4.04.010 Client service accounts and tax deeds--Treasurer authority.

The Pueblo County Treasurer is authorized to receive advance payment moneys for client services and tax deed purchase moneys in payment of the necessary official fees, costs and expenses of the Pueblo County Treasurer and the Treasurer may deposit the same to the Treasurer’s advance payment fund, at his or her election, and to distribute the same according to the necessary accruals incurred by the application of the deposit sum to the payment and discharge of such accruals and satisfaction of the account for which payment was initially made, all to effect the transfer by law required. (Res. dated 11/22/71)

4.04.020 Disposition of fines and forfeitures.

All fines and forfeitures for the violation of ordinances of Pueblo County, and all moneys collected for licenses or otherwise, shall be paid to the Treasurer of Pueblo County not less frequently than monthly, and shall be by the Treasurer deposited into the general fund of the county. (Ord. 2, 1980)

4.04.030 Bail bonds.

The county courts of Pueblo County are authorized to accept a bail bond when any person has been arrested for violation of any county ordinance. When such bond is accepted, it shall have the same validity and effect as bail bonds provided for under the criminal statutes of the state of Colorado. (Ord. 3, 1980)

4.04.040 Bookkeeping.

The bookkeeping functions, preparation of vouchers, examination of accounts and the payment thereof, as well as the keeping of the records, vouchers etc., in relation to these accounts shall be under the general direction of the Board of County Commissioners and all employees shall be under their general supervision. (Res. dated 1/24/74)

4.04.050 Processing fee and special review fee.

The following fees are established for the processing and special review of a special district plan:
Processing fee: five hundred dollars ($500.00).
Special review fee: A minimum of five hundred dollars ($500.00) and not more than one one-hundredth of one percent of the service plan’s indicated debt or ten thousand dollars ($10,000.00) whichever is less, based on the reasonable direct costs related to a special review.
For the purpose of this section and the fees established hereunder, "special review of a service plan is defined as extraordinary services provided by staff or expenses incurred by staff in the review of a service plan including, but not limited to, retaining technical or financial advisors or staff time beyond the basic review and comment involved in the application of the provisions of the Special District Act, Section 32-1-101 et seq., C.R.S., to a service plan. (Res. 92-149)

4.04.060 Chair of the Board to sign certain contracts.

The chair of the Board or the chair pro tem in the chair’s absence, is authorized to sign all contracts processed by the Board of County Commissioners that commit Pueblo County to an annual expenditure of twenty-five thousand dollars ($25,000.00) or less in accordance with the provisions of the requirements of the Pueblo County contract procedure. (Res. 99-15)

4.08.010 Introduction.

Incorporated in 1861, Pueblo County is located in southeastern Colorado and is one of the ten largest populated counties in the state. With a land area of 2,398 square miles and a US Census population estimate of 169,756 (July 2023), the County boundary includes the City of Pueblo, along with several smaller communities of Pueblo West, Boone, Avondale, Colorado City, Beulah and Rye. County government is responsible for performing functions in all areas, both urban and rural.

The purpose of this investment policy is to specify various policies and procedures that will foster a prudent and systematic investment program designed to achieve Pueblo County’s objectives of safety, liquidity and return on investment through a diversified investment portfolio. This policy also serves to organize and formalize Pueblo County’s investment-related activities, while complying with all applicable statutes governing the investment of public funds.  This policy is written to incorporate industry best practices and recommendations from sources such as the Government Finance Officers Association (GFOA) and the Association of Public Treasurers (APT).

This investment policy was endorsed and adopted by Pueblo County’s Board of County Commissioners and is effective as of the 16th day of May, 2024, and replaces any previous versions. (Res. 24-114)

4.08.020 Scope.

The provisions of this Policy shall apply to all investable funds of Pueblo County, Colorado (hereinafter referred to as “Pueblo County” or “the County”).  Pension plan funds and deferred compensation plan funds are expressly excluded from this Policy.  Proceeds of debt issuance shall be invested in accordance with Pueblo County’s general investment philosophy as set forth in this policy; however, such proceeds are to be invested pursuant to the permitted investment provisions of their specific governing bond documents.

• Pooling of Funds Except for cash in certain restricted and special funds, the County will consolidate cash and reserve balances from all funds to maximize investment earnings and to increase efficiencies with regard to investment pricing, safekeeping and administration. Investment income will be allocated to the various funds based on their respective participation and in accordance with generally accepted accounting principles.

4.08.030 Prudence.

The standard of prudence to be used for managing the County’s assets is the “prudent person standard” which states, “fiduciaries…shall exercise the judgment and care, under the circumstances then prevailing, which men of prudence, discretion, and intelligence exercise in the management of the property of another, not in regard to speculation but in regard to the permanent disposition of funds, considering the probable income as well as the probable safety of capital.” (C.R.S. § 15‑1‑304, Standard for Investments).

Pueblo County’s overall investment program shall be designed and managed with a degree of professionalism that is worthy of the public trust.  The County shall recognize that no investment is totally riskless and that the investment activities of Pueblo County are a matter of public record.  Accordingly, Pueblo County recognizes that occasional measured losses may occur in a diversified portfolio and shall be considered within the context of the overall portfolio’s return, provided that adequate diversification has been implemented and that the sale of a security is in the best long‑term interest of the County.

Pueblo County’s Treasurer and authorized investment personnel acting in accordance with written procedures and this Investment Policy and exercising due diligence shall be relieved of personal responsibility for an individual security’s credit risk or market price changes, provided that the deviations from expectations are reported in a timely fashion to the County’s Board of County Commissioners and appropriate action is taken to control adverse developments.

4.08.040 Objectives.

The overriding objectives of the program are to preserve principal, provide sufficient liquidity, and manage investment risks, while seeking a market-rate of return.

• Safety. Safety of principal is the foremost objective of the investment program. Investments will be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio. To attain this objective, Pueblo County will diversify its investments by investing funds among a variety of securities with independent returns.

• Liquidity. The investment portfolio will remain sufficiently liquid to meet all operating requirements that may be reasonably anticipated.

• Return on Investments. The investment portfolio will be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into account the investment risk constraints for safety and liquidity needs.

4.08.050 Delegation of Authority.

Pursuant to Colorado Revised Statutes, C.R.S. § 30-10-707, it is the duty of the County Treasurer to receive all moneys belonging to the County and pursuant to  C.R.S. § 30-10-708 (1), the Treasurer shall deposit all such funds or monies that come into the Treasurer’s possession by virtue of the office, in depositories as allowed by state statutes and designated and approved by the Board of County Commissioners.  The Board of County Commissioners, by written Resolution, shall authorize the County Treasurer to invest all or any part of the funds in certain investments allowable under state statute and further designated by this statement of investment policy.

Pueblo County’s Treasurer shall develop written administrative procedures and internal controls, consistent with this Policy, for the operation of the County’s investment program.  Such procedures shall be designed to prevent losses of public funds arising from fraud, employee error, misrepresentation by third parties, or imprudent actions by employees of the County.

Pueblo County’s Treasurer may delegate the authority to conduct investment transactions and manage the operation of the investment portfolio to specifically authorized staff members. No person may engage in an investment transaction except as expressly provided under the terms of this Policy. 

Pueblo County may engage the support services of advisors, consultants and professionals in regard to its investment program, so long as it can be clearly demonstrated that these services produce a net financial advantage or necessary financial protection of Pueblo County’s financial resources.  Investment Advisors shall be registered with the Securities Exchange Commission under the Investment Advisors Act of 1940.  Advisors shall be selected using Pueblo County's authorized purchasing procedures for selection of professional services. Advisors must be approved by a Resolution of the Board of County Commissioners.  Advisors shall be subject to the provisions of this Policy, and shall not, under any circumstances, take custody of any Pueblo County funds or securities.

4.08.060 Ethics and Conflicts of Interest.

All participants in the investment process shall act as custodians of the public trust. Investment officials shall recognize that the investment portfolio is subject to public review and evaluation. Thus employees and officials involved in the investment process shall refrain from personal business activity that could create a conflict of interest or the appearance of a conflict with proper execution of the investment program, or which could impair their ability to make impartial investment decisions. 

Employees and investment officials shall disclose to the Board of County Commissioners any material interests in financial institutions with which they conduct business, and they shall further disclose any large personal financial/investment positions that could be related to the performance of the investment portfolio.  Employees and officers shall refrain from undertaking any personal investment transactions with the same individual with whom business is conducted on behalf of the Pueblo County.

4.08.070 Internal Controls.

The Treasurer is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the County are protected from loss, theft or misuse. The internal control structure shall be designed to provide reasonable assurance that these objectives are met. The concept of reasonable assurance recognizes that (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of costs and benefits requires estimates and judgments by management.

