§ 24-36-104 — Moneys to be deposited

Colorado § 24-36-104

• Jurisdiction: Colorado
• Title 24: Government
• Art.: Department of the Treasury

Text

(1) All moneys received by the treasury
department shall be promptly deposited in such national or state banks doing
business in this state as the state treasurer shall select. Accounts in such
depositories shall be carried in the name of Treasurer, State of Colorado, and
withdrawals therefrom shall be made and signed in such manner as the state
treasurer shall direct. The state treasurer may make payments, without
appropriation, of all actual and necessary charges made by such depositories for
expenses related to the deposit and withdrawal of moneys received by the treasury
department in accordance with the constitution or statutes of Colorado. Such
payments shall be made from investment income or any other available revenues.
The state treasurer shall contract for all such bank services in accordance with the
provisions of the Procurement Code, articles 101 to 112 of this title. The state
treasurer shall make the criteria used in selecting a vendor for bank services
available to the finance committees of both houses of the general assembly prior to
the award of a contract and shall make all contracts submitted or entered into
pursuant to this section available for public inspection in accordance with the
provisions of part 2 of article 72 of this title.

(1.5) Repealed.

(2) The state treasurer may authorize any department, institution, or agency
collecting or otherwise receiving state moneys to deposit the same to his credit in
any such depository in lieu of transmitting the same to the treasury department
under procedures approved jointly by himself and the controller.

(2.5) Notwithstanding the provisions of section 11-10.5-111, C.R.S., and section
24-75-202, at the discretion of the state treasurer and the state controller, state
moneys may be deposited in bank accounts in other states and in foreign countries
to enable a state agency or institution, including institutions of higher education, to
operate projects located in other states and foreign countries. Such state agencies
and institutions, including institutions of higher education, shall exercise due
regard and have full responsibility for the safety of deposits under this article, and
the state shall not assume liability for any risk, casualty, or loss of such deposits.

(3) For the purpose of managing deposits of state moneys, the state
treasurer may, on a daily basis only, borrow moneys from any such depository to
cover advances made by any depository to the state on state warrants and state
checks paid by the depository but not yet reimbursed by the state and on
uncollected deposits. The state treasurer may negotiate a line of credit with any
such depository sufficient to cover anticipated requirements for such advances in
the current fiscal year. The state treasurer may pay interest on such moneys
borrowed at a rate to be negotiated by the state treasurer and the lending
depository and may take such measures as are necessary to implement the
provisions of this subsection (3). All such moneys borrowed shall be repaid,
together with any interest, before the end of the fiscal year in which the moneys are
borrowed, and the state shall not be liable to repay such moneys borrowed from
revenues of any later fiscal year. This subsection (3) shall not be construed to
expressly or impliedly authorize the state treasurer to do any act or take any action
with respect to deposits of state moneys, or with respect to the moneys of any
department or agency of the state, other than the acts specifically authorized by
this subsection (3).

(4) The state treasurer is authorized to receive and deposit moneys from the
United States government. Such federal moneys shall be transmitted to the
treasury department as required in section 24-36-103 (1) and deposited as provided
in subsection (1) of this section. The state treasurer is authorized to make payments,
without appropriation, of interest to the United States government on such federal
moneys deposited with the state treasurer in accordance with the federal Cash
Management Improvement Act of 1990, as amended, 31 U.S.C. sec. 6501 et seq.
Such payments shall be made from investment income or any other available
revenues. The interest rate payable on such deposits shall be the federal discount
rate or such other rate established by federal law.

Legislative History

Source: L. 71: R&RE, p. 96, � 1. C.R.S. 1963: � 3-6-4. L. 82: (3) added, p. 388, � 1, effective March 19. L. 87: (1) amended, p. 1019, � 1, effective May 16. L. 92: (4) added, p. 1066, � 1, effective March 16. L. 93: (2.5) added, p. 1260, � 8, effective June 6. L. 2000: (1) amended, p. 1551, � 24, effective August 2. L. 2001: (1) amended and (1.5) added, p. 951, � 1, effective June 5. L. 2014: (3) amended, (HB 14-1391), ch. 328, p. 1452, � 8, effective June 5. L. 2025: (1.5) repealed, (SB 25-275), ch. 377, p. 2109, � 336, effective August 6.