(1) (a) As used in this subsection (1), the term "resolution" means a written resolution duly adopted by a majority vote of the governing body, which vote is entered in its minutes.
(b) Subject to the requirements of part 6 of article 75 of title 24, C.R.S., in all cities and towns in this state, the treasurer shall deposit all the funds and moneys that come into his possession by virtue of his office, in his name as treasurer or in the name of such other custodian as has been appointed by resolution, in one or more state banks, national banks having their principal office in this state, or, in compliance with the provisions of article 47 of title 11, C.R.S., savings and loan associations having their principal offices in this state which have been approved and designated by resolution. The governing body by resolution may authorize the investment of all or any part of such funds and moneys in any type of security or form of investment authorized by part 6 of article 75 of title 24, C.R.S., or by any other law of this state. All securities so purchased shall be duly registered in the name of the treasurer or other custodian appointed by resolution and, if issued in a form so permitting, shall be deposited and safely kept by him in the custody of some state or national bank located in this state. The governing body, by resolution, shall establish requirements for the sale or other disposal of securities and for the deposit or reinvestment of any proceeds, subject to the restrictions set forth in this section. For the purposes of investment of funds of the city or town, the governing body of the city or town, by resolution, may appoint one or more custodians of the funds and moneys, and such persons shall give surety bonds in such amount and form and for such purposes as the governing body may require.
Such funds and moneys may be deposited in said banks and savings and loan associations in demand accounts, in interest-bearing savings accounts, or in certificates of deposit for fixed periods of time at such rates of interest as may be negotiated from time to time. All interest credited or received on such deposits shall become a part of the general fund of the city or town or of such other fund as the governing body designates.
No city or town treasurer or member of the governing body who acts in good faith inapproving and designating such depository shall be liable for loss of public funds deposited by such treasurer or his deputies by reason of default or insolvency of such depository; nor shall any such treasurer who invests any such funds as provided in this section or any member of the governing body 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 the cityor town may be pooled for investment with the funds of other local government entities.
Source: L. 75: Entire title R&RE, p. 1130, § 1, effective July 1; (1) and (2) amended and (3) and (4) repealed, pp. 407, 392, §§ 5, 5, 6, effective January 1, 1976. L. 77: (1) amended, p. 577, § 9, effective June 10. L. 83: (4) added, p. 1010, § 3, effective March 29; (1) and (2) amended, p. 1260, § 1, effective April 14. L. 89: (1)(b) amended, p. 1114, § 25, effective July 1.
Editor's note: (1) This section is similar to former § 31-20-307 as it existed prior to 1975.
(2) The subsections were renumbered on revision in the 1977 replacement volume for ease of location.