Colorado § 23-31-504 - Control, investment, and expending of funds.

§ 23-31-504. Control, investment, and expending of funds.

(1) The board of governors of the Colorado state university system has control of the funds derived from the sale of lands donated by the said act of congress of 1862, and shall invest the same in securities which yield a fair and reasonable rate of return, and shall disburse the income therefrom for the use and benefit of the Colorado state university as required in the said act of congress. Said funds derived from the sale of lands donated by said act of 1862, and from lease or rental of unsold lands of such land grant, and from coal, oil, and mineral royalties from said lands may be invested in bonds of the United States; in state, county, municipal, and school district bonds; in state, county, and municipal registered warrants; in registered warrants of school districts; and in state anticipation building levy warrants, or in any or all of these, in the discretion of the board of governors of the Colorado state university system.

(2) The warrants of the board of governors of the Colorado state university system to purchase such bonds, registered warrants, and anticipation warrants shall be approved and paid when accompanied by favorable opinion of the attorney general. All bonds, registered warrants, and anticipation warrants so purchased shall be registered in the name of the "treasurer of the state of Colorado for the account of the 'land grant fund of the Colorado state university'" and deposited with the state treasurer.

(3) The general assembly of the state of Colorado engages that the principal of such fund forever remains unimpaired and the income thereof is applied without diminution to the uses and purposes prescribed in said act of congress; except that, as prescribed in said act of congress, a sum not exceeding ten percent of the principal of such fund may be expended by the board of governors of the Colorado state university system for the purchase or exchange of lands for sites or experimental stations, subject to the provisions of sections 24-75-301 to 24-75-303, C.R.S., and the approval of the governor.

Source: L. 2007: Entire article amended with relocations, p. 539, § 2, effective August 3. L. 2014: (3) amended, (HB 14-1387), ch. 378, p. 1836, § 35, effective June 6.

Editor's note: This section is similar to former § 23-32-104 as it existed prior to 2007.

Cross references: (1) For experiment stations, see part 6 of this article.

(2) For the legislative declaration in HB 14-1387, see section 1 of chapter 378, Session Laws of Colorado 2014.