Periodically, as deemed appropriate by the County and/or the Board of County Commissioners, an independent analysis by an external auditor shall be conducted to review internal controls, account activity and compliance with policies and procedures.

4.08.080 Authorized Financial Institutions, Depositories and Brokers/Dealers.

All financial institutions, depositories, and broker/dealers shall be approved and designated by Resolution of the Board of County Commissioners in accordance with C.R.S. § 30-10-708 (1).   All such resolutions are incorporated as part of this Investment Policy.   No banking or investment activities shall be conducted with any institutions not so approved and designated.

Public deposits will be made only in qualified public depositories pursuant to the Public Deposit Protection Act (CRS 11-10.5-101, et seq.) for banks and the Savings and Loan Association Public Deposit Protection Act (CRS 11-47-101, et seq.).

To the extent practicable, the Treasurer shall endeavor to complete investment transactions using a competitive bid process whenever possible. The County’s Treasurer will determine which financial institutions are authorized to provide investment services to the County. It shall be the Pueblo County’s policy to purchase securities only from authorized institutions and firms.

The Treasurer shall maintain procedures for establishing a list of authorized broker/dealers and financial institutions which are approved for investment purposes that are selected through a process of due diligence as determined by the County. Approved broker/dealers and the firms they represent shall be licensed to do business in the State of Colorado and as such are subject to the provisions of the Colorado Revised Statutes.  Due diligence inquiry shall determine whether such authorized broker/dealers, and the individuals covering Pueblo County are reputable and trustworthy, knowledgeable and experienced in public agency investing and able to meet all of their financial obligations.  To be eligible, a firm must meet at least one of the following criteria: 

1.         Be recognized as a Primary Dealer by the Federal Reserve Bank of New York or have a primary dealer within its holding company structure;

2.         Report voluntarily to the Federal Reserve Bank of New York,

3.         Qualify under Securities and Exchange Commission (SEC) Rule 15c3-1 (Uniform Net Capital Rule).

All financial institutions which desire to become qualified bidders for investment transactions (and which are not dealing only with the investment adviser) must supply the Treasurer with audited financials and a statement certifying that the institution has reviewed the Colorado Revised Statutes 24-75-601, et seq. and the County’s investment policy. The Treasurer will conduct an annual review of the financial condition and registrations of such qualified bidders.

Selection of broker/dealers used by an external investment adviser retained by the County will be at the sole discretion of the adviser. Where possible, transactions with broker/dealers shall be selected on a competitive basis and their bid or offering prices shall be recorded. If there is no other readily available competitive offering, best efforts will be made to document quotations for comparable or alternative securities. When purchasing original issue instrumentality securities, no competitive offerings will be required as all dealers in the selling group offer those securities at the same original issue price.

Pueblo County may purchase commercial paper from direct issuers even though they are not on the approved broker/dealer list as long as the paper meets the criteria outlined in item #3 of the section “XI” titled “Authorized Investments.”

4.08.090 Delivery, Safekeeping and Custody.

Delivery-versus-Payment (DVP). All investment transactions shall be conducted on a delivery-versus-payment basis.

Safekeeping and Custody. To protect against potential losses due to failure of individual securities dealers, and to enhance access to securities, interest payments and maturity proceeds, all cash and securities in the County’s portfolio shall be held in safekeeping in the County’s name by a third party custodian, acting as agent for the County under the terms of a custody agreement executed by the bank and the County. All investment transactions will require a safekeeping receipt or acknowledgment generated from the trade. A monthly report will be received by the County from the custodian listing all securities held in safekeeping with current market data and other information.

The only exceptions to the foregoing shall be depository accounts and securities purchases made with: (i) local government investment pools; (ii) time certificates of deposit, and, (iii) money market mutual funds, since the purchased securities are not deliverable. 

Pueblo County may utilize the services of the Depository Trust Corporation (DTC) as a depository for delivery of securities not wired through the Federal Reserve system.

4.08.100 Competitive Transactions.

Each investment transaction shall be competitively transacted with authorized broker/dealers.  At least three broker/dealers shall be contacted for each transaction and their bid and offering prices shall be recorded.

If Pueblo County is offered a security for which there is no other readily available competitive offering, then quotations on comparable or alternative securities will be recorded.

4.08.110 Authorized Investments.

Except as specifically defined in this Policy, all investments of Pueblo County shall be made in accordance with applicable laws contained in the Colorado Revised Statutes, as amended:  C.R.S. § 11-10.5-101, et seq., Public Deposit Protection Act; C.R.S. § 11‑47‑101, et seq., Savings and Loan Association Public Deposit Protection Act; C.R.S. § 24‑75‑601, et seq., Funds-Legal Investments; C.R.S. § 24‑75‑603, Depositories, and C.R.S. § 24-75-702, Local governments-authority to pool surplus funds.  Any revisions or extensions of these sections of the Colorado Revised Statutes will be assumed to be part of this Investment Policy immediately upon the effective date thereof. 

The credit quality of any eligible investment will be evaluated using the following Nationally Recognized Statistical Rating Organizations (NRSROs): Standard & Poor’s, Moody’s or Fitch (or any of their successor agencies).  

Pueblo County has further defined the following types of securities and transactions as eligible for use by the County:

1. U.S. Treasury Securities fully guaranteed by, or for which the full credit of the United States Treasury is pledged for payment.

• Maturities shall not exceed five years from the date of trade settlement.
• There are no limits on the dollar amount or percentage that the County may invest in U.S. Treasuries.

2. Federal Agency and U.S. Government-Sponsored Enterprise (GSE) Securities issued by or fully guaranteed as to principal and interest by federal agencies or U.S. GSEs.

• Maturities shall not exceed five years from the date of trade settlement.
• There are no limits on the dollar amount or percentage that the County may invest in federal agency and GSE securities.
• No more than 35% of the total portfolio may be invested in any single Agency/GSE issuer.
• The maximum percent of callable Agency/GSE securities in the portfolio will be 20%.

3. Corporate or Bank Securities denominated in United States dollars.

• The term “bank security” includes negotiable certificates of deposit issued by banks organized and chartered within the United States. Public Entities must consider these bank securities as investments and not deposits subject to the protection of the “Public Deposit Protection Act”, article 10.5 of title 11, or insured by the Federal Deposit Insurance Corporation.
• Maturities shall not exceed three years from the date of trade settlement.
• At the time of purchase must carry at least two credit ratings from the above mentioned NRSROs and are not rated below:
  1. “A1, P1, or F1” or their equivalents if the security is a money market instrument such as commercial paper or bankers’ acceptance; or
  2. “AA- or Aa3” or their equivalents if the security is any other kind of security.
  3. These rating requirements first apply to the security being purchased and second, if the security itself is unrated, to the issuer, provided the security contains no provisions subordinating it from being a senior debt obligation of the issuer.
• At no time shall the book value of investments in corporate and bank securities total more than 50% of the total book value of Pueblo County’s portfolio with no greater than 5% exposure to any single issuer. 
• No subordinated security may be purchased.
• No security issued by a corporation or bank that is not organized and operated within the United States may be purchased without authorization by the Board of County Commissioners to invest in such securities.

4. Money Market Mutual Funds registered under the Investment Company Act of 1940, provided they:

• Have a constant daily net asset value per share of $1.00;
• Are “no‑load” (i.e.:  no commission or fee shall be charged on purchases or sales of shares) and charge no 12b1 fees;
• Limit assets of the fund to securities authorized by state statute;
• Have a maximum stated maturity and weighted average maturity in accordance with Rule 2a-7 of the Investment Company Act of 1940; and
• Have a rating of AAAm by Standard and Poor’s or Aaa by Moody’s, or AAAmmf by Fitch Investors Service.
• A maximum of 100% of the portfolio may be invested in money market mutual funds with a single fund constituting no more than 35% of the portfolio.

5. Local Government Investment Pools authorized under C.R.S. § 24-75-701, et seq., provided they:

• Have a constant daily net asset value per share of $1.00;
• Are “no-load” (i.e., no commission or fees shall be charged on purchases or sales of shares) and charge no 12b1 fees;    
• Limit assets of the fund to securities authorized by state statute; 
• Have a maximum stated maturity and weighted average maturity in accordance with Rule 2a-7 of the Investment Company Act of 1940;  and
• Have a rating of AAAm by Standard and Poor’s or Aaa by Moody’s or AAAmmf by Fitch Investors Service.
• A maximum of 100% of the portfolio may be invested in Local Government Investment Pools with a single pool constituting no more than 35% of the portfolio.

