§ 11-51-906 — Reports to securities commissioner

(1) A local government
investment pool trust fund shall inform the securities commissioner of any material
change regarding the administrator, investment adviser, broker-dealer, or financial
institution acting in an advisory capacity, or custodian of the trust fund within ten
days of such change.

(2) (a) The board of trustees of a local government investment pool trust
fund shall file quarterly reports with the securities commissioner in the form
prescribed by the securities commissioner.

(b) Such reports shall demonstrate that the trust fund is in full compliance
with the provisions of part 7 of article 75 of title 24, C.R.S., as amended.

(c) The information to be provided in such quarterly reports may include, but
need not be limited to:

(I) The identity of the participating local governments;

(II) The amount of participation of each such participating local government;
and

(III) The total assets of the trust fund.

(d) In addition to the quarterly reports required in paragraph (a) of this
subsection (2), the securities commissioner may, by rule or order, require the board
of trustees of a local government investment pool trust fund to file such other
periodic reports with the securities commissioner as are necessary to demonstrate
that the trust fund is in full compliance with the provisions of part 7 of article 75 of
title 24, C.R.S., as amended.

(3) The financial statements of a local government investment pool trust
fund shall be prepared in accordance with generally accepted accounting
principles except as the securities commissioner may otherwise provide by rule or
order.

(4) (a) A local government investment pool trust fund shall file with the
securities commissioner an annual audit of the trust fund to be completed at least
annually, but at intervals of not more than fifteen months, performed by an
independent certified public accountant.

(b) The securities commissioner may, by rule or order, provide that such
audits include safeguards to ensure that they adequately describe the financial
condition of the trust fund.

(c) Such audit shall be completed and submitted to the securities
commissioner within the time lines the securities commissioner by rule or order
prescribes.

(d) Such audit shall include, but need not be limited to, the following
information:

(I) The name and address of each custodian holding or which at any time
since the last annual audit held any assets of the trust fund;

(II) The amount and description of the assets of the trust fund on deposit
with or otherwise in the custody of each such custodian; and

(III) Any other information the securities commissioner prescribes by rule or
order.

(e) Every filing of the annual audit required under this subsection (4) shall be
accompanied by a fee, which shall be determined and collected pursuant to section
11-51-707; except that no such annual fee shall be more than two thousand dollars.

Legislative History

Source: L. 93: Entire part added, p. 329, � 4, effective July 1.