§ 29-4-730 — Powers of the authority - investments

Colorado § 29-4-730

• Jurisdiction: Colorado
• Title 29: Government
• Art.: Housing

Text

(1) The authority has the
power:

(a) To invest any funds held in reserve, sinking funds, capital reserve funds,
or any funds not required for immediate disbursement in property or in securities in
which the state treasurer may legally invest funds subject to his control; and to sell
from time to time such securities thus purchased and held; and to deposit any
securities in any trust bank within or without the state. Any funds deposited in a
banking institution or in any depository authorized in section 24-75-603, C.R.S.,
shall be secured in such manner and subject to such terms and conditions as the
board may determine, with or without payment of any interest on such deposit,
including, without limitation, time deposits evidenced by certificates of deposit. Any
commercial bank incorporated under the laws of this state which may act as
depository of any funds of the authority may issue indemnifying bonds or may
pledge such securities as may be required by the board.

(b) Notwithstanding the provisions of paragraph (a) of this subsection (1), to
contract with the holders of any of its notes or bonds as to the custody, collection,
securing, investment, and payment of any moneys of the authority and of any
moneys held in trust or otherwise for the payment of notes or bonds and to carry
out such contract. Moneys held in trust or otherwise for the payment of notes or
bonds or in any way to secure notes or bonds and deposits of such moneys may be
secured in the same manner as moneys of the authority, and all banks and trust
companies are authorized to give such security for such deposits.

(c) To authorize a corporate trustee which holds funds of the authority
pursuant to a bond or note resolution or a trust indenture between such trustee and
the authority to invest or reinvest such funds in any investments, other than those
specified in paragraph (a) of this subsection (1), if the board determines by
resolution, including but not limited to a bond or note resolution, that, as of the date
of such resolution:

(I) Such investments meet the standard for investments established in
section 15-1-304, C.R.S.;

(II) The income on such investments is at least comparable to income then
available on the investments permitted in paragraph (a) of this subsection (1); and

(III) Such investments assist the authority in carrying out its public purposes
as described in this part 7.

Legislative History

Source: L. 75: Entire section added, p. 982, � 14, effective April 23. L. 79: (1)(a) amended, p. 1618, � 19, effective June 8. L. 85: (1) amended and (1)(c) added, p. 1040, � 3, effective July 1. L. 87: (1)(c)(III) amended, p. 1195, � 13, effective May 20.