, and all rebate, penalty, interest and other obligations of the state related to the anticipation notes and anticipation notes proceeds under the Internal Revenue Code […]
The state treasurer shall pay the principal of and interest on outstanding anticipation notes and shall keep a complete register showing the interest paid and principal outstanding on all anticipation notes and such other records as he deems appropriate. History: Laws 1997, ch. 111, § 11.
The Short-Term Cash Management Act, without reference to any other statute, shall be full authority for the issuance and sale of anticipation notes and shall have all the qualities of investment securities under the Uniform Commercial Code [Chapter 55 NMSA 1978]. History: Laws 1997, ch. 111, § 12.
Any holder of anticipation notes or any person who is a party in interest may bring an action to enforce and compel the performance of the provisions of the Short-Term Cash Management Act. History: Laws 1997, ch. 111, § 13.
Anticipation notes are exempt from taxation by the state or any of its political subdivisions. History: Laws 1997, ch. 111, § 14.
Anticipation notes are not a general obligation of the state, but are payable solely out of anticipated revenues that have been pledged for their payment. History: Laws 1997, ch. 111, § 15.
The purpose of the Short-Term Cash Management Act is to ensure an orderly and uninterrupted flow of money to the general fund by anticipating the receipt of taxes and other state revenues into the general fund and authorizing the state treasurer to issue short-term notes payable from those anticipated receipts. History: Laws 1997, ch. 111, […]
As used in the Short-Term Cash Management Act: A. “anticipated revenue” means tax receipts and other state revenues that are to be credited by law to the general fund; B. “anticipation notes” means state of New Mexico tax and revenue anticipation notes; and C. “general fund” means the fund created in Section 6-4-2 NMSA 1978 […]
Whenever the state treasurer deems it necessary to issue anticipation notes pursuant to the Short-Term Cash Management Act, the state treasurer shall certify that: A. the issuance of anticipation notes is necessary to regulate cash flow in the general fund; B. the issuance of anticipation notes will not have an adverse impact on the general […]
A. In order to anticipate the collection and receipt of anticipated revenue and after certifying the need to issue anticipation notes as provided in the Short-Term Cash Management Act, the state treasurer may issue and sell one or more anticipation notes. The anticipation notes shall mature not later than the end of the fiscal year […]
Principal of and interest on anticipation notes shall be payable solely from that portion of anticipated revenue pledged for that purpose and collected by the state for credit to the general fund in the fiscal year in which the anticipation notes are issued. History: Laws 1997, ch. 111, § 6.
The “anticipation notes debt service fund” is created in the state treasury. Upon collection of anticipated revenue that has been pledged for the payment of principal of and interest on the outstanding anticipation notes, the state treasurer shall deposit into the fund that portion of the pledged revenue necessary for payment of the principal of […]
The “anticipation notes fund” is created in the state treasury. All proceeds from the sale of anticipation notes shall be deposited in the fund. The state treasurer shall invest the proceeds of anticipation notes as provided in Section 6-10-10 NMSA 1978. History: Laws 1997, ch. 111, § 8.
Anticipation notes issued by the state treasurer pursuant to the Short-Term Cash Management Act are legal and authorized investments for banks, savings banks, trust companies, savings and loan associations, insurance companies, fiduciaries, trustees and guardians and for the sinking funds of political subdivisions, departments, institutions and agencies of the state. Anticipation notes are sufficient security […]
