Downgraded investments bill awaits CO gov's pen
DENVER—Colorado lawmakers have agreed to change an unusual state law that banned local governments from investing in federal securities.
The Senate gave the measure final approval 35-0 Wednesday without debate. Senators moved with dispatch after the bill languished in the Republican House for weeks despite bipartisan support.
The measure changes a state requirement that local governments invest taxpayer money only in the highest-rated securities. Last year's downgrade of federal securities by Standard & Poor's rating agency meant that cities and counties were barred from investing in federally backed securities.
The bill now awaits the signature of Gov. John Hickenlooper.
Read House Bill 1005: http://goo.gl/YMpTH