Colorado § 22-42-117 Board to certify needed revenues

Colorado Statutes

§ 22-42-117 — Board to certify needed revenues

Colorado·Title 22 Education·Art. Bonded Indebtedness

(1)If the board of education has issued any of said bonds, at the time of certifying to the board of county commissioners a statement showing the amount necessary to raise from the taxable property of said district for the general fund as required by law, it shall also certify to said board of county commissioners the amount needed for its bond redemption fund to pay all installments of principal and interest of said bonds, which, according to their terms, have already become due and payable or shall become due and payable during the next ensuing fiscal year, or both, together with such additional amount, if any, as in the judgment of the board of education it is desirable to raise from the taxable property of said district for the purpose of redeeming, during the said ensuing f

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(1) If the board of education
has issued any of said bonds, at the time of certifying to the board of county
commissioners a statement showing the amount necessary to raise from the
taxable property of said district for the general fund as required by law, it shall also
certify to said board of county commissioners the amount needed for its bond
redemption fund to pay all installments of principal and interest of said bonds,
which, according to their terms, have already become due and payable or shall
become due and payable during the next ensuing fiscal year, or both, together with
such additional amount, if any, as in the judgment of the board of education it is
desirable to raise from the taxable property of said district for the purpose of
redeeming, during the said ensuing fiscal year, any of said bonds which are
redeemable but not due. Separate amounts shall be certified for the bond
redemption fund to satisfy the outstanding obligations of bonded indebtedness
which involve separate tax levies on taxable property located within different
territorial limits.

(2) The board of education has authority to include in each amount certified
for said bond redemption fund an amount to create a reserve for the redemption of
bonds in future years prior to their maturities, for the payment of bonds in future
years either prior to or at their maturities, or for purchasing at a discount and
cancellation any bond on which the interest is being paid for the current district
debt service mill levy; but said reserve shall be restricted to the subsidiary account
in the bond redemption fund for which said tax levy was made.

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Legislative History

Source: L. 64: R&RE, p. 554, � 1. C.R.S. 1963: � 123-11-18. L. 81: (2) amended, p. 1072, � 1, effective July 1. L. 94: (2) amended, p. 808, � 12, effective April 27. L. 2003: (2) amended, p. 1299, � 7, effective April 22.