6. Certificates of Deposits with a maturity not exceeding five years in any bank that is a member of the Federal Deposit Insurance Corporation (FDIC). 

• Certificates of deposit that exceed FDIC insurance limits shall be collateralized as required by the Public Deposit Protection Act or the Savings and Loan Association Public Deposit Protection Act.
• No more than 30% of the total portfolio may be invested in certificates of deposit.
• No more than 5% of the total portfolio may be invested in any one issuer.   

7. Repurchase Agreements collateralized with marketable U.S. Treasury, Agency or GSE securities listed in items #1 & 2 above and maintained at a market value plus accrued interest of at least 102% of the dollar value of the repurchase agreement.

• Repurchase agreements are subject to a Master Repurchase Agreement between Pueblo County and the provider of the repurchase agreement. The Master Repurchase Agreement will be substantially in the form developed by the Securities Industry and Financial Markets Association (SIFMA).
• Repurchase agreements shall be entered into only with dealers who have executed an approved Master Repurchase Agreement with Pueblo County and who are recognized as primary dealers with the Federal Reserve Bank of New York or have a primary dealer within their holding company structure.
• For the purpose of this section, the term collateral shall mean purchased securities under the terms of the Master Repurchase Agreement and shall be delivered versus payment to Pueblo County’s custodian bank for safekeeping on behalf of the County.
• The collateral for the repurchase agreement may have a maturity in excess of five years. 
• The market value plus accrued interest of the collateral securities shall be marked‑to‑the‑market no less frequently than weekly.   
• Pueblo County may utilize Tri‑party Repurchase Agreements provided that the County is satisfied that it has a perfected interest in the securities used as collateral and that the County has a properly executed Tri‑party Agreement with both the counterparty and custodian bank.
• The maximum maturity of the repurchase agreement shall not exceed one year. 

8. Municipal Securities of state or local governments with a maturity not exceeding five years from the date of trade settlement. 

• General obligation and revenue obligation securities of this state or any political subdivision of this state must be rated at the time of purchase at least “A-” or its equivalent by at least two NRSROs. 
• General obligation and revenue obligation securities of any other state or political subdivision of any other state must be rated at the time of purchase at least “AA-” or its equivalent by at least two NRSROs. 
• No more than 30% of the total portfolio may be invested in municipal securities.
• No more than 5% of the total portfolio may be invested in the securities of any single issuer.

 9. Supranationals, provided that:

• Issues are U.S. dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the World Bank.
• The securities are rated at the time of purchase at least “AA” or its equivalent by an NRSRO.
• No more than 20% of the total portfolio may be invested in these securities.
• No more than 10% of the portfolio may be invested in any single issuer.
• The maximum maturity does not exceed five (5) years.

4.08.120 Prohibited Investment Vehicles and Practices.

State law notwithstanding, any investments not specifically authorized pursuant to this approved Investment Policy are prohibited, including but not limited to:

• Futures and options
• Investment in inverse floaters, range notes, or mortgage derived interest-only strips
• Investment in any security that could result in a zero interest accrual if held to maturity
• Trading securities for the sole purpose of speculating on the future direction of interest rates
• Purchasing or selling securities on margin
• The purchase of foreign currency denominated securities

4.08.130 Investment Pools/Mutual Funds.

Pueblo County shall conduct a thorough investigation of any local government investment pool or money market mutual fund prior to making an investment, and on a continual basis thereafter.  There shall be a questionnaire developed which will answer the following general questions:

1. A description of eligible investment securities, and a written statement of investment policy and objectives.
2. A description of interest calculations and how it is distributed, and how gains and losses are treated.
3. A description of how the securities are safeguarded (including the settlement processes), and how often the securities are priced and the program audited.
4. A description of who may invest in the program, how often, what size deposit and withdrawal are allowed.
5. A schedule for receiving statements and portfolio listings.
6. Are reserves, retained earnings, etc. utilized by the pool/fund?
7. A fee schedule, and when and how is it assessed.
8. Is the pool/fund eligible for bond proceeds and/or will it accept such proceeds?

4.08.140 Maximum Maturity.

To the extent possible, investments shall be matched with anticipated cash flow requirements and known future liabilities.

Pueblo County will not invest in securities maturing more than 5 years from the date of trade settlement (3 years for corporate securities), unless the Board of County Commissioners has by Resolution granted authority to make such an investment.

4.08.150 Risk Management and Diversification.

Mitigating Credit Risk in the Portfolio

Credit risk is the risk that a security or a portfolio will lose some or all of its value due to a real or perceived change in the ability of the issuer to repay its debt. Pueblo County will mitigate credit risk by adopting the following strategies:

• The diversification requirements included in the “Authorized Securities and Transaction” section of this policy are designed to mitigate credit risk in the portfolio.
• Pueblo County may elect to sell a security prior to its maturity and record a capital gain or loss in order to improve the quality, liquidity or yield of the portfolio in response to market conditions or the County’s risk preferences.
• If securities owned by the County are downgraded by a nationally recognized statistical ratings organization (NRSRO) to a level below the quality required by this Investment Policy, it will be the County’s policy to review the credit situation and make a determination as to whether to sell or retain such securities in the portfolio.
• If a security is downgraded, the Treasurer will use discretion in determining whether to sell or hold the security based on its current maturity, the economic outlook for the issuer, and other relevant factors.
• If a decision is made to retain a downgraded security in the portfolio, its presence in the portfolio will be monitored and reported to the Board of County Commissioners.

Mitigating Market Risk in the Portfolio

Market risk is the risk that the portfolio value will fluctuate due to changes in the general level of interest rates. Pueblo County recognizes that, over time, longer-term portfolios have the potential to achieve higher returns. On the other hand, longer-term portfolios have higher volatility of return. The County will mitigate market risk by providing adequate liquidity for short-term cash needs, and by making longer-term investments only with funds that are not needed for current cash flow purposes.

The duration of the portfolio will at all times be approximately equal to the duration (typically, plus or minus 20%) of a Market Benchmark, an index selected by the County based on the County’s investment objectives, constraints and risk tolerances.

4.08.160 Review of Investment Portfolio.

The Treasurer shall periodically, but no less than quarterly, review the portfolio to identify investments that do not comply with this investment policy and establish protocols for reporting major and critical incidences of noncompliance to the Board of County Commissioners.

4.08.170 Performance Evaluation.

The investment portfolio shall be designed to attain a market-average rate of return throughout budgetary and economic cycles, taking into account Pueblo County’s risk constraints, the cash flow characteristics of the portfolio, and state and local laws, ordinances or resolutions that restrict investments.

The Treasurer shall monitor and evaluate the portfolio’s performance relative to a market benchmark, which will be included in the Treasurer’s quarterly report. The Treasurer shall select an appropriate, readily available index to use as a market benchmark.

4.08.180 Reporting.

Quarterly Reports

The Treasurer will submit a quarterly investment report to the Board of County Commissioners which provides full disclosure of the County’s investment activities.  These reports will disclose, at a minimum, the following information about the portfolio:

1.  An asset listing showing par value, cost and independent third-party fair market value of each security as of the date of the report, the source of the valuation, type of investment, issuer, maturity date, interest rate and interest rate.

2. Transactions for the period.

3. A description of the funds, investments and programs managed by contracted parties (i.e. local government investment pools, outside money managers)

4. A one-page summary report that shows:

1. Average maturity of the portfolio and modified duration of the portfolio;
2. Maturity distribution of the portfolio;
3. Percentage of the portfolio represented by each investment category;
4. Average portfolio credit quality; and,
5. Time-weighted total rate of return for the portfolio for the prior one month, three months, twelve months and since inception compared to the County’s market benchmark returns for the same periods;
6. A statement of compliance with the Investment Policy, including a schedule of any transactions or holdings which do not comply with this Policy or with Colorado Revised Statutes, including a justification for their presence in the portfolio and a timetable for resolution.

4.08.190 Review of Investment Policy.

​​​​​​​The investment policy will be reviewed and adopted at least annually, to ensure its consistency with the overall objectives of preservation of principal, liquidity and return, and its relevance to current law and financial and economic trends.

Any recommended modifications or amendments shall be presented by the Treasurer to the Board of County Commissioners for their consideration and adoption.(Res. 24-114)

Glossary of Investment Terms

Agencies. Shorthand market terminology for any obligation issued by a government-sponsored entity (GSE), or a federally related institution. Most obligations of GSEs are not guaranteed by the full faith and credit of the US government. Examples are:

FFCB. The Federal Farm Credit Bank System provides credit and liquidity in the agricultural industry. FFCB issues discount notes and bonds.

