Colorado Revised Statutes Title 22. Education § 22-41-102.5. Public school fund investment board--creation--working group--report

(1)(a) There is hereby created the public school fund investment board, referred to in this section as the “board”. The board consists of five members, as follows:

(b) Initial appointments of members must be made no later than thirty days after August 10, 2016. The board must meet for the first time no later than thirty days after the appointment of the members as required in this paragraph (b), and the board must meet no less than quarterly thereafter.

(c) The state treasurer and two other voting members of the board constitutes a quorum of the board.

(2)(a) Except for the state treasurer, members of the board serve two-year terms and may not serve more than three consecutive terms, and none of the board members, except for the treasurer, may hold any state elective office. The state board of land commissioners or the state treasurer may remove their appointed members for any cause that renders the member incapable of discharging or unfit to discharge the member's duty to the board. The state board of land commissioners or the state treasurer may fill any vacancy by appointment, and such appointment must be made no later than ninety days after the date of the vacancy. A member appointed to fill a vacancy serves until the expiration of the term for which the vacancy was filled. Members of the board serve without compensation but may receive reimbursement for travel and other necessary expenses actually incurred in the performance of their duties. The reimbursements are paid from the interest and income earned on the deposit and investment of the public school fund subject to the requirements set forth in section 22-41-102.

(b) Beginning with the state treasurer's appointments to the board to replace existing board members whose final terms expire on or after July 1, 2022, the state treasurer may stagger the terms of newly appointed board members to ensure that the terms of no more than two of the state treasurer's three appointments to the board expire in the same year. In the state treasurer's discretion, the first three new members appointed by the state treasurer on or after July 1, 2022, may serve an initial term of between one and three years, as determined by the state treasurer. After the initial term, the members serve two-year terms for a total of three consecutive terms, as set forth in subsection (2)(a) of this section.

(4)(a) No later than March 31, 2017, the board shall establish policies that are necessary and proper for the administration of this section, including but not limited to:

(b) The policies must be posted on the department of the treasury's website no later than April 5, 2017.