§ 86-82. Securities.

(a)

The board shall be the trustee of the pension fund and shall have full and unrestricted discretionary power and authority to invest and reinvest such portions of the pension fund as in its judgment may not be immediately required for the payment of refunds or benefits. In exercising its discretionary authority with respect to the acquisition or disposition of any investments, the board shall be governed by the standard for investments prescribed in C.R.S. § 15-1-304. Investments may be made in obligations of the United States government and in obligations fully guaranteed as to the principal and interest by the United States government, in state and municipal bonds, in corporate notes, bonds or debentures, convertible or otherwise, in railroad equipment trust certificates, in real property and in loans secured by first mortgages or deeds of trust in real property, in participation guarantee agreements with life insurance companies and in other types of investment, agreements, and the foregoing investments may be made without limitation as to the percentage of the book value of the assets of the retirement fund so invested.

(b)

Investments may also be made in either common or preferred corporate stocks, but the aggregate amount of moneys invested in corporate stocks or corporate bonds, notes or debentures which are convertible into corporate stocks, or in investment trust shares, shall not exceed 30 percent of the then book value of the assets of the pension fund and in no event shall any investment be made in the common or preferred stock, or both, of any single corporation in an amount in excess of five percent of the then book value of the assets of the pension fund, nor shall more than seven percent of the outstanding stock or bonds of any single corporation be acquired for the pension fund.

(Code 1960, § 19-19(B); Code 1981, § 26-38)

State law reference

Investments under pension fund statute, C.R.S. § 31-30-603.