FHLB. The Federal Home Loan Bank provides credit and liquidity in the housing market. FHLB issues discount notes and bonds.

FHLMC. Like FHLB, the Federal Home Loan Mortgage Corporation provides credit and liquidity in the housing market. FHLMC, also called “FreddieMac” issues discount notes, bonds and mortgage pass-through securities.

FNMA. Like FHLB and FreddieMac, the Federal National Mortgage Association was established to provide credit and liquidity in the housing market. FNMA, also known as “FannieMae,” issues discount notes, bonds and mortgage pass-through securities.

GNMA. The Government National Mortgage Association, known as “GinnieMae,” issues mortgage pass-through securities, which are guaranteed by the full faith and credit of the US Government.

PEFCO. The Private Export Funding Corporation assists exporters. Obligations of PEFCO are not guaranteed by the full faith and credit of the US government.

TVA. The Tennessee Valley Authority provides flood control and power and promotes development in portions of the Tennessee, Ohio, and Mississippi River valleys. TVA currently issues discount notes and bonds.

Asked. The price at which a seller offers to sell a security.

Asset Backed Securities. Securities supported by pools of installment loans or leases or by pools of revolving lines of credit.

Average Life. In mortgage-related investments, including CMOs, the average time to expected receipt of principal payments, weighted by the amount of principal expected.

Banker’s Acceptance. A money market instrument created to facilitate international trade transactions. It is highly liquid and safe because the risk of the trade transaction is transferred to the bank which “accepts” the obligation to pay the investor.

Benchmark. A comparison security or portfolio. A performance benchmark is a partial market index, which reflects the mix of securities allowed under a specific investment policy.

Bid. The price at which a buyer offers to buy a security.

Broker. A broker brings buyers and sellers together for a transaction for which the broker receives a commission. A broker does not sell securities from his own position.

Callable. A callable security gives the issuer the option to call it from the investor prior to its maturity. The main cause of a call is a decline in interest rates. If interest rates decline since an issuer issues securities, it will likely call its current securities and reissue them at a lower rate of interest. Callable securities have reinvestment risk as the investor may receive its principal back when interest rates are lower than when the investment was initially made.

Certificate of Deposit (CD). A time deposit with a specific maturity evidenced by a certificate. Large denomination CDs may be marketable.

Certificate of Deposit Account Registry SYSTEM (CDARS).  A private placement service that allows local agencies to purchase more than $250,000 in CDs from a single financial institution (must be a participating institution of CDARS) while still maintaining FDIC insurance coverage. CDARS is currently the only entity providing this service. CDARS facilitates the trading of deposits between the institution and other participating institutions in amounts that are less than $250,000 each, so that FDIC coverage is maintained.

Collateral. Securities or cash pledged by a borrower to secure repayment of a loan or repurchase agreement. Also, securities pledged by a financial institution to secure deposits of public monies.

Collateralized Mortgage Obligations (CMO). Classes of bonds that redistribute the cash flows of mortgage securities (and whole loans) to create securities that have different levels of prepayment risk, as compared to the underlying mortgage securities.

Commercial Paper. The short-term unsecured debt of corporations.

Cost Yield. The annual income from an investment divided by the purchase cost. Because it does not give effect to premiums and discounts which may have been included in the purchase cost, it is an incomplete measure of return.

Coupon. The rate of return at which interest is paid on a bond.

Credit Risk. The risk that principal and/or interest on an investment will not be paid in a timely manner due to changes in the condition of the issuer.

Current Yield. The annual income from an investment divided by the current market value. Since the mathematical calculation relies on the current market value rather than the investor’s cost, current yield is unrelated to the actual return the investor will earn if the security is held to maturity.

Dealer. A dealer acts as a principal in security transactions, selling securities from and buying securities for his own position.

Debenture. A bond secured only by the general credit of the issuer.

Delivery vs. Payment (DVP). A securities industry procedure whereby payment for a security must be made at the time the security is delivered to the purchaser’s agent.

Derivative. Any security that has principal and/or interest payments which are subject to uncertainty (but not for reasons of default or credit risk) as to timing and/or amount, or any security which represents a component of another security which has been separated from other components (“Stripped” coupons and principal). A derivative is also defined as a financial instrument the value of which is totally or partially derived from the value of another instrument, interest rate, or index.

Discount. The difference between the par value of a bond and the cost of the bond, when the cost is below par. Some short-term securities, such as T-bills and banker’s acceptances, are known as discount securities. They sell at a discount from par and return the par value to the investor at maturity without additional interest. Other securities, which have fixed coupons, trade at a discount when the coupon rate is lower than the current market rate for securities of that maturity and/or quality.

Diversification. Dividing investment funds among a variety of investments to avoid excessive exposure to any one source of risk.

Duration. The weighted average time to maturity of a bond where the weights are the present values of the future cash flows. Duration measures the price sensitivity of a bond to changes in interest rates. (See modified duration).

Federal Funds Rate. The rate of interest charged by banks for short-term loans to other banks. The Federal Reserve Bank through open-market operations establishes it.

Federal Open Market Committee. A committee of the Federal Reserve Board that establishes monetary policy and executes it through temporary and permanent changes to the supply of bank reserves.

Leverage. Borrowing funds in order to invest in securities that have the potential to pay earnings at a rate higher than the cost of borrowing.

Liquidity. The speed and ease with which an asset can be converted to cash.

Local Government Investment Pool.   An investment by local governments in which their money is pooled as a method for managing local funds.

Make Whole Call. A type of call provision on a bond that allows the issuer to pay off the remaining debt early. Unlike a call option, with a make whole call provision, the issuer makes a lump sum payment that equals the net present value (NPV) of future coupon payments that will not be paid because of the call. With this type of call, an investor is compensated, or "made whole."

Margin. The difference between the market value of a security and the loan a broker makes using that security as collateral.

Market Risk. The risk that the value of securities will fluctuate with changes in overall market conditions or interest rates.

Market Value. The price at which a security can be traded.

Marking to Market. The process of posting current market values for securities in a portfolio.

Maturity. The final date upon which the principal of a security becomes due and payable.

Medium Term Notes. Unsecured, investment-grade senior debt securities of major corporations which are sold in relatively small amounts on either a continuous or an intermittent basis. MTNs are highly flexible debt instruments that can be structured to respond to market opportunities or to investor preferences.

Modified Duration. The percent change in price for a 100-basis point change in yields. Modified duration is the best single measure of a portfolio’s or security’s exposure to market risk.

Money Market. The market in which short-term debt instruments (T-bills, discount notes, commercial paper, and banker’s acceptances) are issued and traded.

Mortgage Pass-Through Securities. A securitized participation in the interest and principal cash flows from a specified pool of mortgages. Principal and interest payments made on the mortgages are passed through to the holder of the security.

Municipal Securities. Securities issued by state and local agencies to finance capital and operating expenses.

Mutual Fund. An entity which pools the funds of investors and invests those funds in a set of securities which is specifically defined in the fund’s prospectus. Mutual funds can be invested in various types of domestic and/or international stocks, bonds, and money market instruments, as set forth in the individual fund’s prospectus. For most large, institutional investors, the costs associated with investing in mutual funds are higher than the investor can obtain through an individually managed portfolio.

Nationally Recognized Statistical Rating Organization (NRSRO). 

A credit rating agency that the Securities and Exchange Commission in the United States uses for regulatory purposes. Credit rating agencies provide assessments of an investment's risk. The issuers of investments, especially debt securities, pay credit rating agencies to provide them with ratings. The three most prominent NRSROs are Fitch, S&P, and Moody's.

Negotiable CD.  A short-term debt instrument that pays interest and is issued by a bank, savings or federal association, state or federal credit union, or state-licensed branch of a foreign bank.  Negotiable CDs are traded in a secondary market and are payable upon order to the bearer or initial depositor (investor).

Premium. The difference between the par value of a bond and the cost of the bond, when the cost is above par.

Prepayment Speed. A measure of how quickly principal is repaid to investors in mortgage securities.

Prepayment Window. The time period over which principal repayments will be received on mortgage securities at a specified prepayment speed.

Primary Dealer. A financial institution (1) that is a trading counterparty with the Federal Reserve in its execution of market operations to carry out U.S. monetary policy, and (2) that participates for statistical reporting purposes in compiling data on activity in the U.S. Government securities market.

Prudent Person (Prudent Investor) Rule. An investment standard outlining the fiduciary responsibilities of public funds investors relating to investment practices.

Realized Yield. The change in value of the portfolio due to interest received and interest earned and realized gains and losses. It does not give effect to changes in market value on securities, which have not been sold from the portfolio.

