(1) The general assembly hereby declares that the purpose of this article is to serve the taxpayers and the citizens of Colorado by establishing standards and procedures to ensure the preservation and protection of all public funds held on deposit by a bank that are either not insured by or are in excess of the insured limits of federal deposit insurance, and to ensure the expedited repayment of such funds in the event of default and subsequent liquidation of a bank which holds such deposits.
(2) The general assembly further finds, determines, and declares that the protection of public funds on deposit in banks is a matter of statewide concern and importance and that as such:
The provisions of this article shall prevail over any local government ordinance orresolution and over any home rule or territorial charter provision in conflict therewith; and
The requirement that a national bank comply with the provisions of this article neither encroaches upon the prerogatives of a nationally chartered bank nor exceeds the authority of the state of Colorado.
Source: L. 89: Entire article R&RE, p. 593, § 1, effective September 1.
Editor's note: This section is similar to former § 11-10.5-102 as it existed prior to 1989.