Downgraded Investments Bill Signed Into Law
DENVER (AP) - A Colorado bill to change an unusual state law that banned local governments from investing in federal securities has been signed.
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.
Lawmakers said the state lost money every day the bill was not enacted. Lt. Gov. Joe Garcia took the unusual step of signing the bill into law Wednesday because Democratic Gov. John Hickenlooper was out of the state.
The Senate approved the bill 35-0 earlier Wednesday. Senators moved quickly after the bill languished in the Republican House for weeks despite bipartisan support.
LINK: Read House Bill 1005
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