Regional Dealer. A financial intermediary that buys and sells securities for the benefit of its customers without maintaining substantial inventories of securities and that is not a primary dealer.

Repurchase Agreement. Short-term purchases of securities with a simultaneous agreement to sell the securities back at a higher price. From the seller’s point of view, the same transaction is a reverse repurchase agreement.

Safekeeping. A service to bank customers whereby securities are held by the bank in the customer’s name.

Structured Note. A complex, fixed income instrument, which pays interest, based on a formula tied to other interest rates, commodities or indices. Examples include inverse floating rate notes which have coupons that increase when other interest rates are falling, and which fall when other interest rates are rising, and "dual index floaters," which pay interest based on the relationship between two other interest rates - for example, the yield on the ten-year Treasury note minus the Libor rate. Issuers of such notes lock in a reduced cost of borrowing by purchasing interest rate swap agreements.

Supranational.  A Supranational is a multi-national organization whereby member states transcend national boundaries or interests to share in the decision making to promote economic development in the member countries.

Total Rate of Return. A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest earnings, realized and unrealized gains, and losses in the portfolio.

U.S. Treasury Obligations. Securities issued by the U.S. Treasury and backed by the full faith and credit of the United States. Treasuries are considered to have no credit risk and are the benchmark for interest rates on all other securities in the US and overseas. The Treasury issues both discounted securities and fixed coupon notes and bonds.

Treasury Bills. All securities issued with initial maturities of one year or less are issued as discounted instruments and are called Treasury bills. The Treasury currently issues three- and six-month T-bills at regular weekly auctions. It also issues “cash management” bills as needed to smooth out cash flows.

Treasury Notes. All securities issued with initial maturities of two to ten years are called Treasury notes and pay interest semi-annually.

Treasury Bonds. All securities issued with initial maturities greater than ten years are called Treasury bonds. Like Treasury notes, they pay interest semi-annually.

Volatility. The rate at which security prices change with changes in general economic conditions or the general level of interest rates.

Yield to Maturity. The annualized internal rate of return on an investment which equates the expected cash flows from the investment to its cost.

4.12.010 Risk management policy statement.

The county of Pueblo adopts by resolution the following policy statement in regard to management of risk of loss to county property, to employees and authorizing volunteers, and to members of the public.
The administration of the risk management program is a function involving the entire county. The principal objective is to protect the county and all of its people and assets at the lowest possible cost. It is to be conducted as efficiently and economically as possible with centralized control to assure uniformity of practice and procedure.
The principal objective is to be achieved through a balance of pooling arrangements and/or purchased insurance, assumption of risk, transfer of risk, control of losses of all types, and use of governmental immunity as appropriate.
Responsibility of administering the risk management program shall rest with Steel City Agencies, Inc., the Risk Manager and Consultant for the county of Pueblo under agreement effective January 1, 1986. The Risk Manager shall report to the County Manager.
Internal administration of the program shall be delegated to the Safety Coordinator who is Chairperson of the Safety Committee for the county. The Safety Committee shall be appointed by the Safety Coordinator under the terms of a resolution passed by the Board of County Commissioners and shall supervise all loss control procedures and practices, recordkeeping for losses, internal costs of risk management including administrative costs.
The responsibility for pooling arrangements with other public entities and/or the purchase of insurance, assumption of risk transfer of risk and the use of governmental immunity, shall be delegated to the Risk Manager. The Risk Manager shall cooperate with the Safety Coordinator and the County Attorney in performance of its duties.
Risk Manager shall work with County, Attorney in regard to contractual transfer of risk specifically in areas where county facilities are being provided to the state of Colorado such as judicial facilities, detention facilities, extension service, and the office of the District Attorney.
The Risk Manager shall report not less than annually to the Board of County Commissioners on the current risk management program. The report shall include costs of the program for pooling, assumed losses and administration. The report shall also include recommendations, if any, for significant changes of practices and procedures.
It shall be a policy of the risk management program to pool or insure risks, as determined by good business judgement, and to assume other risks either through the use of deductibles or through self-insurance. (Res. 86-182)

4.12.020 Safety committees to be established.

A. Each department of Pueblo County government shall establish a safety committee which shall:
1. Address safety issues within their department and utilize the department’s strategic plan to address risk management and safety issues within their department;
2. Designate one member of the department safety committee to serve as a member on the County’s Risk Management team;
3. Recommend risk management policies to the County Risk Management Team.
B. Each elected office of Pueblo County is requested to also establish a safety committee for each such office to:
1. Address safety issues within their department and utilize the department’s strategic plan to address risk management and safety issues within their department;
2. Designate one member of the department safety committee to serve as a member on the County’s Risk Management Team;
3. Recommend risk management policies to the County Risk Management team. (Res. 00-61 § 2.3)

4.12.030 Risk Management Team.

A. The Pueblo County Risk Management Team is established.
B. The membership of the Pueblo County Risk Management Team shall consist of a member designated by each department’s and elected office’s safety committee and a designated representative of Pueblo County’s contracted insurance advisor.
C. The Pueblo County Risk Management Team shall have authority and responsibility to develop and recommend comprehensive safety and risk management policies for Pueblo County to this Board.
D. Further, the Pueblo County Risk Management Team shall have the authority and responsibility to coordinate the activities of departmental safety committees and establish such ad hoc committees, as needed, and is further authorized and directed to create, promote and administer, as directed by this Board, a comprehensive safety program for the benefit of Pueblo County employees, the public at large, and protection of Pueblo County property and assets. (Res. 00-61 § 4--7)

4.12.040 Insurance adviser.

Pueblo County’s contracted insurance advisor shall assist in all of the Risk Management Programs established by the Risk Management Team under the direction of the Risk Management Team and reporting all necessary information to the Risk Management Team and this Board. (Res. 00-61 § 8)

4.20.010 Definitions.

As used in this chapter, the following words shall be given the following meanings:
"Board" means the Board of County Commissioners of Pueblo County, Colorado.
"County" means Pueblo County, Colorado.
"Office paper" means eight and one-half inches by eleven (11) inches and eight and one-half inches by fourteen (14) inches bond paper for use in photocopying, typing and letterhead.
"Paper products" means paper napkins, towels, toilet tissue, legal pads, post-its, greenbar computer paper, plain computer paper, newsprint, corrugated and other cardboard material, and other pre-prints or printed material.
"Postconsumer waste" means a finished material which would normally be disposed of as solid waste having completed its lifecycle as a consumer item.
"Public project" means any publicly funded contract entered into by Pueblo County or any department or agency thereof.
"Recycled paper" means paper which meets the recommended minimum context standards of selected paper and paper products established by the U.S. Environmental Protection Agency in its final guideline date June 22, 1988, 53 C.F.R. 23546, as amended, with not less than fifty (50) percent of its total weight consisting of ten (10) percent reclaimed fiber including fifty (50) percent postconsumer waste. (Res. 93-227 § A)

4.20.020 Bid preferences--Recycled paper products.

When a contract is to be awarded in a public project, a bidder who has used recycled paper in the manufacture of the commodities or supplies described in the bid shall be allowed a preference of up to five percent as determined by the Pueblo County Director of Purchasing. The Purchasing Director shall award a greater preference in the bid, up to the ten (10) percent maximum, for greater content of recycled and/or postconsumer material included in the bid. Where two or more bidders’ contracts are the same price after adjustment for preference based upon recycled material and postconsumer waste content, the bidder whose bid products contain the most recycled and/or postconsumer material shall be awarded the bid. A bidder shall only receive preference for recycled and/or postconsumer waste material in the bid if the commodities or supplies described in the bid are adequate and suitable for the purposes of the bid. No such preference may be allowed unless the Purchasing Department receives at least two bids on the contract. (Res. 93-227 § B)

4.20.030 County purchases of office paper and paper products.

A. When purchasing office paper and paper products, the County Director of Purchasing may, whenever the price is competitive and the quality adequate for the purpose intended, purchase recycled office paper and paper products as the same are defined in Section 4.20.010.
B. For county fiscal year 1993, the County Director of Purchasing shall ensure that a level of at least fifteen (15) percent of total volume of office paper and paper products purchased by Pueblo County for use during that fiscal year shall contain recycled paper. The level shall increase to at least thirty (30) percent for county fiscal year 1994; to at least forty (40) percent for county fiscal year 1995; to at least fifty (50) percent for county fiscal year 1996, and for each fiscal year thereafter so long as the purchase of office paper and paper products at the levels set forth herein is practicable.
C. Each Pueblo County department using recycled office paper may print the notation "printed on recycled paper" on any office paper or paper product which has been certified by the County Director of Purchasing as recycled paper.
D. When purchasing tires, motor oil, and other products made from recycled materials, the County Purchasing Director shall, whenever the price is competitive and the quality adequate for the purpose intended, award up to a five percent preference to a bidder who supplied retread tires or re-refined motor oil, and other products made from recycled material. No such preference may be allowed unless the Purchasing Department receives at least two bidders on the contract.
E. In furtherance of the county-wide goal to use recycled office paper and paper products, and in order to promote the use and supply of recycled office paper and paper products, Pueblo County, acting by and through the County Director of Purchasing, shall, where practicable and where the quality is adequate for the purpose intended, allow up to a five percent preference to a bidder who uses environmentally friendly ink such as soy ink in the commodities and supplies described in the request for proposals prepared by the county. (Res. 93-227 § C)

