Colorado § 30-10-708 Deposit of funds in banks and savings and loan associations

Colorado Statutes

§ 30-10-708 — Deposit of funds in banks and savings and loan associations

Colorado·Title 30 Government·Art. County Officers

(1)In all counties of this state, the county treasurer shall deposit all the funds and moneys of whatever kind that come into the treasurer's possession by virtue of the office, in the treasurer's name as treasurer, in one or more state banks, national banks, or, in compliance with the provisions of article 47 of title 11, C.R.S., savings and loan associations that have previously been approved and designated by written resolution duly adopted by a majority vote of the board of county commissioners, which shall be entered in its minutes. The board, by written resolution similarly adopted, may authorize the county treasurer to invest all or any part of the funds and moneys in securities meeting the investment requirements established in part 6 of article 75 of title 24, C.R.S. F

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(1)
In all counties of this state, the county treasurer shall deposit all the funds and
moneys of whatever kind that come into the treasurer's possession by virtue of the
office, in the treasurer's name as treasurer, in one or more state banks, national
banks, or, in compliance with the provisions of article 47 of title 11, C.R.S., savings
and loan associations that have previously been approved and designated by
written resolution duly adopted by a majority vote of the board of county
commissioners, which shall be entered in its minutes. The board, by written
resolution similarly adopted, may authorize the county treasurer to invest all or any
part of the funds and moneys in securities meeting the investment requirements
established in part 6 of article 75 of title 24, C.R.S. For the purposes of investment
of funds of the county as set forth in said part 6, the board, by written resolution,
may appoint one or more custodians of the funds, and such persons shall give
surety bonds in such amounts and form and for such purposes as the board
requires.

(2) All securities so purchased shall be duly registered in the name of the
county treasurer and shall be deposited and safely kept in the custody of some
state bank or any national bank. No such security shall be sold or otherwise
disposed of except pursuant to a resolution of said board of county commissioners
similarly adopted, which resolution shall also approve and designate the bank or
banks in which such proceeds shall then be deposited, or such resolution may in
lieu thereof authorize the reinvestment of such proceeds in any of the securities
specified in subsection (1) of this section.

(3) and (4) Repealed.

(5) No county treasurer, or member of the board of county commissioners,
who acted in good faith in approving and designating such depository, is liable for
loss of public funds deposited by such county treasurer or his deputies by reason of
the default or insolvency of such depository; nor shall any county treasurer who
invests any such funds or any member of the board of county commissioners who in
good faith authorizes such investment be liable for any loss on account of such
investment.

(6) Subject to the requirements of part 7 of article 75 of title 24, C.R.S.,
funds of the county may be pooled for investment with the funds of other local
government entities.

Colorado § 30-10-708 (Deposit of funds in banks and savings and loan associations) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 19: p. 366, � 1. C.L. � 8796. L. 33-34, Ex. Sess.: p. 46, � 1. CSA: C. 45, � 143. L. 37: p. 489, � 1. L. 41: p. 363, � 1. CRS 53: � 35-7-8. C.R.S. 1963: � 35-7-8. L. 75: (1) amended, p. 407, � 4, effective January 1, 1976; (2) amended and (3) and (4) repealed, pp. 391, 392, �� 4, 6, effective January 1, 1976. L. 76: (1) amended, p. 310, � 53, effective May 20. L. 77: (1) amended, p. 576, � 8, effective June 10. L. 83: (6) added, p. 1010, � 2, effective March 29. L. 89: (1) amended, p. 1113, � 22, effective July 1. L. 95: (1) and (2) amended, p. 500, � 2, effective May 16.