Colorado § 23-71-405 Depositories

Colorado Statutes

§ 23-71-405 — Depositories

Colorado·Title 23 Postsecondary Education·Art. Local District Colleges

(1)When the board of trustees of a district has elected to have all moneys belonging to the district paid over to the treasurer of said board, the treasurer shall deposit, or cause to be deposited, all such moneys in such depositories as shall be designated by such board.

(2)Each designated depository shall be required to give a surety bond in an amount equal to at least one hundred ten percent of the amount on deposit to the credit of the district at any time, with sureties approved by the board of trustees of the district and conditioned for the payment of all moneys on deposit to the credit of the district, upon demand of the treasurer thereof through presentation of checks, warrants, or orders. In lieu of such surety bond, the board of trustees may accept obligations of the

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(1) When the board of trustees of a district has
elected to have all moneys belonging to the district paid over to the treasurer of
said board, the treasurer shall deposit, or cause to be deposited, all such moneys in
such depositories as shall be designated by such board.

(2) Each designated depository shall be required to give a surety bond in an
amount equal to at least one hundred ten percent of the amount on deposit to the
credit of the district at any time, with sureties approved by the board of trustees of
the district and conditioned for the payment of all moneys on deposit to the credit
of the district, upon demand of the treasurer thereof through presentation of
checks, warrants, or orders. In lieu of such surety bond, the board of trustees may
accept obligations of the United States or the state of Colorado or general
obligation bonds of any district located within the state in an amount equal to said
surety bond, and such securities shall be placed with and held in trust by some
bank, other than the depository, within the state or with the Denver branch of the
federal reserve bank of Kansas City, Missouri, contingent upon the issuance of a
joint custody receipt subject to the joint order of the depository and the treasurer of
said board and conditioned to secure and guarantee payment of all moneys on
deposit to the credit of said district, upon demand of the district through
presentation of a warrant or order.

(3) Any moneys belonging to a district which are temporarily not needed in
the conduct of its operations may be invested or deposited by the board of trustees
of such district pursuant to the provisions of sections 24-75-601 to 24-75-603,
C.R.S.

(4) Notwithstanding the provisions of this section, the board of trustees of
any district may provide for the establishment, operation, and maintenance of
refunding escrow agreements and accounts and may provide for payment of
principal and interest on the outstanding bonds of such district by paying agents,
pursuant to the provisions of parts 5 and 6 of this article.

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