PDA

View Full Version : Colorado gold rush, hurry folks,spread far and wide




speciallyblend
02-02-2009, 03:47 PM
There is GOLD in them there HILLS;):eek:

First Regular Session
Sixty-seventh General Assembly
STATE OF COLORADO


INTRODUCED

LLS NO. 09-0722.02 Ed DeCecco HOUSE BILL 09-1206

HOUSE SPONSORSHIP

Lambert,

SENATE SPONSORSHIP

Lundberg,

House Committees Senate Committees

State, Veterans, & Military Affairs

A BILL FOR AN ACT
101 CONCERNING AN ELECTRONIC CURRENCY BACKED BY RESERVES OF
102 PRECIOUS METALS.

Bill Summary

(Note: This summary applies to this bill as introduced and does
not necessarily reflect any amendments that may be subsequently
adopted.)

Establishes a system for certain transactions to allow the state and
political subdivisions to make and receive payment using an electronic
gold currency, which transactions shall include:

! Taxes and other involuntary charges;
! Purchase or sale of property by the state or a political
subdivision;
! Any payment that arises out of the exercise of eminent

Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.

Capital letters indicate new material to be added to existing statute.

Dashes through the words indicate deletions from existing statute.


domain;
! Judgments, decrees, or orders; and
! Wages, salaries, fees, or other monetary compensation.
Requires tobacco taxes to be paid using electronic gold currency.

Requires the state treasurer to designate electronic gold currency
providers through which the electronic gold currency transactions will be
conducted for the state and political subdivisions. Requires any person
that wants to make or receive a payment in electronic gold currency to
maintain an account with an electronic gold currency payment provider.
Requires the state treasurer and a fiscal officer of a political subdivision
to facilitate the implementation of the electronic gold currency system.

Establishes qualifications for a designated gold currency payment
provider, which include:

! Storage of gold representing the electronic gold currency
units in each customer's account by an independent specie
vault;

! Association with, or provision of services of, a specie
exchange to allow the customers of the electronic gold
currency payment provider to undertake various
conversions involving gold and silver coin, electronic gold
currency, and legal tender of the United States.

Establishes qualifications for an independent specie vault and for
specie exchange.

Establishes civil liability and criminal penalties for the inaccurate
determination of exchange rates between electronic gold currency and
legal tender of the United States .

1 Be it enacted by the General Assembly of the State of Colorado :
2 SECTION 1. Title 24, Colorado Revised Statutes, is amended BY
3 THE ADDITION OF A NEW ARTICLE to read:
4 ARTICLE 19.3
5 Payment in Coin and Electronic Currency
6 24-19.3-101. Short title. THIS ARTICLE SHALL BE KNOWN AND
7 MAY BE CITED AS THE " COLORADO HONEST MONEY ACT".
8 24-19.3-102. Legislative declaration. (1) THE GENERAL
9 ASSEMBLY HEREBY FINDS AND DECLARES THAT:

10 (a) THE ABSENCE OF GOLD AND SILVER COIN OR OF AN ELECTRONIC

-2- HB09-1206



GOLD CURRENCY THAT IS PAYABLE IN A SPECIFIED WEIGHT OF GOLD METAL
AND CONVERTIBLE ON DEMAND INTO GOLD AND SILVER COIN AS MEDIA OF
EXCHANGE BETWEEN THE STATE OF COLORADO AND THE CITIZENS,
INHABITANTS, AND BUSINESSES OF THE STATE:

(I) EXPOSES THE STATE AND THE CITIZENS, INHABITANTS, AND
BUSINESSES OF THE STATE TO CHRONIC PROBLEMS AND POTENTIALLY
SERIOUS CRISES THAT MAY ARISE FROM THE ECONOMIC AND POLITICAL
INSTABILITY OF THE PRESENT DOMESTIC AND INTERNATIONAL SYSTEMS OF
COINAGE, CURRENCY, BANKING, AND CREDIT;
(II) EXPOSES THE STATE AND THE CITIZENS, INHABITANTS, AND
BUSINESSES OF THE STATE TO THE CHRONIC DEPRECIATION OF MEDIA OF
EXCHANGE OTHER THAN GOLD AND SILVER; AND
(III) WEAKENS THE FISCAL FOUNDATION OF THE STATE AND THE
CITIZENS, INHABITANTS, AND BUSINESSES OF THE STATE; AND
(b) IT IS NECESSARY AND PROPER FOR THE GENERAL ASSEMBLY TO
GUARANTEE TO AND PROVIDE FOR THE STATE A CONSTITUTIONAL AND
ECONOMICALLY SOUND MEDIA OF EXCHANGE BY EXERCISING THE STATE'S
POWER, PRIVILEGE, AND DUTY TO MAKE GOLD AND SILVER COIN A TENDER
IN PAYMENT OF DEBTS, AS RESERVED TO AND REQUIRED OF EACH STATE
UNDER CLAUSE 1 OF SECTION 10 OF ARTICLE I OF THE UNITED STATES
CONSTITUTION, AND CONFIRMED BY THE TENTH AMENDMENT THERETO.
24-19.3-103. Definitions. AS USED IN THIS ARTICLE, UNLESS THE
CONTEXT OTHERWISE REQUIRES:

(1) "ELECTRONIC GOLD CURRENCY" MEANS A SPECIFICALLY
DEFINED AMOUNT OF GOLD, MEASURED IN AN ELECTRONIC GOLD
CURRENCY UNIT, THAT AN ELECTRONIC GOLD CURRENCY PAYMENT
PROVIDER MAKES AVAILABLE TO ITS CUSTOMERS AS A MEDIUM OF
-3-HB09-1206



EXCHANGE.

(2) "ELECTRONIC GOLD CURRENCY ACCOUNT" MEANS AN ACCOUNT
THAT IS WITH AN ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER AND
IN WHICH THE ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER
RECEIVES AND MAINTAINS, AND FROM WHICH THE ELECTRONIC GOLD
CURRENCY PAYMENT PROVIDER TRANSFERS, ELECTRONIC GOLD CURRENCY
UNITS ON BEHALF OF A CUSTOMER.
(3) "ELECTRONIC GOLD CURRENCY UNIT" MEANS A UNIT OF
MONETARY ACCOUNT THAT REPRESENTS A CUSTOMER'S CLAIM OF TITLE
AND OWNERSHIP TO A SPECIFICALLY DEFINED FIXED WEIGHT OF GOLD OR
SILVER, OR BOTH GOLD AND SILVER, THAT MAY BE TRANSFERRED AMONG
CUSTOMERS' ACCOUNTS MAINTAINED BY AN ELECTRONIC GOLD CURRENCY
PAYMENT PROVIDER.
(4) "FINANCIAL INSTITUTION" MEANS ANY BANK, TRUST COMPANY,
CREDIT UNION, DEPOSITARY INSTITUTION, SAVINGS INSTITUTION, OR ANY
OTHER SIMILAR BUSINESS OR INSTITUTION.
(5) "FISCAL OFFICER" MEANS A MUNICIPAL OR COUNTY
TREASURER .
(6) "GOLD AND SILVER COIN" MEANS ANY OF THE FOLLOWING
GOLD COINS, SILVER COINS, OR COMBINATION OF BOTH:
(a) GOLD COINS, WHICH SHALL INCLUDE:
(I) UNITED STATES AMERICAN EAGLE COINS, OF ALL
DENOMINATIONS, MINTED UNDER PUBLIC LAW 99-185;
(II) AUSTRIAN ONE HUNDRED CORONA, TWENTY CORONA, FOUR
DUCAT, AND ONE DUCAT;
(III) BRITISH SOVEREIGN;
(IV) CANADIAN ONE AND ONE-TENTH MAPLE LEAF;
-4-HB09-1206



