(A) Deposits of public money with the fiscal agent, other designated depositories and investments in time deposits shall be secured by securities of the United States, its agencies or instrumentalities, or by securities of the State of New Mexico, its agencies, instrumentalities, counties, municipalities or other subdivisions, or by securities, including student loans, that are guaranteed by the United States or the State of New Mexico. Revenue bonds qualify as security for the deposit of public money only if they are underwritten by a member of the National Association of Securities Dealers, known as "NASD," and are rated in any of the three highest major rating categories defined in § 4-1-10 by any nationally recognized rating agency. No security is required for the deposit of public money that is insured by the Federal Deposit Insurance Corporation. All securities specified herein will be accepted as collateral for public money deposits at their current market values subject to periodic review and valuation at intervals determined by the Investment Committee. Minimum collateral requirements as specified from time to time by Investment Committee action must be maintained at all times.
(B) Any Depository Financial Institution designated as a depository of public money or having time deposits shall deliver securities of the kind specified in this section, or a joint safekeeping receipt thereof to the Mayor or his designated representative in aggregate value equal to at least one-half the amount of public money placed with such institution. The Investment Committee may direct such institution to deliver securities having more than one-half of the aggregate value of such public money. The Mayor or his designated representative is not liable upon his official bond on account of any funds deposited in the fiscal agency account, other designated depositories or in time deposits when the funds are so secured.
('74 Code, § 4-5-5) (Ord. 73-1975; Am. Ord. 44-1986; Am. Ord. 29-1992; Am. Ord. 7-2001; Am. Ord. 2020-001)