§ 24-75-601.5 — Liability for sale of unlawful investments to public entities

Colorado § 24-75-601.5

• Jurisdiction: Colorado
• Title 24: Government
• Art.: State Funds

Text

(1)
Any person who sells or causes to be sold to a public entity any investment which is
not a lawful investment for such public entity pursuant to section 24-75-601.1 or
other authority, and who knew or should have known that said investment was not a
lawful investment, shall be liable to such public entity for any loss of investment
principal resulting from such investment and, in addition, shall be liable for any
reasonably foreseeable costs resulting from such loss, including but not limited to:

(a) Attorney fees; and

(b) Interest on the principal which would have resulted from the investment
of said principal on the day the unlawful investment was made in one-year United
States treasury bills at the market yield on such bills on such day.

Legislative History

Source: L. 89: Entire section added, p. 1105, � 2, effective July 1.