Colorado § 24-75-705 - Board of trustees - duties - liabilities.
Full text of Colorado Colorado Revised Statutes § 24-75-705 — Board of trustees - duties - liabilities., with citation guidance and answers to common questions.
§ 24-75-705. Board of trustees - duties - liabilities.
(1) The board of trustees of any local government investment pool trust fund moneys authorized by this section shall invest in compliance with the requirements of this section and with that degree of judgment and care, under the circumstances then prevailing, which persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital and need for liquidity as well as the probable income to be derived.
(2) The board shall exercise the functions over which such board has substantial discretion solely in the interest of the participating local governments and for the exclusive purpose of providing earnings and defraying expenses incurred in administering the trust fund. The board shall act in accordance with the provisions of this part 7 and with the care, skill, and due diligence in light of the circumstances then prevailing that a person in like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like aims.
(3) It is unlawful for a member of the board to engage in any activities which might result in a conflict of interest with such member's functions as a fiduciary of the trust fund.
Source: L. 93: Entire part R&RE, p. 323, § 1, effective July 1.
Editor's note: This section is similar to former § 24-75-702 as it existed prior to 1993. For a detailed comparison, see the comparative tables located in the back of the index.
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 24-75-705
What does Colorado Revised Statutes § 24-75-705 cover?
Section 24-75-705 ("Board of trustees - duties - liabilities.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 24-75-705?
A common citation format is "Colorado Revised Statutes § 24-75-705" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 24-75-705 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.