(1)Subject to the
requirements of subsection (4) of this section, the state treasurer is authorized to
deposit state moneys with any state-chartered savings and loan association, or
federally chartered savings and loan association having its principal office in this
state, for fixed periods of time not exceeding three years, at such rate of interest as
may be negotiated from time to time, but in no event shall any such deposit be in
excess of the amount insured by the federal deposit insurance corporation or its
successor, unless such savings and loan association has been designated as an
eligible public depository by the state commissioner of financial services, pursuant
to the provisions of article 47 of title 11, C.R.S.
(2)Any such savings and loan association is authorized
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(1) Subject to the
requirements of subsection (4) of this section, the state treasurer is authorized to
deposit state moneys with any state-chartered savings and loan association, or
federally chartered savings and loan association having its principal office in this
state, for fixed periods of time not exceeding three years, at such rate of interest as
may be negotiated from time to time, but in no event shall any such deposit be in
excess of the amount insured by the federal deposit insurance corporation or its
successor, unless such savings and loan association has been designated as an
eligible public depository by the state commissioner of financial services, pursuant
to the provisions of article 47 of title 11, C.R.S.
(2) Any such savings and loan association is authorized to accept deposits of
state moneys to the extent permitted in this section.
(3) For the purpose of making such deposits, the state treasurer may, in his
discretion, appoint in writing one or more persons to act as custodians of the
moneys. Such persons shall give surety bonds in such amounts and form and for
such purposes as the state treasurer requires.
(4) (a) The state treasurer shall deposit state moneys for fixed periods in
state-chartered or federally chartered savings and loan associations that have
applied and are eligible as depositories for state moneys pursuant to subsection (1)
of this section and pursuant to the time deposit rules established by the
department of the treasury that are in effect at that time in accordance with the
procedure established in paragraph (b) of this subsection (4) or in paragraph (c) of
this subsection (4). Such procedure utilized shall be at the discretion of the
treasurer.
(b) (I) Except as provided in paragraph (c) of this subsection (4), when state
moneys become available for time deposits pursuant to subsection (1) of this
section, the state treasurer shall announce the interest rate at which state moneys
may be deposited for a fixed period in eligible state-chartered or federally
chartered savings and loan associations but shall not disclose the amount of state
moneys available for deposit.
(II) An eligible state-chartered or federally chartered savings and loan
association may request the state treasurer to deposit a specified amount of state
moneys in that savings and loan association at the interest rate announced by the
treasurer. Except as otherwise provided by subparagraph (III) of this paragraph (b),
the treasurer shall deposit all or a portion of the state moneys available for deposit
with any eligible state-chartered or federally chartered savings and loan
association or associations making such a request in an amount equal to the
amount requested by that savings and loan association.
(III) In the event that the total amount of state moneys requested for deposit
by all eligible state-chartered or federally chartered savings and loan associations
pursuant to subparagraph (II) of this paragraph (b) exceeds the amount of state
moneys available for deposit, the state treasurer shall determine the total amount
of state moneys that all such savings and loan associations requested for deposit
and calculate the percentage of such total that each eligible state-chartered or
federally chartered savings and loan association requested. The state treasurer
shall deposit with each eligible state-chartered or federally chartered savings and
loan association an amount equal to the product of such percentage multiplied by
the total amount of state moneys available for deposit.
(c) (I) In the alternative to paragraph (b) of this subsection (4), when state
moneys become available for time deposits pursuant to subsection (1) of this
section, the state treasurer shall announce the amount of state moneys available
for deposit for a fixed period in any eligible state-chartered or federally chartered
savings and loan associations but shall not announce the interest rate at which
such moneys shall be deposited.
(II) Except as provided by subparagraph (III) of this paragraph (c), any eligible
state-chartered or federally chartered savings and loan association may submit a
bid to the state treasurer specifying the interest rate that the eligible savings and
loan association will pay if state moneys are deposited in such savings and loan
association and the amount of such moneys the savings and loan association will
accept for deposit at that interest rate. The savings and loan association submitting
a bid with the highest interest rate shall be awarded the deposit of state moneys in
the full amount requested or the full amount available for deposit at that time,
whichever is less.
(III) In the event that two or more eligible state-chartered or federally
chartered savings and loan associations submit the highest bid for the same
interest rate and the total amount requested for deposit by the eligible savings and
loan associations exceeds the amount of state moneys available for deposit at that
time, the state treasurer shall determine the total amount of state moneys that all
such savings and loan associations requested for deposit and calculate the
percentage of such total that each eligible state-chartered or federally chartered
savings and loan association requested. The state treasurer shall deposit with each
eligible state-chartered or federally chartered savings and loan association an
amount equal to the product of such percentage multiplied by the total amount of
state moneys available for deposit.
(IV) In the event that depositing state moneys in the highest bidding eligible
state-chartered or federally chartered savings and loan association or associations
does not exhaust the state moneys available for deposit at that time, the state
treasurer shall deposit the remaining moneys in other eligible savings and loan
associations giving priority to the highest remaining bidders.
(V) The state treasurer shall have the authority to establish a minimum
acceptable bid for an interest rate. The rate shall be announced before the start of
the bidding by any eligible state-chartered or federally chartered savings and loan
association.