STATE STATUTES & CODES
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NEW MEXICO STATUTES AND CODES
Section 77-8A-10 - Disposition of funds.
77-8A-10. Disposition of funds.
A. All funds received by the council shall be received and disbursed directly by the council. Such funds shall be audited in accordance with the provisions of the Audit Act [12-6-1 to 12-6-14 NMSA 1978]. The council is not required to submit vouchers, purchase orders or contracts to the department of finance and administration as otherwise required by Section 6-5-3 NMSA 1978.
B. The council shall issue warrants against funds of the council in payment of its lawful obligations. The council shall provide its own warrants, purchase orders and contract forms as well as other supplies and equipment. All warrants shall be signed by a council member and one other person designated by the council.
C. The council shall designate banks where its funds are to be deposited, provided such banks have been qualified as depository banks for state funds.