From New Mexico
Prior to any of the below steps being taken, the City of Santa Fe will need to adopt one or more Ordinances of Resolution authorizing the and directing the appropriate actions.
STEP ONE: Identify the proposed functions of the Public Bank.
? Direction should come from the City Council and the Task Force
? Deciding which functions the Public Bank should perform will determine the approvals
that are needed, and the laws and regulations which will need to be obeyed.
STEP TWO: Create a business plan for the Public Bank.
? The business plan will be necessary for the various applications the City must make to
charter the Public Bank.
? The City will need to hire outside professionals - bankers, lawyers, accountants, and other
consultants - to create the bu…