§ 11-47-103 — Definitions

Colorado § 11-47-103

• Jurisdiction: Colorado
• Title 11: Financial
• Art.: Protection of Deposits of Public Moneys

Text

As used in this article, unless the context otherwise
requires:

(1) Affected governmental unit means any governmental unit whose
deposits of public moneys are affected by an event of default.

(2) Capital funds means, with respect to any eligible public depository, the
aggregate sum of its capital stock, surplus, and undivided profits and of all reserves
required by any law or regulation, together with the amount of any debt
subordinated to deposit liabilities when such debt has been allowed to be included
in its stated capital position by the applicable regulatory authority.

(3) Commissioner means the state commissioner of financial services.

(4) Defaulting depository means an eligible public depository to which an
event of default has occurred.

(5) Eligible collateral means:

(a) Obligations of the United States or of any agency thereof;

(b) Obligations wholly or partially guaranteed or insured as to payment of
principal by the United States or any agency thereof;

(c) Obligations of the state of Colorado, including anticipation warrants, and
general obligations of any governmental unit of this state, including obligations the
interest and principal of which are secured by deposit in escrow of an amount of
obligations of the United States or any agency thereof sufficient to secure such
payment;

(d) Obligations evidenced by notes secured by first lien mortgages or deeds
of trust on real property, whether or not situate in this state, if such obligations are
not for construction or land acquisition and development and if such obligations
shall not exceed one hundred percent of the value of all eligible collateral on
pledge, which obligations shall not be in default in any respect and are wholly
owned by the eligible depository;

(e) Revenue bonds, except industrial development revenue bonds, issued by
the state of Colorado or any agency thereof, or by any county, city and county,
municipality, school district, special district, or other authority within this state, as
well as special improvement district bonds issued by any such political subdivision
or authority;

(f) Mortgage-backed securities issued by the federal home loan mortgage
corporation, the federal national mortgage association, or the government national
mortgage association and such other mortgage-backed securities as are approved
by the commissioner;

(g) Such liquid assets, as such term is defined in the federal regulations
governing members of a federal home loan bank, as are approved by the
commissioner;

(h) Irrevocable and unconditional standby letters of credit issued by a
federal home loan bank if:

(I) The letter of credit is in the standard format approved by the Colorado
division of financial services;

(II) The Colorado division of financial services is designated as the
beneficiary of the letter of credit; and

(III) Securities issued by the federal home loan bank remain triple A-rated by
one or more nationally recognized organizations which regularly rate such
obligations.

(6) Eligible public depository means any state-chartered savings and loan
association or any federally chartered savings and loan association having an office
in this state which is authorized by the laws of the United States to accept deposit
accounts, which deposits are insured by the federal deposit insurance corporation
or its successor, and which depository has been designated as an eligible public
depository by the commissioner.

(7) Event of default means the issuance of an order by a supervisory
authority or a receiver restraining an eligible public depository from making
payments of its deposit liabilities.

(8) Governmental unit means the state of Colorado, every municipality, city
and county, county, school district, special district, and authority located in this
state, every public body corporate created or established under the constitution or
any law of this state, and every board, commission, department, institution, agency
of, and every entity created by intergovernmental agreement among, any of the
foregoing which collects, receives, or has custody of or control over public moneys.

(8.5) (a) Market value means, for eligible collateral consisting of
obligations wholly or partially guaranteed or insured as to payment of principal by
the United States or any agency thereof, or other obligations evidenced by notes
secured by first lien mortgages or deeds of trust, the lower of current market
quotation or seventy-five percent of the unpaid principal of the note evidencing the
obligation.

(b) For all other eligible collateral, market value means the current market
quotation.

(9) (Deleted by amendment, L. 2004, p. 141, � 29, effective July 1, 2004.)

(10) Net deposit liability means, with respect to a defaulting depository, the
amount of its deposit liability to a governmental unit after deduction of any
applicable federal deposit insurance corporation or its successor insurance with
respect thereto.

(11) Public deposits means and includes all public moneys on deposit in an
eligible public depository, whether payable on demand or at a certain time.

(12) Public moneys means all moneys under the control of or in the custody
of governmental units.

(13) Valuation date means the last business day of either March or
September of each year, as the occasion may require.

Legislative History

Source: L. 75: Entire article added, p. 399, � 1, effective July 1. L. 76: (9) amended, p. 300, � 22, effective May 20. L. 77: (5)(d) and (5)(e) amended, p. 574, � 1, effective June 10. L. 79: (5)(b) and (5)(d) amended and (8.5) added, p. 1614, � 3, effective June 8. L. 81: (5)(d) amended, p. 620, � 3, effective April 30. L. 83: (8.5)(a) amended, p. 487, � 2, effective May 10. L. 85: (5)(d) and (5)(e) amended and (5)(f) and (5)(g) added, p. 401, � 1, effective May 31. L. 88: (8) amended, p. 429, � 7, effective April 20. L. 89: (3) amended, p. 621, � 14, effective July 1. L. 94: (6) amended, p. 68, � 15, effective July 1. L. 97: (5)(h) added, p. 159, � 1, effective March 28. L. 2004: (9) and (10) amended, p. 141, � 29, effective July 1.