(V) FRENCH TWENTY FRANC;
(VI) MEXICAN FIFTY, TWENTY,TEN, FIVE, AND TWO AND ONE-HALF
PESO;
(VII) SOUTH AFRICAN ONE, ONE-HALF, ONE-QUARTER, AND
ONE-TENTH KRUGERRAND; AND
(VIII) SWISS TWENTY FRANC; AND
(b) SILVER COINS, WHICH SHALL INCLUDE:
(I) UNITED STATES DOLLARS, SO DENOMINATED AND WHENEVER
MINTED, THAT WERE OR ARE REQUIRED BY THE STATUTES AUTHORIZING
THEIR COINAGE TO CONTAIN 371.25 GRAINS OF FINE SILVER PER DOLLAR;
(II) UNITED STATES HALF DOLLARS, QUARTER DOLLARS, AND
DIMES, SO DENOMINATED, WHENEVER MINTED, THAT WERE OR ARE
REQUIRED BY THE STATUTES AUTHORIZING THEIR COINAGE TO CONTAIN
FINE SILVER IN AMOUNTS PROPORTIONATE TO THE CONSTITUTIONAL
SILVER DOLLAR OF 371.25 GRAINS OF FINE SILVER PER DOLLAR;
(III) UNITED STATES AMERICAN EAGLE OR LIBERTY COINS MINTED
UNDER PUBLIC LAW 99-61; AND
(IV) CANADIAN MAPLE LEAF.
(7) "INDEPENDENT SPECIE VAULT" MEANS A CORPORATION,
PARTNERSHIP, LIMITED LIABILITY COMPANY, LIMITED LIABILITY
PARTNERSHIP, TRUST COMPANY, OR OTHER LEGAL ENTITY THAT IS NOT
AFFILIATED WITH AN ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER
BY COMMON OWNERSHIP, CONTROL, OR OPERATION AND THAT IS UNDER A
CONTRACTUAL ARRANGEMENT TO PERFORM FOR AN ELECTRONIC GOLD
CURRENCY PAYMENT PROVIDER THE FUNCTIONS DESCRIBED IN SECTION
24-19.3-107.
(8) (a) "LEGAL TENDER OF THE UNITED STATES" MEANS THE
-5-HB09-1206



FOLLOWING:

(I) ALL COINS OF THE UNITED STATES, WHENEVER MINTED, THAT
WERE OR ARE REQUIRED BY THE STATUTE AUTHORIZING THEIR ISSUANCE
TO BE COMPOSED OF FINE SILVER OR FINE GOLD TO THE EXTENT OF LESS
THAN EIGHTY-FIVE PERCENT, BY WEIGHT;
(II) ALL COINS OF THE UNITED STATES, WHENEVER MINTED, THAT
WERE OR ARE REQUIRED BY THE STATUTES AUTHORIZING THEIR ISSUANCE
TO BE COMPOSED SOLELY OF BASE METALS;
(III) ALL PAPER CURRENCIES, WHENEVER ISSUED, THAT ARE
EMITTED BY THE UNITED STATES, OR BY ANY INDIVIDUAL, PERSON,
CORPORATION, OR OTHER LEGALLY RECOGNIZED ENTITY ACTING UNDER
THE AUTHORITY OF THE LAWS OF THE UNITED STATES AND THAT ARE NOT
GUARANTEED BY LAW TO BE REDEEMABLE AND IN FACT ARE NOT BEING
REDEEMED ON A DOLLAR-FOR-DOLLAR BASIS IN GOLD AND SILVER COIN OF
THE UNITED STATES THAT WERE OR ARE REQUIRED BY THE STATUTES
AUTHORIZING THEIR ISSUANCE TO BE COMPOSED OF FINE SILVER OR FINE
GOLD TO THE EXTENT OF EIGHTY-FIVE PERCENT OR MORE, BY WEIGHT.
(b) "LEGAL TENDER OF THE UNITED STATES" DOES NOT INCLUDE
ANY GOLD AND SILVER COIN, REGARDLESS OF WHETHER THE GOLD AND
SILVER COIN WERE DESIGNATED OR ARE DESIGNATED AS LEGAL TENDER
UNDER THE LAWS OF THE UNITED STATES.
(9) "PERSON" MEANS ANY INDIVIDUAL, CORPORATION,
GOVERNMENT OR GOVERNMENTAL SUBDIVISION OR AGENCY, BUSINESS
TRUST, ESTATE, TRUST, LIMITED LIABILITY COMPANY, PARTNERSHIP,
ASSOCIATION, OR OTHER LEGAL ENTITY.
(10) "POLITICAL SUBDIVISION" MEANS A MUNICIPALITY, COUNTY,
CITY AND COUNTY, OR TOWN IN THE STATE.
-6-HB09-1206



(11) "SPECIE EXCHANGE" MEANS ANY PERSON THAT CONDUCTS
THE BUSINESS OF EXCHANGING, IN ANY COMBINATION:
(a) GOLD AND SILVER COIN;
(b) LEGAL TENDER OF THE UNITED STATES; AND
(c) THE ELECTRONIC GOLD CURRENCY OF AN ELECTRONIC GOLD
CURRENCY PAYMENT PROVIDER FOR PERSONS WITHIN THE STATE,
REGARDLESS OF WHERE THE PERSON FUNCTIONING AS A SPECIE EXCHANGE
IS LEGALLY ORGANIZED OR DOMICILED OR MAINTAINS THE PERSON'S
PRINCIPAL PLACE OF BUSINESS.
(12) "STATE" MEANS THE STATE OF COLORADO AND INCLUDES
ANY OFFICER, AGENCY, BRANCH, DEPARTMENT, BOARD, BUREAU,
COMMISSION, DIVISION, OR INSTITUTION OF THE STATE AND ANY
CORPORATION OF THE STATE OR BODY POLITIC OF THE STATE.
24-19.3-104. State treasurer - fiscal officer - duties. (1) THE
STATE TREASURER SHALL:

(a) DESIGNATE ONE OR MORE ELECTRONIC GOLD CURRENCY
PAYMENT PROVIDERS TO BE AN ELECTRONIC GOLD CURRENCY PAYMENT
PROVIDER FOR THE STATE AND POLITICAL SUBDIVISIONS;
(b) MAINTAIN ONE OR MORE ELECTRONIC GOLD CURRENCY
ACCOUNTS WITH ONE OR MORE DESIGNATED ELECTRONIC GOLD CURRENCY
PAYMENT PROVIDERS;
(c) CONDUCT ALL MONETARY TRANSACTIONS OF THE STATE
INVOLVING GOLD AND SILVER IN ANY FORM THROUGH DESIGNATED
ELECTRONIC GOLD CURRENCY PAYMENT PROVIDERS AND THROUGH
ELECTRONIC GOLD CURRENCY ACCOUNTS;
(d) ADOPT ANY RULES AND GUIDELINES THAT ARE NECESSARY AND
PROPER TO IMPLEMENT THIS ARTICLE;
-7-HB09-1206