4.24.010 Purpose.

As required by Section 39-8-108.5, C.R.S., and in order to give taxpayers an alternative to pursuing and appeal of the County Board of Equalization’s decision through either the board of assessment appeals or district court, an arbitration process is established and implemented by the Board of County Commissioners of Pueblo County, Colorado. (Res. 88-244 § 1)

4.24.020 Arbitrators.

As required by Section 39-8-108.5(1)(a), C.R.S., the Board of County Commissioners of Pueblo County, Colorado, shall develop and maintain a list of qualified persons who shall act as arbitrators of property valuation disputes. Such list shall be in resolution form and shall be kept on file in the office of the Pueblo County Clerk and Recorder. Such list shall be updated or revised by resolution as deemed necessary by the Board of County Commissioners. Pursuant to Section 39-8-108.5(1)(b), C.R.S., in order to qualify as an arbitrator, an individual, in addition to being experienced in the area of property taxation, shall be any one of the following: attorney licensed to practice law in the state of Colorado; an appraiser who is a member of the institute of real estate appraisers or its equivalent; a former county assessor; a retired judge; and/or a licensed real estate broker. Additionally, the Board of County Commissioners may require any other qualifications it deems necessary. (Res. 88-244 § 2)

4.24.030 Arbitration procedures.

A. Filing. Within thirty (30) days of the County Board of Equalization’s decision, any taxpayer who plans to pursue arbitration shall notify the County Board of Equalization of his or her intent to pursue arbitration. Such notice of intent shall be accomplished by the filing of a petition with the County Board of Equalization on a form supplied by the Board. By mailing or hand delivering one copy of the form to the County Board of Equalization which is received or postmarked on or before the close of business on the thirtieth (30th) day following the County Board of Equalizations decision, a taxpayer will be deemed to have properly filed his or her petition for arbitration with the Board. The petition shall include the following:
1. Name, address and phone number of petitioner;
2. Description of the property in question, including address, schedule number, and type of property, i.e. residential or other;
3. Issues for arbitration;
4. Statement to the effect that all required fees have been advanced or are in negotiation with the County Board of Equalization and will be advanced to be held in trust pending the arbitrator’s decision;
5. The name of the arbitrator designated by the petitioner; and
6. The petition must be signed and dated by the petitioner.
Whenever it appears the petition is not filed within the time permitted by law, or the petitioner has failed to exhaust all procedures provided by law before appeal to the arbitrator, or the arbitrator otherwise lacks jurisdiction, the case may be dismissed upon the motion of any party to the action or upon the motion of the arbitrator.
B. Fees.
1. Residential Property. Along with his or her completed petition, the taxpayer shall advance one hundred fifty dollars ($150.00) to the Clerk and Recorder of Pueblo County to be held in trust to cover the fees and expenses of the arbitration proceeding; which fees shall be held in trust and disbursed as provided in the arbitrator’s decision. The fees shall either be returned to the taxpayer or paid to the arbitrator depending on the arbitrator’s decision.
2. Other Taxable Property. For cases concerning any taxable property other than residential real property, the taxpayer shall, at the time his or her petition is filed with the Board, contact the County Assessor or his or her representative to determine an estimated fee for arbitration. Upon agreement, and deposit of the fee with the Clerk and Recorder’s Office to be held in trust depending the arbitrator’s decision, the matter will be assigned to the arbitrator. The fees will either be returned to the taxpayer or paid to the arbitrator depending upon the arbitrator’s decision.
3. Waiver. Any taxpayer who is unable to advance the fees for arbitration can apply to the Board of County Commissioners for a waiver of the fee requirement. Following the presentation, by the taxpayer, of satisfactory, documented proof of the taxpayer’s indigency to the Board, a waiver will be granted.
4. Witness Fees and Costs. Each party shall pay that party’s own witness fees, attorney’s fees and miscellaneous costs.
Note: No arbitration hearing shall be scheduled until either all required fees have been deposited with the Clerk and Recorder or the appropriate waiver is granted. (Res. 88-244 § 3)

4.24.040 Hearings.

A. Selection of Arbitrator. The taxpayer and the County Board of Equalization’s representative shall select an arbitrator from the list on file in the office of the Clerk and Recorder following the advancement of fees as provided for in Section 4.24.030(B). In the absence of agreement by the taxpayer and the County Board of Equalization, the district court of the county in which the property is located shall select an arbitrator from the list.
B. Scheduling of Hearing. Arbitration hearings shall be held within sixty (60) days from the date the arbitrator is selected by the parties. The hearings shall be at a time and place set by the arbitrator with the mutual consent of the taxpayer and the representative of the County Board of Equalization.
C. Procedure. The arbitrator shall preside at the hearing. Procedures shall be informal and strict rules of evidence shall not apply except as necessitated in the opinion of the arbitrator by the requirements of justice. All questions of law and fact shall be determined by the arbitrator. The arbitrator may determine time limitations or make other decisions in order to conduct a reasonable and fair hearing. All testimony in arbitration proceedings shall be given under oath administered by the arbitrator. The order of proceedings in arbitration hearings shall be as follows:
1. Opening statements, if desired by the arbitrator. The party initiating the appeal shall proceed first;
2. Presentation of evidence by the petitioner;
3. Presentation of evidence by the County Board of Equalization;
4. Presentation by any other party or person admitted to appear; and
5. Final arguments, if desired by the arbitrator, or direction to submit briefs, if desired by the arbitrator.
The arbitrator may, in his or her discretion, alter or amend the aforementioned order of proceedings, at any time and in any manner deemed appropriate and proper under the circumstances.
D. Subpoena. The arbitrator may issue, or cause to be issued, subpoenas for the attendance of witnesses and for the production of books, records, documents and other evidence, and shall have the power to administer oaths. Subpoenas so issued shall be served and, upon application to the district court by the taxpayer or the County Board of Equalization or the arbitrator, be enforced in the manner provided by law for the service and enforcement of subpoenas in civil actions.
E. Attendance of Parties. The taxpayer and the County Board of Equalization shall be entitled to attend hearings personally or with counsel and participate in the proceedings. Such participation may include the filing of briefs and affidavits. Upon agreement of both parties, the proceedings may be deemed confidential and closed to the public. The arbitrator may, in his discretion and upon prior written application, permit the appearance or intervention of persons or agencies not parties to the action for the purpose of submitting evidence, argument, or briefs as the arbitrator may direct.
F. Record of Proceedings. No record of the proceedings is required. Should a record be desired, the record shall be by electronic recorder or court reporter at the discretion of the arbitrator. Parties may employ, at their own expense, a court reporter. Transcripts may be made, and shall be paid for by the party desiring the transcript. (Res. 88-244 § 4)

4.24.050 Decision of the arbitrator.

The arbitrator’s decision shall be in writing and signed by the arbitrator. The arbitrator shall deliver a copy of his or her decision to the parties personally or by registered mail within ten (10) days of the hearing. The decision shall include:
A. County docket number;
B. The title of the document as "Arbitration Decision and Award";
C. Full case name;
D. Identities of all parties who were present at the hearing either in person or through representation by counsel;
E. The description and schedule number of the real property in question or dispute;
F. The arbitrator’s decision, i.e., that the arbitrator has found in favor of the taxpayer or the County Board of Equalization and against the other party, and the basis therefore;
G. The amount of change in the valuation of the subject property, if any;
H. The amount of the arbitrator’s fees and expenses, not including counsel fees, incurred in the conduct of the arbitration hearing, and a statement as to which party is to pay the fees; and
I. Signature/date line for the arbitrator to sign and date his or her decision.
The arbitrator shall be immune from civil liability arising from participation as an arbitrator and for all communications, findings, opinions, and conclusions made in the course of his or her duties under Section 39-8-108.5, C.R.S. The decision of the arbitrator shall be final and is not subject to review or appeal. (Res. 88-244 § 5)

4.28.010 Established.

The Board of County Commissioners of Pueblo County recognizes and establishes the property tax work-off program to be administered by the Human Resources Department with moneys budgeted within the designated Pueblo County Approved Budget. (Res. 98-188)

4.32.010 Terms defined.

As used in this policy, unless the context otherwise requires, terms are defined as follows:
“Abandoned property” means any lost, stolen or unclaimed tangible or intangible personal property held by or under the control of an of­ficer or employee of the county for a period of more than thirty (30) days after notice is pro­vided in accordance with Section 4.32.030. Property that has been confiscated pursuant to law by a peace officer of the county, but which is not subject to forfeiture or criminal proceed­ings as determined by the District Attorney of the 10th Judicial District, and the owner’s possession is otherwise illegal, or is otherwise determined by the holding law enforcement agency as dangerous, shall be deemed aban­doned notwithstanding such notice requirement. (E.g., kegs possessed by minors, unlawful fireworks or those possessed unlawfully by minors) However, any abandoned cash ac­quired by the District Attorney from any law enforcement agency shall be deposited in the forfeiture account and shall be disposed of in accordance with Resolution No. 92-469, as amended.

