Lt. Gov. Joe Garcia signed HB12-1005 "Legal Investments for Public Funds," sponsored by Rep. Dan Pabon and Sen. Ted Harvey, into law today.
The bill allows Colorado counties to invest public funds in securities that have less than two AAA ratings. According to an estimate by the Colorado County Treasurers Association, Colorado taxpayers lost $164,383 a day in investment earnings without this legislation.
The Colorado Constitution gives authority to the lieutenant governor to perform duties of the governor when the governor is out of state. Hickenlooper is in Houston today for a previously announced speaking engagement at the IHS CERA Annual Executive Conference.
"This legislation is important to Colorado counties and the investments they make on behalf of their residents," Hickenlooper said. "We did our best to expedite making the legislation a law as quickly as possible."
Garcia signed the bill at 5:30 p.m. today, four minutes after the Governor's Office received it from the General Assembly.