(e) PREPARE AND DISTRIBUTE ALL NECESSARY AND APPROPRIATE
FORMS, INSTRUCTIONS, AND OTHER INFORMATIONAL MATERIALS TO
EDUCATE PERSONS CONCERNING THEIR RIGHTS, DUTIES, AND OPTIONS
UNDER THIS ARTICLE AND ENABLE PERSONS TO PAY TO AND RECEIVE FROM
THE STATE GOLD AND SILVER IN ANY FORM, AS REQUIRED OR ALLOWED
UNDER THIS ARTICLE;
(f) REPORT AT LEAST QUARTERLY TO THE GENERAL ASSEMBLY
AND TO THE GOVERNOR CONCERNING RECEIPTS, DEPOSITS,
DISBURSEMENTS, AND OTHER RELEVANT INFORMATION RELATED TO
MONETARY TRANSACTIONS INVOLVING GOLD AND SILVER IN ANY FORM;
(g) MAKE RECOMMENDATIONS TO THE GENERAL ASSEMBLY
CONCERNING THE ADMINISTRATION OF THIS ARTICLE; AND
(h) ADVISE ANY FISCAL OFFICER WHO REQUESTS INFORMATION OR
ASSISTANCE RELATED TO THE FISCAL OFFICER'S IMPLEMENTATION OF THIS
ARTICLE.
(2) THE FISCAL OFFICER OF EACH POLITICAL SUBDIVISION SHALL:
(a) MAINTAIN ONE OR MORE ELECTRONIC GOLD CURRENCY
ACCOUNTS WITH ONE OR MORE ELECTRONIC GOLD CURRENCY PAYMENT
PROVIDERS WHO ARE DESIGNATED BY THE STATE TREASURER PURSUANT
TO PARAGRAPH (a) OF SUBSECTION (1) OF THIS SECTION;
(b) CONDUCT ALL MONETARY TRANSACTIONS OF THE FISCAL
OFFICER'S POLITICAL SUBDIVISION INVOLVING GOLD AND SILVER IN ANY
FORM THROUGH DESIGNATED ELECTRONIC GOLD CURRENCY PAYMENT
PROVIDERS AND THROUGH ELECTRONIC GOLD CURRENCY ACCOUNTS;
(c) PREPARE AND DISTRIBUTE ALL NECESSARY AND APPROPRIATE
FORMS, INSTRUCTIONS, AND OTHER INFORMATIONAL MATERIALS TO
EDUCATE PERSONS AS TO THEIR RIGHTS, DUTIES, AND OPTIONS UNDER THIS
-8-HB09-1206



ARTICLE AND ENABLE PERSONS TO PAY TO AND RECEIVE FROM THE FISCAL
OFFICER'S POLITICAL SUBDIVISION GOLD AND SILVER IN ANY FORM, AS
REQUIRED OR ALLOWED UNDER THIS ARTICLE; AND

(d) CONSULT WITH THE STATE TREASURER ON THE MOST
EFFECTIVE AND EFFICIENT MANNER OF IMPLEMENTING THIS ARTICLE
WITHIN THE FISCAL OFFICER'S POLITICAL SUBDIVISION.
24-19.3-105. Account with designated electronic gold currency
payment provider required. ALL PERSONS WHO DEAL WITH THE STATE
OR A POLITICAL SUBDIVISION IN MONETARY TRANSACTIONS INVOLVING
GOLD AND SILVER IN ANY FORM SHALL MAINTAIN AT LEAST ONE ACCOUNT
WITH A DESIGNATED ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER.

24-19.3-106. Designated electronic gold currency payment
providers - qualification. (1) IN ORDER TO QUALIFY FOR DESIGNATION
BY THE STATE TREASURER PURSUANT TO SECTION 24-19.3-104 (1) (a), AN
ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER SHALL:

(a) USE AN ELECTRONIC GOLD CURRENCY UNIT THAT CONSTITUTES
A MONETARY UNIT OF ACCOUNT AND REPRESENTS A CLAIM OF TITLE TO
AND OWNERSHIP OF A SPECIFICALLY DEFINED FIXED WEIGHT OF GOLD HELD
IN ALLOCATED STORAGE FOR CUSTOMERS IN AND BY AN INDEPENDENT
SPECIE VAULT;
(b) DESIGNATE RECEIPTS AND HOLDINGS OF GOLD IN, AND
TRANSFER GOLD AMONG, THE ACCOUNTS OF CUSTOMERS OF THE
ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER ONLY IN THE
ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER'S ELECTRONIC GOLD
CURRENCY UNIT;
(c) PROVIDE A SEPARATE ACCOUNT FOR EACH CUSTOMER THAT IS
ACCESSIBLE TO THE CUSTOMER THROUGH THE INTERNET AND THAT
-9-HB09-1206

more down below

speciallyblend
02-02-2009, 03:48 PM
ALLOWS ELECTRONIC GOLD CURRENCY UNITS TO BE ADDED TO THE
ACCOUNT OR TRANSFERRED TO OTHER CUSTOMERS' ACCOUNTS, TO SPECIE
EXCHANGES, OR TO FINANCIAL INSTITUTIONS THAT ASSOCIATE OR
MAINTAIN ACCOUNTS WITH THE ELECTRONIC GOLD CURRENCY PAYMENT
PROVIDER, AS THE CUSTOMER MAY DIRECT;

(d) MAINTAIN A SECURE ELECTRONIC DATABASE THAT RECORDS
AND MAKES AVAILABLE FOR EACH CUSTOMER'S REVIEW EACH ACTIVITY IN
THE CUSTOMER'S ACCOUNT UPON THE COMPLETION OF THE ACTIVITY AND
THE NUMBER OF ELECTRONIC GOLD CURRENCY UNITS CREDITED TO AND
AVAILABLE FOR THE CUSTOMER'S USE IN THE CUSTOMER'S ACCOUNT
FOLLOWING THE COMPLETION OF THE ACTIVITY THAT MEETS THE
REQUIREMENTS SET FORTH IN SUBSECTION (2) OF THIS SECTION;
(e) ACT AS AGENT ON BEHALF OF THE ELECTRONIC GOLD
CURRENCY PAYMENT PROVIDER'S CUSTOMERS TO ARRANGE AND MAINTAIN
SAFEKEEPING OF THE GOLD, REPRESENTED BY THE ELECTRONIC GOLD
CURRENCY UNITS RECORDED IN THE CUSTOMERS' ACCOUNTS, IN
SPECIFICALLY ALLOCATED STORAGE IN AND BY AN INDEPENDENT SPECIE
VAULT, ON PRINCIPLES OF BAILMENT, SO THAT THE ELECTRONIC GOLD
CURRENCY PAYMENT PROVIDER'S CUSTOMERS ALWAYS RETAIN TITLE TO
AND OWNERSHIP OF ALL GOLD THAT MAY BE RECORDED AND MAINTAINED
IN THEIR ACCOUNTS, SUBJECT ONLY TO CLAIMS THAT THE ELECTRONIC
GOLD CURRENCY PAYMENT PROVIDER, THE INDEPENDENT SPECIE VAULT,
OR BOTH, MAY BRING AGAINST CUSTOMERS FOR FEES OWED BUT NOT PAID;
(f) HAVE A MUTUAL, EXPLICIT, AND CONTRACTUALLY
ENFORCEABLE POLICY AND AGREEMENT WITH THE INDEPENDENT SPECIE
VAULT WITH WHICH THE ELECTRONIC GOLD CURRENCY PAYMENT
PROVIDER ASSOCIATES THAT:
-10-HB09-1206