“Dangerous property” means property that poses a threat to the health, safety or welfare of the citizens of the county.

“Unclaimed property” includes property that is payable or distributable but not claimed by the owner on the date such property becomes payable or distributable.

“Property” within the meaning of this chapter does not include animals. In addition, abandoned motor vehicles shall be subject to the provisions set forth in Title 42 of the Colorado Revised Statutes.

“Nominal value” means a market value of twenty-five dollars ($25.00) or less. (Res. 02-239 (part))

4.32.020 Applicability.

This chapter applies to all abandoned property in the possession of any county officer or employee. It is the board’s intent that the policies set forth herein shall be consistent with Parts 3, 5 and 6 of Article 13, Title 16 and Section 18-12-110 of the Colorado Revised Statutes regarding confiscated, seized and/or forfeited property and firearms. (Res. 02-239 (part))

4.32.030 Notice.

Except as otherwise provided by Sections 4.32.050 and 4.32.060, the procedures for giving notice to owners of abandoned property are as follows:

A. Except as otherwise required by subsection (C) of this section, within twenty (20) days after obtaining possession of abandoned property, other than property which has nominal commercial value, the county official or the director of the county department having possession of such property, or their respective designees, shall send a written notice to any known owner of such unclaimed property at his or her last known address. When ownership of such property is unknown, the official or director shall determine ownership that may be ascertained readily. The last known address of the owner shall be that shown by any official records of the county. The notice shall include a description of the property and, if applicable, how the county official or department acquired possession of the property. The notice shall state where the owner may claim the property.

B. If the property remains unclaimed thirty (30) days after written notice has been sent to the last known address of the owner, the property shall be considered abandoned property subject to disposition as set forth herein. In the event ownership cannot be determined readily or there is no address for an owner in official records of the county, such property shall be deemed immediately abandoned.

C. Any elected official or Director of a department, other than a law enforcement agency, who acquires possession of an abandoned firearm, as such term is defined in Section 4.32.050, shall immediately notify the County Sheriff who shall take immediate custody of such property. (Res. 02-239 (part))

4.32.040 Disposition.

A. An elected official or the department head in possession of the abandoned property who wishes to retain such property for county use shall inform the Director of Purchasing of the intent to retain the property. If the elected official or the director of the department does not wish to retain the abandoned property he or she shall immediately transfer such property to the County Purchasing Department. Such property shall be recorded and maintained the same as all other county property. Further disposition of such property shall be in accordance with the County Inventory Policy.
B. Elected officials or department directors may establish administrative procedures for validating ownership of the property and the validity of a claim for such property.
C. If property has nominal or no commercial value or the property is illegal or dangerous, the elected official or department head or his or her respective designee holding such property may properly dispose of or destroy the property at any time. (Res. 02-239 (part))

4.32.050 Firearms.

Unless otherwise required by state or federal law, including Article 13 of Title 16, of the Colorado Revised Statutes, any abandoned firearm, as such term is defined in Section 18-1-901(h), C.R.S., shall be disposed of as follows:
A. Firearms may be retained by the Pueblo County Sheriff’s Office for training or operational use and shall be subject to applicable provisions of the Pueblo County Inventory Policy.

B. Firearms may be sold or transferred directly to another law enforcement agency or may be traded for property held by another law enforcement agency.

C. Firearms remaining in the possession of the Pueblo County Sheriff and not used for purposes otherwise outlined herein shall be destroyed immediately by the Pueblo County Sheriff or his designee. (Res. 02-239 (part))

4.32.060 Perishable Property.

If any property seized or otherwise obtained by the county is of a perishable nature, or such nature as to make it inadvisable in the opinion of the Board of County Commissioners to retain possession, such property shall be forthwith advertised for sale at public auction with public notice to be published in a newspaper of general circulation throughout the county, not less than three days prior to such sale, which notice shall contain the date, time and place of such sale and the reason for the immediate sale. Any proceeds from such sale shall be retained by the county and transmitted to the treasurer for deposit in the County General Fund. Property that has a perishable life of less than three days may be disposed of immediately by the elected official or department head or his or her respective designee. (Res. 02-239 (part))

4.32.070 Seized-Forfeited Property.

Notwithstanding Section 4.32.040, and in addition to other provisions under Article 13 of Title 16, C.R.S., a seizing agency, as such term is defined in Section 16-13-301 (2.7), C.R.S., shall be subject to specific disposition provisions of Article 13, Title 16, C.R.S., as follows:
A. The seizing agency shall adopt policies and procedures for the expeditious release of seized property not subject to forfeiture, when release is appropriate.

B. In accordance with Section 16-13-702, C.R.S., no forfeited property or proceeds, including property or proceeds acquired pursuant to Section 16-13-601, and Parts 3, 5 and 6 of Article 13 of Title 16, C.R.S., regardless of whether the property or proceeds are acquired by court order, shall be used without prior approval of the committee on disposition of forfeited property created by Resolution No. 92¬469. If and when the committee approves the use of forfeited property or expenditure of forfeited proceeds, such property shall be considered county property and shall be subject to the County Inventory Policy and, in accordance with Section 30-10-102, C.R.S., any proceeds shall be transmitted to the County Treasurer who shall deposit same in the County General Fund.

C. The seizing agency shall comply with the reporting requirements set forth in Section 16-13-701, C.R.S.

D. The seizing agency shall comply with Sections 16-13-314 and 16-13-507, C.R.S., regarding disposition of contraband article or property.

E. Vehicles or property forfeited pursuant to Parts 3, 5 or 6 of Article 13 of Title 16, C.R.S., and ordered by the court pursuant to Sections 16-13-311(3) or 16-13-506, C.R.S., to be delivered to the seizing agency for law enforcement purposes shall be considered county property and shall be subject to the County Inventory Control Policy. (Res. 02-239 (part))

