APPROVED by Governor May 26, 2000
EFFECTIVE May 26, 2000
H.B. 00-1027 Branch banking - reporting requirements - repeal. Repeals the financial reporting requirements of Colorado's branch banking laws, except for the requirement of notice for branch closings.
APPROVED by Governor March 10, 2000
EFFECTIVE August 2, 2000
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date, see the note from page vi of this digest.
H.B. 00-1046 Public entities - issuance of securities - powers and duties. Creates the "Supplemental Public Securities Act" within the general provisions of public securities law. Creates an election option that authorizes a public entity to use the procedures of the act, instead of the current procedures, to issue, authorize, or service securities. Clarifies that the act does not modify rights or powers conferred upon a public entity by other provisions of state law.
Authorizes a public entity to delegate for 60 days to a member, chief executive officer, or chief financial officer of the issuing entity the authority to sign a contract to purchase or to accept a bid for securities and to determine several financial terms. Allows a public entity to contract with or select a person to fix interest rates of public securities. Authorizes public entities issuing securities under this act to:
Authorizes a public entity to pledge revenues, including tax revenues, to secure a debt. Gives such pledges and liens priority over all other obligations and liabilities. As between such competing pledges and liens, gives priority to the pledges according to chronological order.
If members of governing bodies and officers or agents of public entities act in good faith, prohibits civil recourse against such persons buying or selling such securities in cases arising from the payment of principal, interest, or prior redemption premiums. Makes a recital, in an act of issuance of the issuing authority, that the public securities are issued under the Act conclusive evidence of the validity of the securities after they are delivered for value. Allows members to participate in and vote at meetings via telecommunications technology. Sets a statutory limitation period of 30 days for bringing an action in connection with the authorization or issuance of public securities. Gives a public entity the ability to seek a declaratory judgment prior to issuance of securities on issues related to authorizing, issuing, and servicing such public securities. Sets forth the procedures for such declaratory judgment. Clarifies that such declaratory judgment does not apply to condemnation of property proceedings.
If the investment is made in a security that is in one of the 2 highest rated categories, authorizes a public entity to invest money obtained for the sale of securities.
APPROVED by Governor March 16, 2000
EFFECTIVE August 2, 2000
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date, see the note from page vi of this digest.
H.B. 00-1092 Reports - deletion of signature requirement. Deletes the requirements that life care institutions, state-chartered savings and loan associations, and credit unions provide an original signature in certain routine reports submitted to the state commissioner of financial services.
APPROVED by Governor March 17, 2000
EFFECTIVE August 2, 2000
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date, see the note from page vi of this digest.
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