(1) Except as otherwise provided in subsection (2) of this section, proceeds from the issuance of notes may be invested in any manner in which public moneys generally may be invested as provided by section 24-75-601.1 or any other applicable law.
(2) An issuing authority, in consultation with the state treasurer, may direct a corporate trustee that holds any proceeds from the issuance of notes or any other moneys paid to the trustee in connection with the notes or any other moneys relating to the notes or moneys in the fund to invest or deposit the proceeds or other moneys in investments or deposits other than those in which public moneys generally may be invested or deposited pursuant to section 24-75-601.1 or any other applicable law if the board or the executive director, in consultation with the state treasurer, determines that the investment or deposit meets the standard established in section 15-1-304, C.R.S., the income is at least comparable to income available on investments or deposits of moneys in the state highway supplementary fund, and the investment will assist the department in the financing of the projects or purposes for which the notes were issued.
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