C.R.S. Section 23-3.1-216
Investment of funds

(1)

Moneys of the authority held in the collegeinvest fund created in section 23-3.1-205.4 shall be invested as provided in section 23-3.1-205.4 (3). Other moneys of the authority may be invested in property or securities in which the state treasurer may legally invest moneys subject to his or her control. The authority may sell the securities and may deposit the securities in a trust bank within or without the state. Any moneys deposited in a banking institution or a depository authorized in section 24-75-603, C.R.S., shall be secured in such a manner and subject to the terms and conditions as the board may determine, with or without payment of any interest on the deposit, including, without limitation, time deposits evidenced by certificates of deposit.

(2)

The board may direct a corporate trustee that holds moneys of the authority pursuant to a trust indenture or other agreement between the trustee and the authority to invest or reinvest the moneys in any investments, other than those specified in subsection (1) of this section, if the board determines that, as of the date of the determination, the investment meets the standards for investments established in section 15-1-304, C.R.S.

(3)

In addition to the investments otherwise permitted in this part 2, the state treasurer may invest moneys in the prepaid expense trust fund in the following:

(a)

State and municipal bonds;

(b)

Corporate notes, bonds, and debentures, whether or not convertible, to the extent provided for in paragraph (d) of this subsection (3);

(c)

Participation agreements with life insurance companies;

(d)

Common or preferred stock; except that:

(I)

No investment of moneys in the prepaid expense trust fund in common or preferred stock, or both, of any corporation shall be of an amount that exceeds five percent of the market value of investable assets of the trust fund; except that, such amount may exceed five percent, for a period not to exceed sixty consecutive days;

(II)

The prepaid expense trust fund shall not acquire more than five percent of the outstanding stock or bonds of any single corporation; and

(III)

The aggregate amount of moneys of the prepaid expense trust fund invested in common or preferred stock, or in corporate bonds, notes, or debentures that are convertible into common or preferred stock, or in investment trust shares shall not exceed sixty percent of the market value of investable assets of the prepaid expense trust fund; except that such market value of investable assets may exceed sixty percent, by not more than five percent, for a period not to exceed sixty consecutive days;

(d.5)

Investments in the form of mutual funds; and

(e)

Any guaranteed investment contract, guaranteed interest contract, annuity contract, or funding agreement if the board determines by resolution that:

(I)

Such contract or agreement meets the standard for investments established in section 15-1-304, C.R.S.;

(II)

The income on such contract or agreement is at least comparable to the income then available on the other investments permitted in this section; and

(III)

Such contract or agreement will assist the authority in maintaining an actuarially sound trust fund.

Source: Section 23-3.1-216 — Investment of funds, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-23.­pdf (accessed Oct. 20, 2023).

23‑3.1‑101
Legislative declaration 23‑3.1‑102
Definitions 23‑3.1‑103
Division created - director - staff 23‑3.1‑103.5
Enterprise status of division 23‑3.1‑104
Duties and powers of division - rules 23‑3.1‑104.5
Additional powers of division 23‑3.1‑104.7
Restructuring plan - legislative declaration 23‑3.1‑106
Student loan program established 23‑3.1‑106.5
Special funds 23‑3.1‑107
Student loan guarantee fund - created 23‑3.1‑108
Age qualification 23‑3.1‑109
Subject to audit 23‑3.1‑110
Designation as sole state agency 23‑3.1‑111
Authority of division to enter into agreements to provide administrative and guarantee services 23‑3.1‑112
Authority and power of the division to guarantee, originate, service, make, and purchase consolidation loans and refinancing loans 23‑3.1‑201
Legislative declaration 23‑3.1‑202
Definitions 23‑3.1‑203
Authority - creation - membership - transfer of personnel 23‑3.1‑204
Organizational meeting - chairperson - conflict of interest 23‑3.1‑205
Meetings of board - quorum - expenses 23‑3.1‑205.3
Transfer of property 23‑3.1‑205.4
Collegeinvest fund - creation - control - use 23‑3.1‑205.5
Collegeinvest - enterprise status 23‑3.1‑205.7
Department of higher education - executive director - powers and duties 23‑3.1‑206
General powers and duties of the authority 23‑3.1‑206.5
Servicing of student obligations and institutional loans 23‑3.1‑206.7
Prepaid expense program 23‑3.1‑206.9
Colorado collegeinvest scholarship program - administration - fund - policies 23‑3.1‑207
Notes 23‑3.1‑208
Bonds 23‑3.1‑209
Negotiability of bonds 23‑3.1‑210
Security for bonds and notes 23‑3.1‑211
Personal liability 23‑3.1‑212
Purchase 23‑3.1‑213
Payment of bonds and advance payment contracts - limited liability of state 23‑3.1‑214
Exemption from taxation - securities law 23‑3.1‑215
Fees 23‑3.1‑216
Investment of funds 23‑3.1‑217
Proceeds as trust funds 23‑3.1‑217.5
Claims of creditors - exemption 23‑3.1‑218
Agreement of the state not to limit or alter rights of obligees 23‑3.1‑219
Enforcement of rights of bondholders 23‑3.1‑220
Bonds eligible for investment 23‑3.1‑221
Account of activities - receipts for expenditures - report - audit 23‑3.1‑222
Federal social security act 23‑3.1‑223
Powers of authority not restricted 23‑3.1‑224
Contract powers of state-supported institutions of higher education - nonliability of state 23‑3.1‑225
Confidentiality of records 23‑3.1‑226
Policies for promotion and disclosure of program information 23‑3.1‑301
Legislative declaration 23‑3.1‑302
Definitions 23‑3.1‑303
Department - purpose - powers - duties 23‑3.1‑304
Authority - purpose - powers - duties 23‑3.1‑305
Financial institutions - managers - purpose - selection - requirements - contracts 23‑3.1‑306
Accounts - contributions - withdrawals - penalties - statements 23‑3.1‑306.5
College kickstarter account program - funding - administration - financial literacy course - rules - legislative declaration - definitions 23‑3.1‑307
Limitations 23‑3.1‑307.1
Personal liability 23‑3.1‑307.3
Proceeds as trust funds 23‑3.1‑307.4
Claims of creditors - exemption 23‑3.1‑307.5
Confidentiality of records 23‑3.1‑307.9
Policies for promotion and disclosure of program information 23‑3.1‑308
Residency 23‑3.1‑309
Tax exemption 23‑3.1‑311
Achieving a better life experience (ABLE) savings program - establishment - authority - powers - duties
Green check means up to date. Up to date

Current through Fall 2024

§ 23-3.1-216’s source at colorado​.gov