Colorado Code
Part 6 - Funds - Legal Investments
§ 24-75-601.1. Legal Investments of Public Funds - Definition

(IV) The counter-party meets the conditions of an issuer specified in paragraph (m) of this subsection (1).
(V) In the case of a local government, the securities lending agreement shall be approved and designated by written resolution adopted by a majority vote of the governing body of the local government, which resolutions shall be recorded in its minutes.

(A) "A1, P1, or F1" or their equivalents by either rating used to fulfill the requirements of this subparagraph (I) if the security is a money market instrument such as commercial paper or bankers' acceptance; or
(B) "AA- or Aa3" or their equivalents by either rating used to fulfill the requirements of this subparagraph (I) if the security is any other kind of security.

(1.5) Any firm that sells any financial instrument that fails to comply with the provisions of this section to any public entity in the state of Colorado shall, upon demand of the public entity through the state treasurer, repurchase such instruments for the greater of the original purchase principal amount or the original face value, plus any and all accrued interest, within one business day of the demand.

(2.3) Public entities shall adopt criteria designating eligible broker-dealers for the purchase of term securities, except for bond proceed investments, under this section.

Source: L. 89: Entire section added, p. 1102, § 2, effective July 1. L. 91: (4) amended, p. 1917, § 39, effective June 1. L. 93: (1)(k)(II), IP(1)(k)(III), and (1)(k)(III)(C) amended and (1)(k)(IV) added, p. 1260, § 7, effective June 6. L. 94: (1)(k)(III) amended and (1)(m) added, p. 449, § 1, effective March 29. L. 95: IP(1)(j), (1)(k)(III), (1)(k)(III)(C), and (1)(k)(III)(D) amended and (1.3) and (1.5) added, p. 772, § 1, effective May 24. L. 2000: (1)(n) added, p. 182, § 2, effective August 2; (3.5) added, p. 811, § 1, effective August 2. L. 2002: (1)(d)(II) and (3.5) amended, pp. 258, 259, §§ 2, 3, effective April 12. L. 2003: (1)(l)(I) amended, p. 623, § 40, effective July 1; (2.5) added, p. 674, § 3, effective August 6. L. 2004: (1)(j)(I) and (1)(l) amended, p. 950, § 7, effective May 21. L. 2006: Entire section amended, p. 552, § 3, effective August 7. L. 2009: (1)(h.5) added, (SB 09-256), ch. 294, p. 1569, § 36, effective May 21. L. 2012: (1)(b)(II) and (1)(m)(I) amended and (1)(m)(III) added, (HB 12-1005), ch. 6, p. 19, § 1, effective March 7. L. 2014: (1)(d)(II)(A), (1)(d)(II)(C), (1)(e)(II), (1)(e)(III), (1)(h.5), (1)(k)(III), and (1)(l)(I) amended, (HB 14-1103), ch. 81, p. 322, § 1, effective March 27. L. 2019: IP(1)(d)(II), (1)(d)(II)(A), (1)(e)(II), (1)(h.5), (1)(k)(III), (1)(l)(I), IP(1)(m)(I), IP(1.3)(a), and (1.3)(a)(I) amended, (1)(k)(IV) repealed, and (1)(m)(I)(C) and (1)(m)(IV) added, (HB 19-1179), ch. 279, p. 2620, § 2, effective August 2. L. 2021: (1)(h), (1)(h.5), and (1)(l)(III)(B) amended, (HB 21-1316), ch. 325, p. 2032, § 45, effective July 1.
Cross references: For the legislative declaration contained in the 2002 act amending subsections (1)(d)(II) and (3.5), see section 1 of chapter 94, Session Laws of Colorado 2002.