§ 37-48-188 — Investments and securities

Colorado § 37-48-188

• Jurisdiction: Colorado
• Title 37: Water and
• Art.: Rio Grande Water Conservation District

Text

(1) The board of directors of the
district or subdistrict, respectively, issuing bonds under this article, subject to any
contractual limitations from time to time imposed upon the district or subdistrict by
any resolution authorizing the issuance of the outstanding bonds of the district or
subdistrict or by any trust indenture or other proceedings pertaining thereto, may
cause to be invested and reinvested any proceeds of taxes, any pledged revenues,
and any proceeds of bonds issued under this article in securities meeting the
investment requirements established in part 6 of article 75 of title 24, C.R.S., and
may cause such proceeds of taxes, revenues, district or subdistrict bonds, and
securities to be deposited in any trust bank or trust banks within or without or both
within and without this state and secured in such manner and subject to such terms
and conditions as the board of directors may determine, with or without the
payment of any interest on such deposit, including, without limitation, time deposits
evidenced by certificates of deposit.

(2) Any such securities and certificates of deposit thus held may, from time
to time, be sold, and the proceeds may be so reinvested or redeposited as provided
in this section.

(3) Sales and redemptions of any such securities and certificates of deposit
thus held shall, from time to time, be made in season so that the proceeds may be
applied to the purposes for which the money with which such securities and
certificates of deposit were originally acquired was placed in the district or
subdistrict treasury.

(4) Any gain from any such investments or reinvestments may be credited to
any fund or account pledged for the payment of any district or subdistrict bonds
issued under this article, including any reserve therefor, or any other fund or
account pertaining to a project or any facilities, or the district's or subdistrict's
general fund, subject to any contractual limitations in any proceedings pertaining
to outstanding district or subdistrict bonds.

(5) It is lawful for any commercial bank incorporated under the laws of this
state which may act as depository of the proceeds of any bonds issued under this
article, any securities owned by the district or subdistrict, any proceeds of taxes,
any pledged revenues, and any moneys otherwise pertaining to a project or any
facilities, or any combination thereof, to furnish such indemnifying bonds and to
pledge such securities as may be required by the board of directors.

Legislative History

Source: L. 77: Entire section added, p. 1683, � 16, effective June 9. L. 89: (1) to (3) and (5) amended, p. 1126, � 55, effective July 1.