§ 32-11-568 — Administration of escrow or trust

Colorado § 32-11-568

• Jurisdiction: Colorado
• Title 32: Special
• Art.: Urban Drainage and Flood Control Act

Text

(1) No such escrow or trust
shall necessarily be limited to proceeds of refunding bonds but may include other
moneys available for its purpose.

(2) Any proceeds in escrow or trust, pending such use, may be invested or
reinvested in securities meeting the investment requirements established in part 6
of article 75 of title 24, C.R.S.

(3) Any trust bank accounting for federal securities and other securities
issued by the federal government in such escrow or trust may place them for
safekeeping wholly or in part in any trust bank within or without or both within and
without this state.

(4) Any trust bank shall continuously secure any moneys placed in escrow or
trust and not so invested or reinvested in federal securities and other securities
issued by the federal government by a pledge in any trust bank within or without or
both within and without the state of federal securities in an amount at all times at
least equal to the total uninvested amount of such moneys accounted for in such
escrow or trust.

(5) Such proceeds and investments in escrow or trust, together with any
interest or other gain to be derived from any such investment, shall be in an amount
at all times at least sufficient to pay principal, interest, any prior redemption
premiums due, and any charges of the escrow agent or trustee, and any other
incidental expenses payable therefrom, except to the extent provision may have
been previously otherwise made therefor, as such obligations become due at their
respective maturities or due at designated prior redemption dates in connection
with which the board has exercised or is obligated to exercise a prior redemption
option on behalf of the district.

(6) The computations made in determining such sufficiency shall be verified
by a certified public accountant licensed to practice in this state or in any other
state.

Legislative History

Source: L. 69: p. 783, � 110. C.R.S. 1963: � 89-21-110. L. 89: (2) amended, p. 1122, � 48, effective July 1.