NMSA 1978, § 7-27-5.20 — Deposits in New Mexico credit unions

The severance tax permanent fund may be invested in deposits in New Mexico
credit unions, provided each deposit is insured by an agency of the United States and
the credit union offers interest on such deposits at least equal to that offered to its
members for similar deposits. Such deposits may be invested for a term of maturity of
eight years or less at an interest rate to be set by the council. Such deposits shall be
made and administered by the council and state investment officer in accordance with
the law governing deposits of public money, including, but not limited to, Sections 6-10-
10, 6-10-16, 6-10-24.1 and 6-10-29 NMSA 1978. As used in this section, "deposit"
includes share, share certificate and share draft.