HB 14-1103 Summary

• Amends Colorado law on legal investments for public funds by modifying credit rating requirements for various securities including general obligation bonds, revenue bonds, certificates of participation, and guaranteed investment contracts.

• Changes rating requirement from "two highest rating categories" to "at least two credit ratings at or above 'A' or its equivalent" for state and local government securities, or "at least two credit ratings at or above 'AA' or its equivalent" for other governmental entities.

• Extends the maximum investment period from three years to five years for general obligation bonds, revenue bonds, and certificates of participation unless the governing body authorizes a longer period.

• Updates terminology to use "statistical rating organizations" instead of "nationally recognized securities rating agencies" throughout the statute for consistency.

• Includes a safety clause declaring the act necessary for immediate preservation of public peace, health, and safety.