§ 22-42-119 — Bond fund - payment and redemption

Colorado § 22-42-119

• Jurisdiction: Colorado
• Title 22: Education
• Art.: Bonded Indebtedness

Text

(1) Such taxes shall be
collected in the same manner as other school district taxes and when collected
shall be placed by the county treasurer in the bond redemption fund of said school
district. The moneys in said fund shall be used only for payment of interest upon
and for the redemption of such bonds, upon orders signed and countersigned in the
manner provided by law for the execution of other school district orders; but the
board of education of said school district may withdraw, or the board of education
may instruct the third-party custodian administering the bond redemption fund
pursuant to section 22-45-103 (1)(b)(V) to withdraw, any or all of such moneys
credited to said fund which are temporarily not needed to satisfy the obligations of
bonded indebtedness, for the purpose of depositing or investing such moneys in the
manner prescribed by law.

(2) Redemption of said bonds prior to the respective maturities thereof may
be made in the order as determined by the board in the resolution authorizing the
issuance of said bonds and set forth on the face of said bonds. Notice of the
redemption of said bonds, prior to maturity, shall be made in the manner prescribed
in said bond resolution. In the absence of such prescribed manner in the bond
resolution, a redemption prior to maturity shall be made in the following manner:
When authorized by the board of education, the treasurer of said school district
shall advertise in some newspaper published in the school district once a week for
two consecutive weeks that on a certain day, named in said advertisement, not less
than four weeks after the time of the first publication thereof, he will redeem
certain of said bonds therein described by number, amount, and date of issue
thereof and that the principal, interest to redemption date, and redemption
premium, if any, of said bonds will be paid in accordance with the bond resolution
authorizing such bonds. The notice shall indicate also that, after the day so fixed for
redemption, the interest on the bonds shall cease. After the day of redemption so
fixed in said notice, the bonds so advertised and called to be redeemed shall cease
to draw interest.

(3) If the bonds are made payable at the office of the county treasurer, any
redemption of such bonds shall also be made at the office of the county treasurer
of the county, who shall make a notation of such payment or redemption upon his
books.

(4) If the bonds are made payable at some place other than the office of the
county treasurer, such bonds shall be redeemable at the place where payable, and
the treasurer of the district shall, immediately after the payment or redemption,
inform the county treasurer that certain bonds, describing them by number,
amount, and date of issue, have been paid or redeemed and canceled, and said
county treasurer shall make a record of such payment or redemption upon his
books.

(5) In all cases bonds when paid or redeemed shall be canceled by the
district treasurer and preserved by him and his successors for a period of one year
after the date of their payment or redemption.

Legislative History

Source: L. 64: R&RE, p. 555, � 1. C.R.S. 1963: � 123-11-20. L. 95: (2) amended, p. 608, � 5, effective May 22. L. 2003: (1) amended, p. 1296, � 3, effective April 22.