CO HB1289

Amends Colorado Revised Statutes 24-75-603 to allow public entities to redeposit unused governmental funds held by financial institutions that exceed federal deposit insurance corporation (FDIC) coverage limits in fully insured accounts at other banks or savings and loan associations.

Requires eligible public depositories to simultaneously arrange for redeposit of excess public funds into FDIC-insured accounts in other financial institutions located anywhere in the United States for the public entity's account.

Mandates that on the same date public funds are redeposited, the eligible public depository must receive an equal amount of deposits from customers of other banks or savings and loan associations.

Requires each account receiving redeposited public funds to be fully insured by the FDIC and designates the eligible public depository as custodian for the public entity's account.

Declares the act necessary for the immediate preservation of public peace, health, and safety.