NOTE: The governor signed this measure on 4/25/2014.
      
      
      HOUSE BILL 14-1289
      
      
      BY REPRESENTATIVE(S) McNulty, Holbert, McLachlan, Moreno,
      Pabon, Williams, Court, Fields, Labuda, Lawrence, Pettersen, Salazar,
      Schafer, Swalm;
      also SENATOR(S) Johnston, Hodge, Scheffel, Ulibarri.
      
      
      Concerning the reinvestment of unused governmental moneys
           held by a financial institution that are in excess of the
           amount insured by the federal deposit insurance
           corporation in accounts of other financial institutions.
      
      
      Be it enacted by the General Assembly of the State of Colorado:
      
           SECTION 1.  In Colorado Revised Statutes, 24-75-603, amend (4)
      (b), (4) (c), (4) (d), and (4) (e) as follows:
      
           24-75-603.  Depositories. (4)  In lieu of or in addition to other
      statutory authorization for the investment of public funds, any public funds
      that are not needed for current operating expenses may be invested in
      accordance with the following conditions:
      
           (b)  The selected eligible public depository simultaneously shall
      arrange for the deposit redeposit of any public funds initially placed in
      such eligible public depository that are in excess of the amount insured by
      the federal deposit insurance corporation, or its successor, in one or more
      certificates of deposit accounts fully insured by the federal deposit
      insurance corporation in one or more other banks or savings and loan
      associations wherever located in the United States, for the account of the
      public entity;
      
           (c)  At the same time On the same date that the public funds are
      deposited and the certificates of deposit are issued for the benefit of the
      public entity redeposited, the eligible public depository shall receive an
      amount of deposits from customers of other banks or savings and loan
      associations equal to the amount of the public funds initially placed by the
      public entity;
      
           (d)  Each such certificate of deposit shall account must be insured
      by the federal deposit insurance corporation;
      
           (e)  The selected eligible public depository shall act as custodian for
      the public entity with respect to the certificates of deposit issued for in the
      public entity's account;
      
           SECTION 2.  Safety clause. The general assembly hereby finds,
      determines, and declares that this act is necessary for the immediate
      preservation of the public peace, health, and safety.
      
      
      
      
      ________________________________________________________
      Mark Ferrandino                        Morgan Carroll
      SPEAKER OF THE HOUSE                     PRESIDENT OF
      OF REPRESENTATIVES                         THE SENATE
      
      
      
      
      
      
      ____________________________  ____________________________
      Marilyn Eddins                      Cindi L. Markwell
      CHIEF CLERK OF THE HOUSE                 SECRETARY OF
      OF REPRESENTATIVES                         THE SENATE
      
      
      
      
                  APPROVED________________________________________
      
      
      
      
      
                                    _________________________________________
                                    John W. Hickenlooper
                                    GOVERNOR OF THE STATE OF COLORADO