Colorado Bond Requirement for Custodians of a Finance Authority
Under the American Recovery and Reinvestment Act through the federal stimulus package, HB 1346 provides for the use of the funds provided to the state of Colorado. Under this new law state agencies are now allowed to come together and construct separate legal entities. These legal entities are known as recovery and reinvestment finance authorities who have projects that are funded through this package. If you are appointed as a custodian of a finance authority fund you must post a surety bond in the mount that the authority’s board requests.
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