(I) RESERVES TO THE ELECTRONIC GOLD CURRENCY PAYMENT
PROVIDER A RIGHT, THROUGH THE AUDITORS, ACCOUNTANTS, OR OTHER
PERSONS DESIGNATED BY THE ELECTRONIC GOLD CURRENCY PAYMENT
PROVIDER, AT ANY REASONABLE TIME, WITH OR WITHOUT PRIOR NOTICE,
TO INSPECT THE INDEPENDENT SPECIE VAULT TO VERIFY THAT THE
INDEPENDENT SPECIE VAULT IN FACT MAINTAINS IN ITS POSSESSION AND
SUBJECT TO ITS CONTROL ALL OF THE GOLD REPRESENTED BY THE
ELECTRONIC GOLD CURRENCY UNITS RECORDED IN ALL OF THE ACCOUNTS
OF THE ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER'S CUSTOMERS;
AND
(II) REQUIRES RETURN BY THE INDEPENDENT SPECIE VAULT, IF THE
ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER FOR ANY REASON
CEASES OPERATIONS, OF THE FULL FREE MARKET VALUE OF ALL THE GOLD
OF THE ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER'S CUSTOMERS'
BARS OF GOOD DELIVERY GOLD OF DESIGNATED WEIGHTS, LEGAL TENDER
OF THE UNITED STATES IF THE WEIGHT OF GOLD TO BE DELIVERED DOES
NOT REACH THE DESIGNATED AMOUNT, OR BOTH, AS THE CASE MAY BE;
(g) ASSOCIATE WITH, OR PROVIDE THE SERVICES OF, A SPECIE
EXCHANGE SO THAT THE ELECTRONIC GOLD CURRENCY PAYMENT
PROVIDER'S CUSTOMERS MAY ON DEMAND CONVERT:
(I) GOLD AND SILVER COIN INTO ELECTRONIC GOLD CURRENCY
UNITS;
(II) ELECTRONIC GOLD CURRENCY UNITS INTO GOLD AND SILVER
COIN;
(III) GOLD AND SILVER COIN INTO LEGAL TENDER OF THE UNITED
STATES;
(IV) LEGAL TENDER OF THE UNITED STATES INTO GOLD AND
-11-HB09-1206



SILVER COIN;

(V) LEGAL TENDER OF THE UNITED STATES INTO ELECTRONIC
GOLD CURRENCY UNITS; AND
(VI) ELECTRONIC GOLD CURRENCY UNITS INTO LEGAL TENDER OF
THE UNITED STATES;
(h) ANNUALLY SUBJECT ALL OF THE ELECTRONIC GOLD CURRENCY
PAYMENT PROVIDER'S POLICIES, SYSTEMS, AND OPERATIONS TO AN
INDEPENDENT THIRD PARTY SYSTEMS AUDIT, OR EQUIVALENT REVIEW
APPROVED BY THE STATE TREASURER, AND PROVIDE A CERTIFIED COPY OF
THE AUDIT REPORT TO THE STATE TREASURER; AND
(i) CERTIFY TO THE STATE TREASURER THAT NONE OF THE
ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER'S DIRECTORS,
OFFICERS, PARTNERS, TRUSTEES, CHIEF EXECUTIVE, OR EMPLOYEES HAVE
BEEN CONVICTED OF A FELONY OR CRIME OF MORAL TURPITUDE, HAVE
BEEN FOUND LIABLE FOR A CIVIL JUDGMENT FOR FRAUD OR FORGERY, OR
HAVE FILED FOR PERSONAL BANKRUPTCY. IF AN ELECTRONIC GOLD
CURRENCY PAYMENT PROVIDER MAKES A MATERIALLY FALSE
REPRESENTATION REGARDING ANY OF THE ELECTRONIC GOLD CURRENCY
PAYMENT PROVIDER'S DIRECTORS, OFFICERS, PARTNERS, TRUSTEES, OR
CHIEF EXECUTIVE, OR IF A CHANGE IN CIRCUMSTANCE CAUSES THE
CERTIFICATION TO NO LONGER BE TRUE, THE ELECTRONIC GOLD CURRENCY
PAYMENT PROVIDER SHALL BE DISQUALIFIED FROM BEING AN ELECTRONIC
GOLD CURRENCY PAYMENT PROVIDER FOR THE STATE AND POLITICAL
SUBDIVISIONS.
(2) (a) A SECURE ELECTRONIC DATABASE REQUIRED PURSUANT TO
PARAGRAPH (a) OF SUBSECTION (1) OF THIS SECTION SHALL BE MANAGED
BY A PERSON THAT:
-12-HB09-1206



(I) IS NOT AFFILIATED BY COMMON OWNERSHIP, CONTROL, OR
OPERATION WITH THE ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER;
AND
(II) UNDER A CONTRACTUAL ARRANGEMENT PERFORMS FOR THE
ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER THE NECESSARY DATA
PROCESSING SERVICES.
(b) THE PERSON MANAGING THE SECURE ELECTRONIC DATABASE
SHALL PROVIDE A REPORT TO THE ELECTRONIC GOLD CURRENCY PAYMENT
PROVIDER, DELIVERED AT LEAST QUARTERLY, SPECIFYING THE NUMBER OF
ELECTRONIC GOLD CURRENCY UNITS IN EACH CUSTOMER'S ACCOUNT AND
THE TOTAL NUMBER OF GOLD CURRENCY UNITS IN ALL CUSTOMERS'
ACCOUNTS.
(3) A FINANCIAL INSTITUTION MAY FUNCTION AS AN ELECTRONIC
GOLD CURRENCY PAYMENT PROVIDER IF THE FINANCIAL INSTITUTION
OTHERWISE MEETS ALL THE REQUIREMENTS OF AN ELECTRONIC GOLD
CURRENCY PAYMENT PROVIDER.
(4) A PERSON MAY PROVIDE THE SERVICES OF BOTH AN
ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER AND A SPECIE
EXCHANGE IF THAT PERSON MEETS ALL OF THE REQUIREMENTS UNDER THIS
ARTICLE FOR EACH OPERATION.
24-19.3-107. Independent specie vault - qualifications. (1) IN
ORDER TO QUALIFY TO PERFORM SAFEKEEPING SERVICES FOR AN
ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER DESIGNATED BY THE
STATE TREASURER PURSUANT TO SECTION 24-19.3-104 (1) (a), AN
INDEPENDENT SPECIE VAULT SHALL:

(a) HOLD ALL GOLD FOR EACH CUSTOMER OF THE ELECTRONIC
GOLD CURRENCY PAYMENT PROVIDER IN SPECIFICALLY ALLOCATED
-13-HB09-1206



STORAGE IN A VAULT OR OTHER SECURE FACILITY;

