Colorado § 22-41-104 Lawful investments - legislative declaration

Colorado Statutes

§ 22-41-104 — Lawful investments - legislative declaration

Colorado § 22-41-104

Title 22Education

Art.Public School Fund

This text of Colorado § 22-41-104 (Lawful investments - legislative declaration) is published on Counsel Stack Legal Research, covering Colorado primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Colo. Rev. Stat. § 22-41-104 (2026).

Text

(1)The state treasurer, as directed by the public school fund investment board, may invest and reinvest money accrued or accruing to the public school fund in the types of deposits and investments authorized in sections 24-36-109, 24-36-112, and 24-36-113, and bonds issued by school districts. The money may also be invested as specified in the public school fund investment board investment policy established as required in section 22-41-102.5 (4)(b); except that investment includes only mutual funds, index funds, and any other instrument that is not a direct investment in a corporation.

(2)The state treasurer has authority, to be exercised at the state treasurer's discretion, to effect exchanges or sales whenever such exchanges or sales will not result in an aggregate loss of p

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(1) The state
treasurer, as directed by the public school fund investment board, may invest and
reinvest money accrued or accruing to the public school fund in the types of
deposits and investments authorized in sections 24-36-109, 24-36-112, and 24-36-113, and bonds issued by school districts. The money may also be invested as
specified in the public school fund investment board investment policy established
as required in section 22-41-102.5 (4)(b); except that investment includes only
mutual funds, index funds, and any other instrument that is not a direct investment
in a corporation.

(2) The state treasurer has authority, to be exercised at the state treasurer's
discretion, to effect exchanges or sales whenever such exchanges or sales will not
result in an aggregate loss of principal to the public school fund. An aggregate loss
of principal to the public school fund occurs only when an exchange or sale that
resulted in an initial loss of principal is not offset by a gain on an exchange or sale
in the fund within twenty-four months. The calculation of an aggregate loss must
also include any gains that were realized in the twelve months prior to the loss of
principal.

(3) (Deleted by amendment, L. 97, p. 375, � 6, effective August 6, 1997.)

(4) The general assembly finds and declares that:

(a) The mission of the public school fund is to support Colorado children and
Colorado schools. The strategic investment of capital can achieve positive social
outcomes and beneficial financial returns. The fund's intergenerational mission is
best served by investing a portion of the fund's corpus in a way that advances clear,
meaningful, and measurable outcomes through the community investment
portfolio. Investments should be aligned with the fund's mission and should benefit
Colorado schools and children.

(b) Investment in communities can lead to increased construction of housing
and affordable home ownership for teachers and public school employees, scaling
of innovative educational tools, provision of capital for early childhood businesses,
and subsidization of school facilities. These investments can improve the lives of
Colorado families, increase educational opportunities, and advance the
intergenerational mission of the fund.

(c) The public purpose of the community investment portfolio within the
public school fund is to amplify the benefit provided to Colorado schools and
children by investing in Colorado children, families, and communities.

(d) Investing money in the public school fund into the community investment
portfolio complies with the Uniform Prudent Investor Act, article 1.1 of title 15, and
specifically section 15-1.1-102.5, because the assets have a special relationship or
special value to the purposes of the trust and to one or more of the beneficiaries.
Community investments benefit Colorado schoolchildren and advance the
intergenerational benefit of public schools in accordance with section 22-41-102.5
(3).

(e) Housing developments that include preferences for public school
employees promote a substantial, legitimate, and nondiscriminatory state interest
that cannot be served by another practice with a less discriminatory effect; do not
constitute source of income discrimination under section 24-34-501 (4.5) or 24-34-502; and comply with the federal Fair Housing Act, 42 U.S.C. sec. 3601 et seq.,
part 5 of article 34 of title 24, and other state and local laws, ordinances, and
resolutions.

(f) The state treasurer may invest in asset classes, including mutual funds
and education-related community investments. Investment in these asset classes
furthers the mission of the public school fund.

Legislative History

Source: L. 73: R&RE, p. 1241, � 1. C.R.S. 1963: � 123-4-4. L. 77: (2) amended and (3) added, p. 1055, � 2, effective July 15. L. 78: (2) amended, p. 264, � 56, effective May 23, 1979. L. 81: (1)(a) amended, p. 1069, � 1, effective May 21. L. 88: (1)(f) and (1)(g) added, p. 950, � 2, effective March 24. L. 92: (1)(f) amended and (1)(h) to (1)(j) added, p. 1112, � 2, effective July 1. L. 97: IP (1) amended and (1)(c.3) added, p. 852, � 39, effective May 21; entire section amended, p. 375, � 6, effective August 6. L. 2002: (2) amended, p. 1793, � 56, effective June 7. L. 2013: (2) amended, (HB 13-1205), ch. 141, p. 457, � 1, effective August 7. L. 2016: (1) amended, (SB 16-035), ch. 250, p. 1026, � 4, effective August 10. L. 2022: (2) amended, (HB 22-1146), ch. 252, p. 1844, � 2, effective May 26. L. 2025: (1) and (2) amended and (4) added, (SB 25-167), ch. 449, p. 2577, � 3, effective June 4.