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Sandoval County replaces $135M letter of credit with $100M collateral; New Mexico Bank & Trust outlines acquisition by UMB
Summary
Treasurer Taylor reported a new $100 million letter of credit to meet statutory collateral requirements, and New Mexico Bank & Trust representatives outlined a recent acquisition by UMB Bank and continuity plans for county services.
Treasurer Taylor told the Board of Finance that Sandoval County replaced a $135 million letter of credit that expired Jan. 31, 2025, with a new letter of credit in the amount of $100 million effective Feb. 1, 2025. She said the county can request additional collateral from its bank representatives if balances approach the letter-of-credit amount.
Taylor provided account balances at county depository banks.…
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