(b) BE ADEQUATELY INSURED TO THE SATISFACTION OF THE STATE
TREASURER;
(c) NOT BE AFFILIATED THROUGH COMMON OWNERSHIP, CONTROL,
OR OPERATION WITH ANY ELECTRONIC GOLD CURRENCY PAYMENT
PROVIDER FOR WHICH THE INDEPENDENT SPECIE VAULT PERFORMS THE
FUNCTION OF SAFEKEEPING AND STORING GOLD FOR THE ELECTRONIC
GOLD CURRENCY PAYMENT PROVIDER'S CUSTOMERS;
(d) FOR THE PURPOSE OF INCREASING OR DECREASING THE
AMOUNTS OF PHYSICAL GOLD HELD IN AND BY THE INDEPENDENT SPECIE
VAULT, UNDER TRANSFERS MADE TO OR ON BEHALF OF CUSTOMERS OF THE
ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER FOR WHICH THE
INDEPENDENT SPECIE VAULT PERFORMS THE FUNCTION OF SAFEKEEPING
AND STORING GOLD, ASSOCIATE WITH A SPECIE EXCHANGE OR OTHER
CORPORATION, PARTNERSHIP, LIMITED LIABILITY COMPANY, LIMITED
LIABILITY PARTNERSHIP, TRUST COMPANY, OR OTHER LEGAL ENTITY THAT:
(I) REGULARLY DEALS IN THE PHYSICAL TRANSFER OF GOLD
AMONG PRIVATE BUSINESSES OR GOVERNMENTAL AGENCIES;
(II) IS ADEQUATELY INSURED TO THE SATISFACTION OF THE STATE
TREASURER; AND
(III) IS NOT AFFILIATED THROUGH COMMON OWNERSHIP, CONTROL,
OR OPERATION WITH THE INDEPENDENT SPECIE VAULT OR ANY ELECTRONIC
GOLD CURRENCY PAYMENT PROVIDER FOR WHICH THE INDEPENDENT
SPECIE VAULT PERFORMS THE FUNCTION OF SAFEKEEPING AND STORING
GOLD FOR THE ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER'S
CUSTOMERS;
(e) REPORT AT LEAST QUARTERLY TO EACH ELECTRONIC GOLD
-14-HB09-1206



CURRENCY PAYMENT PROVIDER FOR WHICH THE INDEPENDENT SPECIE
VAULT PERFORMS THE FUNCTION OF SAFEKEEPING AND STORING GOLD FOR
THE ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER'S CUSTOMERS,
CERTIFYING:

(I) THE WEIGHTS OF GOLD AND NUMBER OF ELECTRONIC GOLD
CURRENCY UNITS, HELD IN AND BY THE INDEPENDENT SPECIE VAULT ON
BEHALF OF EACH CUSTOMER OF EACH ELECTRONIC GOLD CURRENCY
PAYMENT PROVIDER; AND
(II) THAT THE TOTAL WEIGHT OF GOLD HELD IN AND BY THE
INDEPENDENT SPECIE VAULT ON BEHALF OF ALL THE CUSTOMERS OF EACH
ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER IS AT LEAST EQUAL TO
THE TOTAL WEIGHT OF GOLD REPRESENTED BY EACH ELECTRONIC GOLD
CURRENCY PAYMENT PROVIDER'S ELECTRONIC GOLD CURRENCY UNITS IN
CIRCULATION AS MEDIA OF EXCHANGE IN ALL THE CUSTOMERS' ACCOUNTS
AT THE TIME THE REPORT IS PREPARED;
(f) HAVE A MUTUAL, EXPLICIT, AND CONTRACTUALLY
ENFORCEABLE POLICY AND AGREEMENT WITH EACH ELECTRONIC GOLD
CURRENCY PAYMENT PROVIDER FOR WHICH THE INDEPENDENT SPECIE
VAULT PERFORMS THE FUNCTION OF SAFEKEEPING AND STORING GOLD IN
BAILMENT ON BEHALF OF THE ELECTRONIC GOLD CURRENCY PAYMENT
PROVIDER'S CUSTOMERS, FOR RETURN OF THE FULL FREE MARKET VALUE
OF THE CUSTOMERS' GOLD HELD IN AND BY THE INDEPENDENT SPECIE
VAULT IN BARS OF GOOD DELIVERY GOLD OF DESIGNATED WEIGHTS, LEGAL
TENDER OF THE UNITED STATES IF THE WEIGHT OF GOLD TO BE DELIVERED
DOES NOT REACH THE DESIGNATED AMOUNT, OR BOTH BARS, IF THE
CUSTOMERS' ELECTRONIC GOLD CURRENCY PAYMENT PROVIDERS FOR ANY
REASON CEASE OPERATIONS.
-15-HB09-1206



(2) A FINANCIAL INSTITUTION MAY FUNCTION AS AN INDEPENDENT
SPECIE VAULT IF THE FINANCIAL INSTITUTION OTHERWISE MEETS ALL THE
REQUIREMENTS OF AN INDEPENDENT SPECIE VAULT.
(3) A PERSON MAY PROVIDE THE SERVICES OF BOTH AN
INDEPENDENT SPECIE VAULT AND A SPECIE EXCHANGE IF THAT PERSON
MEETS ALL OF THE REQUIREMENTS UNDER THIS ARTICLE FOR EACH
OPERATION.
24-19.3-108. Specie exchanges - qualifications. (1) IN ORDER
TO ENABLE AN ELECTRONIC PAYMENT PROVIDER TO QUALIFY FOR
DESIGNATION BY THE STATE TREASURER PURSUANT TO SECTION
24-19.3-104 (1) (a), A SPECIE EXCHANGE WITH WHICH THE ELECTRONIC
GOLD CURRENCY PAYMENT PROVIDER ASSOCIATES MUST CONDUCT THE
BUSINESS OF EXCHANGING, IN ANY COMBINATION, AND FOR FEES
MUTUALLY AGREED UPON BY THE SPECIE EXCHANGE AND ITS CUSTOMERS,
GOLD AND SILVER COIN, LEGAL TENDER OF THE UNITED STATES, AND THE
ELECTRONIC GOLD CURRENCY OF THE ELECTRONIC GOLD CURRENCY
PAYMENT PROVIDER, SO THAT ANY PERSON THAT CHOOSES TO DEAL IN
GOLD AND SILVER WITH THE STATE OR A POLITICAL SUBDIVISION UNDER
THIS ARTICLE MAY, AT THE PERSON'S OPTION:

(a) BEGIN THE PROCESS BY BRINGING GOLD AND SILVER COIN TO
THE SPECIE EXCHANGE FOR THE PURPOSE OF OBTAINING THE FREE MARKET
VALUE OF THE GOLD AND SILVER COIN IN AN ELECTRONIC GOLD
CURRENCY;
(b) TERMINATE THE PROCESS BY BRINGING ELECTRONIC GOLD
CURRENCY TO THE SPECIE EXCHANGE FOR THE PURPOSE OF OBTAINING THE
FREE MARKET VALUE OF THE ELECTRONIC GOLD CURRENCY IN GOLD AND
SILVER COIN; OR
-16-HB09-1206



(c) PERFORM A TRANSACTION DESCRIBED INPARAGRAPH (a) OR (b)
OF THIS SUBSECTION (1) IN LEGAL TENDER OF THE UNITED STATES.
(2) A FINANCIAL INSTITUTION MAY FUNCTION AS A SPECIE
EXCHANGE IF THE FINANCIAL INSTITUTION OTHERWISE MEETS ALL THE
REQUIREMENTS OF A SPECIE EXCHANGE.
24-19.3-109. Payments to the state and political subdivisions.

