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NEW MEXICO STATUTES AND CODES
Section 22-9-5 - Custody of funds; budgets; disbursements.
22-9-5. Custody of funds; budgets; disbursements.
A. The state treasurer shall be the custodian of all funds received by the state by virtue of a federal statute, gift or grant relating to aid for education, school construction or school lunch programs. The state treasurer shall hold these funds in separate accounts according to the purpose of the grant or gift.
B. All federal funds, gifts or grants administered by the state board [department] shall be budgeted, accounted for and disbursed as provided by law, and by the regulations of the department of finance and administration.
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