§ 23-41-103.8 — Investment policy - fiduciary responsibility

Colorado § 23-41-103.8

• Jurisdiction: Colorado
• Title 23: Postsecondary Education
• Art.: School of Mines

Text

(1) If the board of
trustees votes to invest Colorado school of mines assets pursuant to sections 23-41-103.6 and 23-41-103.7, then the board of trustees shall develop and annually
review a written investment policy for Colorado school of mines, which policy shall
include:

(a) An acknowledgment by the board of trustees of the board's fiduciary
responsibility with respect to oversight of the investment policy of Colorado school
of mines; and

(b) The establishment of performance benchmarks for each investment
manager hired by the board of trustees pursuant to sections 23-41-103.6 and 23-41-103.7.

(2) If the board of trustees votes to invest moneys pursuant to sections 23-41-103.6 and 23-41-103.7, the board shall require annual financial statements to be
submitted to the board of trustees, the state treasurer, the state auditor, and the
joint budget committee of the general assembly. The financial statements must
include, at a minimum, information concerning investment income, gains, and
losses, if any, of Colorado school of mines. The financial statements must report the
performance of investments on both a gross-of-fee and a net-of-fee basis.

(3) If the board of trustees votes to invest moneys pursuant to sections 23-41-103.6 and 23-41-103.7, the board shall ensure that, at all times, liquid investment
assets remain at a level sufficient to pay for all budgeted, outstanding operational
obligations and expenses occurring within the current fiscal year.

(4) Colorado school of mines shall not request from the general assembly
any general fund appropriations to replace any losses incurred due to investment
activities conducted by the board of trustees pursuant to sections 23-41-103.6 and
23-41-103.7.

Legislative History

Source: L. 2013: Entire section added, (HB 13-1297), ch. 260, p. 1372, � 2, effective August 7.