(1) AFTER DECEMBER 31, 2009, ALL PAYMENTS TO THE STATE REQUIRED
PURSUANT TO ARTICLE 28 OR 28.5 OF TITLE 39, C.R.S., MUST BE MADE IN
ELECTRONIC GOLD CURRENCY UNITS AT THE FREE MARKET RATE OF
EXCHANGE, AS OF THE TIME OF PAYMENT, BETWEEN THE ELECTRONIC
GOLD CURRENCY UNITS AND THE AMOUNTS OF LEGAL TENDER OF THE
UNITED STATES.
(2) EXCEPT AS OTHERWISE SET FORTH IN SUBSECTION (1) OF THIS
SECTION, THE PERSON LIABLE FOR ANY TAX OR INVOLUNTARY
CONTRIBUTION, CHARGE, ASSESSMENT FEE, FINE, OR OTHER MONETARY
PENALTY MAY DELIVER TO THE STATE OR THE POLITICAL SUBDIVISION,
AND THE STATE OR THE POLITICAL SUBDIVISION SHALL RECEIVE IN
PAYMENT, EITHER LEGAL TENDER OF THE UNITED STATES OR ELECTRONIC
GOLD CURRENCY WITH, AT THE TIME OF PAYMENT, A TOTAL VALUE IN
LEGAL TENDER EQUAL TO THE AMOUNT.
24-19.3-110. Sales by the state and political subdivisions.

(1) WITH RESPECT TO THE PURCHASE OR SALE AFTER DECEMBER 31,
2009, BY THE STATE OR A POLITICAL SUBDIVISION OF LAND, REAL ESTATE,
BUILDINGS, TANGIBLE PERSONAL PROPERTY, OR ANY OTHER ASSETS,
PROPERTY, THINGS OF VALUE, LEGAL OR EQUITABLE RIGHTS, EASEMENTS,
OR OTHER INTERESTS, THE FOLLOWING REQUIREMENTS SHALL APPLY:
(a) AT THE TIME OF SALE OR PURCHASE, THE STATE OR THE
-17-HB09-1206



POLITICAL SUBDIVISION SHALL DETERMINE AND CERTIFY THE PRICE OF THE
THING TO BE SOLD, OR SHALL AGREE TO AND CERTIFY THE PRICE OF THE
THING TO BE PURCHASED, IN BOTH LEGAL TENDER OF THE UNITED STATES
AND ELECTRONIC GOLD CURRENCY;

(b) THE PURCHASER OF A THING TO BE SOLD BY THE STATE OR THE
POLITICAL SUBDIVISION MAY DELIVER TO THE STATE OR THE POLITICAL
SUBDIVISION, AND THE STATE OR THE POLITICAL SUBDIVISION SHALL
RECEIVE FROM THE PURCHASER, IN PAYMENT, EITHER LEGAL TENDER OF
THE UNITED STATES OR ELECTRONIC GOLD CURRENCY; AND
(c) THE SELLER OF THE THING TO BE PURCHASED BY THE STATE OR
THE POLITICAL SUBDIVISION MAY RECEIVE FROM THE STATE OR THE
POLITICAL SUBDIVISION, AND THE STATE OR THE POLITICAL SUBDIVISION
SHALL DELIVER TO THE SELLER OF THE THING, IN PAYMENT, EITHER LEGAL
TENDER OF THE UNITED STATES OR ELECTRONIC GOLD CURRENCY.
24-19.3-111. Eminent domain payments. AFTER DECEMBER 31,
2009, THE STATE OR POLITICAL SUBDIVISION THAT IS MAKING A PAYMENT
THAT ARISES OUT OF THE EXERCISE OF EMINENT DOMAIN SHALL
DETERMINE AND CERTIFY THE AMOUNT OF SUCH PAYMENT IN BOTH LEGAL
TENDER OF THE UNITED STATES AND IN ELECTRONIC GOLD CURRENCY.
THE PERSON WHOSE PROPERTY HAS BEEN OR WILL BE CONDEMNED UNDER
THE POWER OF EMINENT DOMAIN HAS THE OPTION OF ACCEPTING PAYMENT
FOR THE PROPERTY IN EITHER LEGAL TENDER OF THE UNITED STATES OR
IN ELECTRONIC GOLD CURRENCY.

24-19.3-112. Judgment - awards and penalties. (1) EXCEPT AS
OTHERWISE PROVIDED IN THIS ARTICLE, WITH RESPECT TO ANY JUDGMENT,
DECREE, OR ORDER THAT IS ISSUED AFTER DECEMBER 31, 2009, BY ANY
COURT, ADMINISTRATIVE AGENCY, OR OTHER TRIBUNAL OF THE STATE OR

-18-HB09-1206



A POLITICAL SUBDIVISION ARISING IN A CIVIL ACTION OR PROCEEDING OR
IN A CRIMINAL PROSECUTION AND THAT SPECIFIES, IMPOSES, ENFORCES,OR
OTHERWISE INVOLVES MONETARY DAMAGES, AN AWARD, A PAYMENT, A
FINE, OR OTHER MONETARY PENALTY OR FORFEITURE, THE STATE OR
POLITICAL SUBDIVISION SHALL DETERMINE AND CERTIFY THE AMOUNT OF
THE DAMAGES, AWARD, PAYMENT, FINE, PENALTY, OR FORFEITURE AS
FOLLOWS:

(a) IN ANY CASE IN WHICH THE STATE OR POLITICAL SUBDIVISION
IS ENTITLED TO RECEIVE A PAYMENT FOR THE STATE'S OR POLITICAL
SUBDIVISION'S OWN ACCOUNT, THE PERSON REQUIRED TO PAY THE
DAMAGES, AWARD, PAYMENT, FINE, PENALTY, OR FORFEITURE SHALL PAY
THAT AMOUNT IN ELECTRONIC GOLD CURRENCY; AND
(b) IN CIVIL CASES, THE PERSON IN THE POSITION OF JUDGMENT
CREDITOR MAY STIPULATE WITH THE PERSON IN THE POSITION OF
JUDGMENT DEBTOR TO RECEIVE AND TO PAY, RESPECTIVELY, THE AMOUNT
OF ANY AWARD, INCLUDING ANY AWARD OF ATTORNEY FEES, IN EITHER
LEGAL TENDER OF THE UNITED STATES OR ELECTRONIC GOLD CURRENCY.
THE STIPULATION SHALL BE SPECIFICALLY ENFORCED BY THE STATE OR
POLITICAL SUBDIVISION AS A CONTRACT. IN THE ABSENCE OF SUCH A
STIPULATION, THE STATE OR POLITICAL SUBDIVISION SHALL REQUIRE THE
PERSON IN THE POSITION OF JUDGMENT DEBTOR TO PAY TO THE PERSON IN
THE POSITION OF JUDGMENT CREDITOR BY USING THE MEDIUM OF
EXCHANGE CHOSEN BY THE JUDGMENT CREDITOR.
24-19.3-113. Monetary compensation. (1) THE FOLLOWING
SHALL APPLY WITH RESPECT TO ANY CONTRACT, AGREEMENT, OR OTHER
ARRANGEMENT FOR THE PAYMENT AFTER DECEMBER 31,2009, OF WAGES,
SALARIES, FEES, OR OTHER MONETARY COMPENSATION TO ANY PERSON

