(1) No such escrow or trust shall necessarily be limited to proceeds of refunding bonds but may include other moneys available for its purpose.
Any proceeds in escrow or trust, pending such use, may be invested or reinvested insecurities meeting the investment requirements established in part 6 of article 75 of title 24, C.R.S.
Any trust bank accounting for federal securities and other securities issued by thefederal 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.
Any trust bank shall continuously secure any moneys placed in escrow or trust andnot 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.
Such proceeds and investments in escrow or trust, together with any interest or othergain 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.
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.
Source: L. 69: p. 783, § 110. C.R.S. 1963: § 89-21-110. L. 89: (2) amended, p. 1122, § 48, effective July 1.