§ 23-31-504 — Control, investment, and expending of funds

(1) The board of
governors of the Colorado state university system has control of the funds derived
from the sale of lands donated by the said act of congress of 1862, and shall invest
the same in securities which yield a fair and reasonable rate of return, and shall
disburse the income therefrom for the use and benefit of the Colorado state
university as required in the said act of congress. Said funds derived from the sale
of lands donated by said act of 1862, and from lease or rental of unsold lands of
such land grant, and from coal, oil, and mineral royalties from said lands may be
invested in bonds of the United States; in state, county, municipal, and school
district bonds; in state, county, and municipal registered warrants; in registered
warrants of school districts; and in state anticipation building levy warrants, or in
any or all of these, in the discretion of the board of governors of the Colorado state
university system.

(2) The warrants of the board of governors of the Colorado state university
system to purchase such bonds, registered warrants, and anticipation warrants
shall be approved and paid when accompanied by favorable opinion of the attorney
general. All bonds, registered warrants, and anticipation warrants so purchased
shall be registered in the name of the treasurer of the state of Colorado for the
account of the 'land grant fund of the Colorado state university' and deposited
with the state treasurer.

(3) The general assembly of the state of Colorado engages that the principal
of such fund forever remains unimpaired and the income thereof is applied without
diminution to the uses and purposes prescribed in said act of congress; except that,
as prescribed in said act of congress, a sum not exceeding ten percent of the
principal of such fund may be expended by the board of governors of the Colorado
state university system for the purchase or exchange of lands for sites or
experimental stations, subject to the provisions of sections 24-75-301 to 24-75-303, C.R.S., and the approval of the governor.

Legislative History

Source: L. 2007: Entire article amended with relocations, p. 539, � 2, effective August 3. L. 2014: (3) amended, (HB 14-1387), ch. 378, p. 1836, � 35, effective June 6.