-19-HB09-1206



THAT HAS PROVIDED OR WILL PROVIDE GOODS OR SERVICES TO, OR
OTHERWISE BE ENTITLED TO PAYMENT FROM, THE STATE OR A POLITICAL
SUBDIVISION, EITHER AS AN OFFICER, AN EMPLOYEE, AN AGENT, OR A
CONTRACTOR OR IN ANY OTHER SIMILAR CAPACITY:

(a) THE STATE OR POLITICAL SUBDIVISION SHALL DETERMINE AND
CERTIFY THE AMOUNT OF THE MONETARY COMPENSATION IN BOTH LEGAL
TENDER OF THE UNITED STATES AND ELECTRONIC GOLD CURRENCY;
(b) EXCEPT AS OTHERWISE REQUIRED BY LAW, IF THE STATE OR
POLITICAL SUBDIVISION IS REQUIRED TO WITHHOLD FROM THE
COMPENSATION AND PAY OVER TO THE UNITED STATES OR TO THE STATE
OR A POLITICAL SUBDIVISION ANY PERCENTAGE OR PORTION OF THE
COMPENSATION BY WAY OF TAXES OR OTHER PUBLIC CHARGES, THOSE
AMOUNTS SHALL BE PAID OVER IN LEGAL TENDER OF THE UNITED STATES.
(2) THE PERSON ENTITLED TO RECEIVE THE COMPENSATION SHALL
HAVE THE OPTION TO RECEIVE IN EITHER LEGAL TENDER OF THE UNITED
STATES OR ELECTRONIC GOLD CURRENCY THE NET AMOUNT REMAINING
AFTERANY DEDUCTIONS MADE UNDER PARAGRAPH (b) OF SUBSECTION (1)
OF THIS SECTION, AND THE STATE OR POLITICAL SUBDIVISION SHALL
SPECIFICALLY ENFORCE THE PERSON'S CHOICE AS A CONTRACT.
(3) IN THE CASE OF COMPENSATION TO BE PAID ON A REGULAR
SCHEDULE, SUCH AS SALARIES, WAGES, OR PARTS OF CONTRACTUAL
PRICES, OR ON ANY OTHER CONTINUOUS, ROUTINE, OR FREQUENT BASIS, A
PERSON ENTITLED TO THE COMPENSATION MAY CHOOSE TO RECEIVE
EITHER LEGAL TENDER OF THE UNITED STATES OR A DESIGNATED
ELECTRONIC GOLD CURRENCY FOR ALL FUTURE PAYMENTS UNTIL THAT
PERSON CHANGES THE PERSON'S CHOICE.
24-19.3-114. Election of form of payment. (1) WITH RESPECT

-20-HB09-1206



TO ANY TRANSACTION IN WHICH A PERSON IS REQUIRED TO ELECT THE
FORM OF PAYMENT PURSUANT TO THIS ARTICLE, EACH PERSON ENGAGING
IN THE TRANSACTION SHALL NOTIFY THE STATE OR POLITICAL SUBDIVISION
IN A MANNER CONSIDERED TIMELY ACCORDING TO RULES OR GUIDELINES
ADOPTED BY THE STATE TREASURER OR THE FISCAL OFFICER OF THE
PERSON'S ELECTION TO RECEIVE OR TO PAY A DESIGNATED ELECTRONIC
GOLD CURRENCY INSTEAD OF LEGAL TENDER OF THE UNITED STATES. THE
ELECTION SHALL BE MADE BY USE OF FORMS OR OTHER MEANS
DESIGNATED BY THE STATE TREASURER OR THE FISCAL OFFICER.

(2) IF A PERSON DOES NOT MAKE A TIMELY NOTIFICATION AS
REQUIRED BY SUBSECTION (1) OF THIS SECTION, THE MEDIUM OF
EXCHANGE FOR THE TRANSACTION IS LEGAL TENDER OF THE UNITED
STATES.
24-19.3-115. Electronic gold currency payment provider
account - insufficient gold - priority of payments. (1) A PERSON
SHALL NOT PAY OR PROMISE TO PAY OUT ON BEHALF OF THE STATE OR A
POLITICAL SUBDIVISION ANY GOLD IN EXCESS OF THE GOLD HELD IN THE
STATE'S OR THE POLITICAL SUBDIVISION'S ACCOUNTS WITH ELECTRONIC
GOLD CURRENCY PAYMENT PROVIDERS AT THE TIME OF PAYMENT.

(2) IF THERE IS NOT SUFFICIENT GOLD IN THE STATE'S OR A
POLITICAL SUBDIVISION'S ACCOUNTS WITH ELECTRONIC GOLD CURRENCY
PAYMENT PROVIDERS FOR THE STATE OR THE POLITICAL SUBDIVISION TO
MAKE ANY PAYMENT ALLOWABLE UNDER THIS ARTICLE, THE PAYMENT
SHALL BE MADE IN LEGAL TENDER OF THE UNITED STATES. A PAYMENT
REQUESTED BY ANY PERSON TO BE MADE IN GOLD, WHERE THE GOLD
NECESSARY FOR FULL PAYMENT IS UNAVAILABLE AT THE TIME OF THE
DEMAND, SHALL NOT BE DEFERRED OR RESCHEDULED TO A FUTURE DATE
-21-HB09-1206



AT WHICH SUFFICIENT GOLD MAY BE AVAILABLE.

(3) IF THERE IS NOT SUFFICIENT GOLD IN THE STATE'S OR POLITICAL
SUBDIVISION'S ACCOUNTS WITH ELECTRONIC GOLD CURRENCY PAYMENT
PROVIDERS FOR THE STATE OR THE POLITICAL SUBDIVISION TO MAKE ANY
PAYMENT ALLOWABLE UNDER THIS ARTICLE TO ALL PERSONS DEMANDING
PAYMENT IN GOLD, BUT WHERE THERE IS SUFFICIENT GOLD TO PAY ONE OR
MORE PERSONS DEMANDING PAYMENT IN GOLD, PAYEES SHALL BE
PREFERRED AS FOLLOWS:
(a) PERSONS THAT HAVE PAID GOLD TO THE STATE OR THE
POLITICAL SUBDIVISION DURING THE CURRENT FISCAL YEAR SHALL BE PAID
IN PREFERENCE TO PERSONS WHO HAVE NOT MADE SUCH PAYMENTS;
(b) AMONG PERSONS WHO HAVE PAID GOLD TO THE STATE OR THE
POLITICAL SUBDIVISION DURING THE CURRENT FISCAL YEAR, THOSE WHO
HAVE PAID LARGER AMOUNTS OF GOLD SHALL BE PAID IN PREFERENCE TO
THOSE WHO HAVE PAID SMALLER AMOUNTS; AND
(c) AMONG PERSONS WHO HAVE PAID GOLD TO THE STATE OR THE
POLITICAL SUBDIVISION DURING THE CURRENT FISCAL YEAR IN EQUAL
AMOUNTS, PREFERENCE SHALL BE ACCORDING TO THE PERSON WHO FIRST
PAID THE GOLD.
(4) EACH FISCAL YEAR, THE STATE TREASURER AND EACH FISCAL
OFFICER SHALL MAINTAIN LISTS OF ALL PERSONS WHO MAKE PAYMENTS IN
ELECTRONIC GOLD CURRENCY AND THE AMOUNT OF PAYMENTS TO
DETERMINE ALLOTTING PREFERENCES UNDER SUBSECTION (3) OF THIS
SECTION.
24-19.3-116. Inaccurate determination -remedies
misdemeanor. (1) A PERSON AGGRIEVED BY THE INACCURATE
DETERMINATION OF EXCHANGE RATES BETWEEN LEGAL TENDER OF THE

