Colorado § 22-43-103 Question of issuing refunding bonds

Colorado Statutes

§ 22-43-103 — Question of issuing refunding bonds

Colorado·Title 22 Education·Art. Refunding Bonds

(1)Whenever the board of education of any school district deems it expedient to issue refunding bonds under the provisions of this article and the net effective interest rate and the net interest cost of said issue of refunding bonds shall not exceed the net effective interest rate and the net interest cost of the outstanding bonds to be refunded, such refunding bonds may be issued without the submission of the question of issuing the same at an election held in accordance with article 42 of this title. If two or more issues of outstanding bonds of a school district are to be refunded by the issuance of a single issue of refunding bonds, as provided in section 22-43-102 (5), the net interest cost and net effective interest rate on the bonds to be refunded shall be computed as if

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(1) Whenever the board of
education of any school district deems it expedient to issue refunding bonds under
the provisions of this article and the net effective interest rate and the net interest
cost of said issue of refunding bonds shall not exceed the net effective interest rate
and the net interest cost of the outstanding bonds to be refunded, such refunding
bonds may be issued without the submission of the question of issuing the same at
an election held in accordance with article 42 of this title. If two or more issues of
outstanding bonds of a school district are to be refunded by the issuance of a single
issue of refunding bonds, as provided in section 22-43-102 (5), the net interest cost
and net effective interest rate on the bonds to be refunded shall be computed as if
all of said bonds had originally been combined as a single issue aggregating the
total of the smaller issues, and the results of this computation shall be compared
with the net interest cost and net effective interest rate on the whole of the single
refunding issue for purposes of determining the necessity of submitting the
question of issuing such refunding bonds at an election held in accordance with
article 42 of this title.

(2) If any district proposes to issue refunding bonds, on which issue the net
interest cost or net effective interest rate exceeds the net interest cost or net
effective interest rate of the outstanding bonds to be refunded, the board shall
submit the question of issuing such refunding bonds and the maximum net interest
cost and maximum net effective interest rate at which such refunding bonds may
be issued at the regular biennial school election or at a special election called for
that purpose. Any such election shall be called and held as nearly as may be in the
manner provided by law for elections on the question of the issuance of other
school bonds of the issuing district.

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