4.36.010 Designated.

I. Fees.

The Board of County Commissioners fixes the amount of fees chargeable by the Pueblo County Sheriff under Section 30-1-104, C.R.S., specifically as follows:
1. a. For serving and returning summons or other writ of process in a criminal action not specified in this section, with or without complaint attached, on each party served, actual expenses, but not more than fifteen dollars ($15.00);
b. For serving and returning a summons or other writ of process in other than a criminal action not specified in this section, with or without complaint attached, on each party served, actual expenses, but not more than thirty-five dollars ($35.00);
2. a. For making a return on a summons in a criminal action not served, for each party, actual expenses, but not more than five dollars ($5.00);
b. For making a return on a summons in other than a criminal action not served, for each party, actual expenses, but not more than twenty dollars ($20.00);
3. a. For serving and returning each subpoena in a criminal action on each witness, actual expenses, but not more than seven dollars and fifty cents ($7.50);
b. For serving and returning each subpoena in other than a criminal action on each witness, actual expenses, but not more than sixty dollars ($60.00);
4. a. For making return on a subpoena in a criminal action not served, five dollars ($5.00);
b. For making return on a subpoena in other than a criminal action not served, actual expenses, but not more than twenty dollars ($20.00);
5. For serving each juror, ten dollars ($10.00);
6. For serving and returning writ of attachment or replevin on each party, mileage and actual expenses;
7. For serving garnishee summons on each party, actual expenses, but not more than twenty dollars ($20.00);
8. a. Mileage for each mile actually and necessarily traveled in serving each writ, subpoena, or other process in a criminal action, not less than twelve cents ($.12) nor more than the maximum mileage allowance provided for state officers and employees under C.R.S. § 24-9-104, as determined by resolution of the Board of County Commissioners; except that actual and not constructive mileage shall be allowed in all cases; and, where more than one warrant is served by any officer on one trip, the actual mileage only shall be allowed such officer, and the actual mileage shall be apportioned among the several warrants served on the trip;
b. Mileage shall not exceed the mileage rate authorized for County officials and employees pursuant to C.R.S. § 30-11-107(1)(t), as amended, for each mile actually and necessarily traveled in serving each writ, subpoena, or other process in other than a criminal action;
c. The Pueblo County Sheriff may establish a zone- or zip code-based mileage fee structure. The zone- or zip code-based mileage fee structure shall establish a single mileage fee for the service of any writ, subpoena, or other process in an action, other than a criminal action, in each separate zone or zip code, as applicable in Pueblo County. The applicable single mileage fee for a zone or zip code shall be charged for all papers serviced in the zone or zip code regardless of the number of attempts or actual mileage traveled by a sheriff within the zone or zip code during a sheriff's operational period. The Pueblo County Sheriff's Office has established a zone- or zip code-based mileage fee structure as set forth in the attached Appendix "A." The single mileage fees for each zone or zip code in Pueblo County as set forth in Appendix "A" are hereby set by resolution and approved by the Board of County Commissioners. The Sheriff's Office will post Appendix "A" in a location accessible to the public pursuant to C.R.S. § 30-1-108, as amended;
9. In making demand for payment on executions when payment is not made, one dollar ($1.00);
10. For levying execution or writ of attachment, besides actual custodial and transportation costs necessarily incurred, mileage and actual expenses.
11. For levying writ of replevin, besides actual custodial and transportation costs necessarily incurred, actual expenses and mileage.
12. For custodian or deputy appointed by the Sheriff after request of the appointment by the plaintiff or his or her attorney, the sum of twelve dollars ($12.00) per diem of twelve hours, or fraction thereof;
13. For making and filing for record a certificate of levy on attachment or other cases, actual expenses, but not more than thirty dollars ($30.00);
14. For committing and discharging prisoners to and from the county jail, a reasonable fee, not to exceed thirty dollars ($30.00), which fee shall be collected directly from prisoners at the time of commitment, but shall be refunded to any prisoner who is not convicted;
15. For serving writ with aid of posse comitatus with actual expenses necessarily incurred in executing said writ, actual expenses, but not more than sixty dollars ($60.00); for serving same without aid, actual expenses, but not more than four dollars ($4.00);
16. For attending before any judge, court not being in session, with prisoners with writ of habeas corpus for each day of twelve (12) hours, or fraction thereof, twelve dollars ($12.00);
17. For attending courts of record when in session, per diem of twelve (12) hours, or fraction thereof, twelve dollars ($12.00); but the attendance upon the county court shall be certified by the judge of said court at the close of each month;
18. For advertising property for sale, besides the actual cost of the advertising, actual expenses, but not more than thirty dollars ($30.00);
19. For making certificates of sale previous to execution of deed, or on sales of personal property, actual expenses, but not more than thirty dollars ($30.00);
20. For executing and acknowledging deed of sale of real estate, actual expenses, but not more than forty dollars ($40.00);
21. For taking, approving, and returning bond in any case, a reasonable fee, not to exceed ten dollars ($10.00);
22. For executing capias or warrant in criminal cases, on each prisoner named therein, two dollars ($2.00);
23. For transporting insane or other prisoners, besides the actual expenses necessarily incurred, not less than twelve cents ($.12) per mile nor more than the maximum mileage allowance provided for state officers and employees under C.R.S. § 24-9-104, as determined by resolution of the Board of County Commissioners, and for the service of mittimus or other process order, whether written or otherwise, in transporting prisoners, not less than twelve cents ($.12) per mile nor more than the maximum mileage allowance provided for state officers and employees under C.R.S. § 24-9-104, as determined by resolution of the Board of County Commissioners; except that such mileage shall be only by one officer and no mileage shall be charged upon the guards attending the officer having custody of the prisoner and further except that the guards attending the officer in charge of the prisoner shall receive, besides the expenses necessarily incurred, the sum of twelve dollars ($12.00) per diem of twelve hours, or fraction thereof, to be paid out of the County Treasury;
24. For services in sales of real estate on an execution or decree, order of court, or other court process, besides actual expenses, on all bids under three thousand dollars ($3,000.00), twenty dollars ($20.00); and on all sums bid over three thousand dollars ($3,000.00), one percent (1%); but such commission shall in no case exceed the sum of one hundred dollars ($100.00);
25. For money collected by sale of personal property, on all sums bid under five hundred dollars ($500.00), five percent (5%); on all sums bid over five hundred dollars ($500.00) and under one thousand dollars ($1,000.00), six percent (6%); and on all sums bid over one thousand dollars ($1,000.00), seven percent (7%); but no fee shall be charged for an auctioneer or other person for making sales of personal property; and in no case shall such commission exceed the sum of one hundred dollars ($100.00);
26. For money collected or settlements made without sale, after writ of execution, attachment, or replevin has been placed with the officer or sheriff and levy or demand for payment has been made on the proper party, on all amounts under five hundred dollars ($500.00), three percent (3%); on all amounts over five hundred dollars ($500.00) and under one-thousand dollars ($1,000.00), two percent (2%); and on all amounts over one thousand dollars ($1,000.00), one and one-half percent (1 ½ %); but the fee in no case shall exceed the sum of one hundred and fifty dollars ($150.00); and the plaintiff or any person making any settlement shall be liable to the Sheriff for such fees;
27. For pursuing and capturing, or pursuit without capture, when previously authorized by the Board of County Commissioners, each prisoner charged with the commission of any crime denominated a felony, beyond the limits of the county, all necessary expenses of such pursuit, upon a verified, itemized account being presented for the same, together with twelve dollars ($12.00) per diem of twelve (12) hours for the time occupied in such pursuit;
28. For serving and returning writ of ne exeat or body attachment, actual expenses, but not more than twenty dollars ($20.00);
29. For serving copy of execution when making levy on shares of stock under execution, on each party served, actual expenses, but not more than sixty dollars ($60.00);
30. For making certificates of levy on shares, or otherwise, actual expenses, but not more than thirty dollars ($30.00);
31. For making return on execution, actual expenses, but not more than sixty dollars ($60.00)
32. For executing certificate of redemption, actual expenses, but not more than thirty dollars ($30.00);
33. For service of any writ of restitution or order of possession of premises, besides actual transportation costs necessarily incurred, actual expenses not to exceed two hundred dollars ($200.00) except that a sheriff may charge for actual expenses in excess of two hundred dollars ($200.00) if the work performed exceeds two (2) hours in duration. A sheriff may charge a fee under this paragraph after the sheriff has provided a detailed accounting of his or her actual expenses to the person requesting such service. Actual transportation costs assessed pursuant to this paragraph shall only be charged once per location for each service or execution.

II. Two or more papers served on the same person or different persons at the same time and place in same action.

Pursuant to C.R.S. § 30-1-105.5, as amended, in situations when two or more papers are served on the same person or different persons at the same time and place and in the same action, the Sheriff shall charge the highest individual fee allowable pursuant to C.R.S. § 30-1-104 for the first process and an additional ten dollars ($10.00) for each subsequent process served. The Sheriff shall charge the single zone mileage-based fee for the first process.

III. Billing Accounts.

Pursuant to C.R.S. §30-1-106(1), no sheriff shall refuse to serve any writ, summons, or notice requested by any person entitled to such service, when offered or tendered the fees allowed by law for such service; nor shall he or she charge, demand, or receive any greater sum or compensation or allowance. Pursuant to C.R.S. § 30-1-106(2) and (3), as amended, the Pueblo County Sheriff's Office has the authority to establish billing accounts for licensed attorneys and licensed collection agencies that have a principal office located in the State of Colorado. The Sheriff's Office Civil Division has the authority to develop standardized procedures for billing the accounts authorized herein, including the ability to suspend the billing privileges of any entity for nonpayment of a fee upon demand or other good cause shown. (Res. 10-210)

Sheriff Civil Fees Amended Appendix - 08-26-2010.pdf

4.40.010 Fees assigned.

A. All offenders placed in the Pueblo County work release program prior to the effective date of the resolution codified in this section, shall pay a fee of eight dollars ($8.00) per day for participation in the Pueblo County work release program.
B. For all offenders placed in the work release program after the effective date of said resolution, fees for participation in the Pueblo County work release program are established as set forth below, and these fees shall be paid for all work release offenders sentenced as a condition of probation, and for all other work release offenders, in the order of priority as set forth in Sections 16-11-212(2), and 17-26-128(5), C.R.S.

 (Res. 94-370 § 1; Res. 94-274 §§ 2, 3)