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Second Regular Session
Sixty-first General Assembly
LLS NO. 980563.01 BJA
HOUSE BILL 981251
STATE OF COLORADO
BY REPRESENTATIVE Snyder;
also SENATOR Wattenberg.
A BILL FOR AN ACT
CONCERNING THE CUSTODY OF COUNTY FUNDS, AND, IN CONNECTION
THEREWITH, SPECIFYING THE COUNTY TREASURER'S AUTHORITY AS CUSTODIAN
OF COUNTY FUNDS AND MONEYS AND LIMITING THE BOARD OF COUNTY COMMISSIONERS'
AUTHORITY TO APPOINT ONE OR MORE CUSTODIANS OF COUNTY FUNDS.
(Note: This summary applies to this bill as introduced
and does not necessarily reflect any amendments that may be subsequently
Designates the county treasurer as the custodian
of county funds. Repeals the requirement that the county treasurer
deposit and invest county funds as approved and designated by
written resolution of the board of county commissioners. Authorizes
the board of county commissioners to bring an action in county
court to determine whether the county treasurer has violated the
statutory investment requirements. Authorizes the board of county
commissioners to appoint one or more custodians of the funds if
the county court determines that the county treasurer has violated
the statutory investment requirements. Gives any such custodian
the same authority and responsibilities as the county treasurer
with respect to county funds and moneys. Grants county courts
original jurisdiction to determine whether a county treasurer
has violated the statutory investment requirements.
Be it enacted by the General Assembly of the State of Colorado:
SECTION 1. 3010708 (1) and (2), Colorado Revised Statutes, are amended to read:
3010708. Deposit of funds
in banks and savings and loan associations.
(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.
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
MAY 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. EXCEPT AS OTHERWISE PROVIDED IN THIS SUBSECTION
(1), for the purposes of investment of funds of the county as
set forth in said part 6, THE COUNTY TREASURER SHALL BE THE CUSTODIAN
OF COUNTY FUNDS AND MONEYS. IF A MAJORITY OF THE BOARD OF COUNTY
COMMISSIONERS DETERMINES, BY WRITTEN RESOLUTION, THAT A COUNTY
TREASURER MAY HAVE VIOLATED ANY PROVISION OF PART 6 OF ARTICLE
75 OF TITLE 24, C.R.S., THE BOARD MAY BRING AN ACTION IN COUNTY
COURT TO DETERMINE WHETHER THE COUNTY TREASURER HAS VIOLATED ANY
PROVISION OF SAID PART 6. IF THE COUNTY COURT DETERMINES THAT
THE COUNTY TREASURER VIOLATED ANY PROVISION OF SAID PART 6, the
board OF COUNTY COMMISSIONERS, 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. ANY CUSTODIAN APPOINTED AS PROVIDED IN THIS
SUBSECTION (1) SHALL HAVE THE SAME AUTHORITY AND RESPONSIBILITIES
AS THE COUNTY TREASURER WITH RESPECT TO COUNTY FUNDS AND MONEYS.
(2) 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.
SECTION 2. 136104, Colorado Revised Statutes, is amended BY THE ADDITION OF A NEW SUBSECTION to read:
136104. Original civil jurisdiction. (10) THE COUNTY COURT SHALL HAVE ORIGINAL JURISDICTION TO DETERMINE WHETHER A COUNTY TREASURER HAS VIOLATED ANY PROVISION OF PART 6 OF ARTICLE 75 OF TITLE 24, C.R.S., AS PROVIDED IN SECTION 3010708 (1), C.R.S.
SECTION 3. 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.