(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.
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.
and (4) Repealed.
No county treasurer, or member of the board of county commissioners, who acted ingood 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.
Subject to the requirements of part 7 of article 75 of title 24, C.R.S., funds of thecounty may be pooled for investment with the funds of other local government entities.
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.
Editor's note: Subsection (6) was originally enacted as subsection (4) by House Bill 831097 but was renumbered on revision for ease of location.