New Mexico Statutes Chapter 6. Public Finances § 6-10-44. Temporary investment of excess funds; federal bonds or treasury certificates eligible

If at any time the state treasurer, or the treasurer of any county, incorporated municipality or board in control has on hand more money than can be divided equitably and ratably among qualified depositories, such treasurer may, with the approval of the proper board of finance, temporarily invest such excess funds in United States bonds or treasury certificates under such rules and regulations as may be prescribed by the state board of finance.