(1)When the Auraria board enters into a
contract for the advancement of moneys described in section 23-70-107, the board
is authorized, in connection with or as a part of such contract, to pledge special
student fees or the net income derived or to be derived from such land or facilities
so constructed, acquired, and equipped or special student fees and said net income
as security for the repayment of the moneys advanced therefor, together with
interest thereon, and for the establishment and maintenance of reserves in
connection therewith; and, for the same purpose, the Auraria board is also
authorized to use the net income derived from the Tivoli brewery and parking areas
associated with the Tivoli brewery and to pledge the net income derived from any
other auxiliary facility w
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(1) When the Auraria board enters into a
contract for the advancement of moneys described in section 23-70-107, the board
is authorized, in connection with or as a part of such contract, to pledge special
student fees or the net income derived or to be derived from such land or facilities
so constructed, acquired, and equipped or special student fees and said net income
as security for the repayment of the moneys advanced therefor, together with
interest thereon, and for the establishment and maintenance of reserves in
connection therewith; and, for the same purpose, the Auraria board is also
authorized to use the net income derived from the Tivoli brewery and parking areas
associated with the Tivoli brewery and to pledge the net income derived from any
other auxiliary facility which is not individually designated as an enterprise and
which is not acquired and not to be acquired with moneys appropriated to the
Auraria board by the state of Colorado and to pledge the net income, fees, and
revenues derived from said sources, if such be unpledged, or, if pledged, the net
income, fees, and revenues currently in excess of the amount required to meet
principal, interest, and reserve requirements in connection with outstanding
obligations to which such net income, fees, and revenues have theretofore been
pledged.
(2) Any advancement of moneys may be evidenced by interim warrants, if
necessary, and bonds to be executed by and on behalf of the Auraria board
containing such terms and provisions, including provisions for redemption prior to
maturity, as may be determined by the Auraria board. Such warrants or bonds may,
at the discretion of the Auraria board, be registrable as to principal or interest, or
both, and shall never be sold at less than ninety-five percent of the principal
amount thereof and accrued interest thereon to the date of delivery or at a price
which will result in a net effective interest rate which exceeds that specified in the
contract for the advancement of moneys. Any of the warrants or bonds of the
Auraria board issued pursuant to this section or any other law may be refunded
pursuant to article 54 of title 11, C.R.S., if in the judgment of the Auraria board such
refunding shall be to its best interests. Such refunding obligations may be made
payable from any source which may be legally pledged for the payment of the
obligations being refunded at the time of the issuance of the obligations so
refunded or from any of the sources described in subsection (1) of this section,
notwithstanding that the pledge for the payment of the outstanding obligations
being refunded is thereby modified.
(3) In the event that the pledged net income, fees, and revenues exceed the
amount required to meet principal, interest, and reserve requirements in connection
with revenue bonds of the institution to which such income has been pledged, the
Auraria board may retain such surplus and utilize the same for such purposes as in
its judgment shall be in the best interests of the center, including, but not limited
to, rehabilitation, alteration, addition to, or equipping of any existing auxiliary
facilities, as defined in section 23-5-101.5 (2)(a), acquired pursuant to the provisions
of this section and the acquisition of sites for the construction, acquisition, and
equipping of additional auxiliary facilities pursuant to such provisions or for prior
redemption of outstanding bonds. Use of such surplus shall be reviewed in advance
by the student advisory committee to the Auraria board.
(4) Anticipation warrants or bonds issued pursuant to this section may be
used as security for any depository bond or obligation where any kind of bond or
other security must or may, by law, be deposited as security.