§ 11-56-103 — Definitions

As used in this article, unless the context otherwise
requires:

(1) Escrow supplement means any funds or moneys (other than bond
proceeds) of a public body, legally available for the purpose, which are placed in an
escrow or trust account established under the provisions of this article to be used
and expended, together with the proceeds of refunding bonds or special obligation
refunding bonds, or both, to accomplish the purposes of such escrow or trust
account.

(2) Repealed.

(3) General obligation means general obligation bonds or any other lawful
general obligation of a public body constituting a debt or indebtedness of such
public body.

(4) Governing body means a city council, board of trustees, commission,
board of county commissioners, board of directors, or other legislative body of a
public body in which the legislative powers of such public body are vested.

(5) (a) Net effective interest rate of a proposed issue of refunding bonds
means the net interest cost of said refunding issue divided by the sum of the
products derived by multiplying the principal amounts expressed in one thousand
dollar units of such refunding issue maturing on each maturity date by ten times the
number of years from the date of said proposed refunding bonds to their respective
maturities.

(b) Net effective interest rate of outstanding obligations to be refunded
means the net interest cost of said obligations to be refunded divided by the sum of
the products derived by multiplying the principal amounts expressed in one
thousand dollar units of such obligations to be refunded maturing on each maturity
date by ten times the number of years from the date of the proposed refunding
bonds to the respective maturities of the obligations to be refunded. In all cases the
net effective interest rate shall be computed without regard to any option of
redemption prior to the designated maturity dates of the obligations to be
refunded.

(6) (a) Net interest cost of a proposed issue of refunding bonds means the
total amount of interest to accrue on said refunding bonds from their date to their
respective maturities, less the amount of any premium above par or plus the
amount of any discount below par, at which said refunding bonds are being or have
been sold.

(b) Net interest cost of outstanding obligations to be refunded means the
total amount of interest which would accrue on said outstanding obligations from
the date of the proposed refunding bonds to the respective maturity dates of said
outstanding obligations to be refunded. In all cases the net interest cost shall be
computed without regard to any option of redemption prior to the designated
maturity dates of the obligations to be refunded.

(7) Public body means the transportation commission; any state
educational institution, or other state institution, its board of regents, or other
governing body thereof constituting a body corporate; any county; any municipality
as defined by section 31-1-101 (6), C.R.S.; any school district; any special district,
including any local government agency, corporation, quasi-municipal corporation,
or other entity, organized or acting pursuant to the provisions of title 32 (except
article 8), C.R.S.; and any water conservancy district, city housing authority, county
housing authority, urban renewal agency, community redevelopment agency, any
other corporate district, any other corporate authority, any corporate commission,
or any other political subdivision of this state constituting a body corporate.

(8) Revenue obligation means revenue bonds or any other obligation
payable solely from and pledging only specified income or revenue of the public
body, which bonds or obligations do not constitute a debt or indebtedness of such
public body.

(9) Special obligation refunding bonds means bonds issued by the public
body pursuant to section 11-56-112.

Legislative History

Source: L. 77: Entire article added, p. 582, � 1, effective July 1. L. 81: (7) amended, p. 1611, � 2, effective July 1. L. 89: (2) repealed, p. 1135, � 85, effective July 1. L. 91: (7) amended, p. 1057, � 10, effective July 1.