-22-HB09-1206



UNITED STATES AND A DESIGNATED ELECTRONIC GOLD CURRENCY THAT
AFFECTS ANY RIGHT, POWER, PRIVILEGE, OR IMMUNITY SECURED UNDER
THIS ARTICLE MAY BRING A CIVIL ACTION AGAINST EACH PERSON
RESPONSIBLE FOR THE INACCURATE DETERMINATION, IN BOTH THE
OFFICIAL AND INDIVIDUAL CAPACITIES OF THE PERSON ALLEGEDLY
RESPONSIBLE FOR THE INACCURATE DETERMINATION, FOR ANY
APPROPRIATE FORMS OF RELIEF, INCLUDING MONETARY DAMAGES. IN
SUCH A CIVIL ACTION, THE PERSON ALLEGEDLY RESPONSIBLE FOR THE
INACCURATE DETERMINATION IS NOT IMMUNE FROM LIABILITY BECAUSE
OF THE PERSON'S POSITION AS AN OFFICER OR EMPLOYEE OF THE STATE OR
A POLITICAL SUBDIVISION. IN ANY CIVIL OR CRIMINAL CASE IN WHICH A
PERSON AGGRIEVED BY AN INACCURATE DETERMINATION IS MADE A
DEFENDANT, THE INACCURATE DETERMINATION MAY BE RAISED, WHERE
RELEVANT, BY WAY OF DEFENSE, COUNTERCLAIM, SETOFF, OR OTHER
PLEADING. IF THE ISSUE OF AN INACCURATE DETERMINATION IS DISMISSED
WITH PREJUDICE, DECIDED BY SUMMARY JUDGMENT, HEARD AND DECIDED
ON THE MERITS, OR DECIDED ON APPEAL, REASONABLE ATTORNEY FEES
SHALL BE AWARDED TO THE PREVAILING PARTY FOR LITIGATION OF THAT
QUESTION.

(2) A PERSON THAT MAKES AN INACCURATE DETERMINATION OF
EXCHANGE RATES BETWEEN LEGAL TENDER OF THE UNITED STATES AND
A DESIGNATED ELECTRONIC GOLD CURRENCY THAT AFFECTS ANY RIGHT,
POWER, PRIVILEGE, OR IMMUNITY SECURED UNDER THIS ARTICLE, OR
ADVISES OR PARTICIPATES IN, AIDS AND ABETS, OR ATTEMPTS TO CONCEAL
BY THE WITHHOLDING, DESTRUCTION, OR FALSIFICATION OF RECORDS, BY
FALSE STATEMENT, WHETHER MADE UNDER PENALTY OF PERJURY OR NOT,
OR BY ANY OTHER DEVICE, ARTIFICE, OR MEANS, AN INACCURATE
-23-HB09-1206



DETERMINATION COMMITS A CLASS 2 MISDEMEANOR AND, UPON
CONVICTION THEREOF, SHALL BE PUNISHED AS PROVIDED IN SECTION
18-1.3-501, C.R.S.

24-19.3-117. Exceptions. THE PROVISIONS OF THIS ARTICLE
SHALL NOT APPLY TO ANY GOLD AND SILVER COIN, OR TO ANY LEGAL
TENDER OF THE UNITED STATES, THAT HAS A RECOGNIZED NUMISMATIC
OR COLLECTORS' CHARACTER AND VALUE ABOVE ITS FACE OR NOMINAL
VALUE.

SECTION 2. Act subject to petition - effective date. This act
shall take effect at 12:01 a.m. on the day following the expiration of the
ninety-day period after final adjournment of the general assembly that is
allowed for submitting a referendum petition pursuant to article V,
section 1 (3) of the state constitution, (August 4, 2009, if adjournment
sine die is on May 6, 2009); except that, if a referendum petition is filed
against this act or an item, section, or part of this act within such period,
then the act, item, section, or part, if approved by the people, shall take
effect on the date of the official declaration of the vote thereon by
proclamation of the governor.

-24-HB09-1206

powerofreason
02-02-2009, 04:10 PM
tl;dr

torchbearer
02-02-2009, 04:16 PM
can i get a reader's digest of the above?
http://www.smokeshop.com/images/herbs1-hawaiian-ruler.jpg
I'd like to see this kind of gold rush.
The first state to legalize cultivation wins.

speciallyblend
02-02-2009, 04:27 PM
can i get a reader's digest of the above?
http://www.smokeshop.com/images/herbs1-hawaiian-ruler.jpg
I'd like to see this kind of gold rush.
The first state to legalize cultivation wins.

mmm nice pic, we can already have an ounce:)

all of the above is basically saying that colorado wants gold and silver to be legal tender:) and it is a bill being looked at!!!!

Pepsi
02-02-2009, 04:49 PM
electronic gold currency? Cashless?

RevolutionSD
02-02-2009, 06:48 PM
Do you have a link for this? Thanks.

Thor
02-02-2009, 07:19 PM
You know, it could very well be the spark that lights the Amero... CO gets off the Federal Note.... goes to e-gold..... then other states start to as well, and all of a sudden, the Amero replace the dollar and it is "backed by gold"

talk about a juxtaposition.... having a single currency that spans North (US and Canada), Central (Mexico) and maybe South America (or they come later) dropping our National Sovereignty, and at the same time goes back to the gold standard....

steve005
02-02-2009, 07:25 PM
"moneyless" is the direction NWO is taking us, if that happens I could see them saying its illegal to hold gold, because its a threat to your safety because so many people will try to steal it, so it must be in "Vaults", which will create another bubble of nothing except strengthening elite

steve005
02-02-2009, 07:28 PM
I'm getting out of the system by only using barter, two ears of corn will always trade for an egg,(random guess) but it might cost you a few hundred bucks

speciallyblend
02-02-2009, 08:25 PM
I'm getting out of the system by only using barter, two ears of corn will always trade for an egg,(random guess) but it might cost you a few hundred bucks

i will try to get you the link, our colorado ron paul leader sent this out to us etc etc. I will call her tomorrow and try to find out more details and ask about the nwo concerns!!!

I have good faith in Bonnie. She has never let us down !!!! since she sent this to me. I am assuming good forces are behind this in Colorado!!!

speciallyblend
02-02-2009, 08:34 PM
You know, it could very well be the spark that lights the Amero... CO gets off the Federal Note.... goes to e-gold..... then other states start to as well, and all of a sudden, the Amero replace the dollar and it is "backed by gold"

talk about a juxtaposition.... having a single currency that spans North (US and Canada), Central (Mexico) and maybe South America (or they come later) dropping our National Sovereignty, and at the same time goes back to the gold standard....

possibly , but i think this is coming from good sources in Colorado,but who knows. Your gonna make me make a phone call tomorrow aren't you !! sigh;)