§ 11-54-107 — Payment of refunding public securities

Refunding public
securities may be made payable from any revenues derived from any utility, system,
project, or other source which might be legally pledged for the payment of the
public securities being refunded at the time of the refunding or at the time of the
issuance of the public securities being refunded, as the governing body of the
issuer may determine, notwithstanding the pledge of such revenues for the
payment of the outstanding public securities being refunded is thereby modified;
but there shall not be pledged for the payment of the refunding public securities
any revenues which might not have been lawfully pledged for the payment of the
public securities being refunded because of limitations in any question authorizing
their issuance, unless the refunding public securities are similarly authorized at an
election by the majority required by law for the issuance of the public securities
being refunded.

Legislative History

Source: L. 63: p. 889, � 7. C.R.S. 1963: � 125-8-7.