Statutes > New Mexico Statutes > Chapter 22 - Public Schools. > Article 8 - Public School Finance, 22-8-1 through 22-8-48. > Section 22-8-40.1 - Deposit of public school funds; providing exception on interest rate limitation for "NOW" accounts.

Section 22-8-40.1 - Deposit of public school funds; providing exception on interest rate limitation for "NOW" accounts.

22-8-40.1. Deposit of public school funds; providing exception on interest rate limitation for "NOW" accounts.

Notwithstanding the provisions of Subsection E of Section 22-8-40 NMSA 1978, the requirement for a rate of interest of not less than one hundred percent of the asked price on United States treasury bills of the same maturity on the day of deposit shall not apply to interest-bearing checking accounts.