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 breakfast or 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 department shall be budgeted, accounted for and disbursed as provided by law and by the rules of the department of finance and administration. History: 1953 Comp., § 77-7-5, enacted by Laws 1967, ch. 16, § 105; 2011, ch. 35, § 4. ANNOTATIONSThe 2011 amendment, effective June 17, 2011, added federal funds for breakfast programs to the list of funds within the custody of the state treasurer.
New Mexico Legal Code