§ 23-71-402 — Certification - tax revenues

Colorado § 23-71-402

• Jurisdiction: Colorado
• Title 23: Postsecondary Education
• Art.: Local District Colleges

Text

(1) In accordance with the schedule
prescribed by section 39-5-128, C.R.S., the district shall certify to the board of
county commissioners of the county wherein said district is located the separate
amounts necessary, in the judgment of the board of trustees, to be raised from
levies against the valuation for assessment of all taxable property located within
the boundaries of said district for its general, bond redemption, and capital reserve
funds to defray its expenditures therefrom during its next ensuing fiscal year.

(2) If only a portion of a district is located within a county, the board of
trustees of said district shall certify the separate amounts to the board of county
commissioners of each county wherein a portion of said district is located. The
board of county commissioners of each such county shall levy a tax upon the
taxable property located within said portion of the district included in its county at
a rate sufficient to produce a pro rata share of each separate amount certified, such
pro rata share to be based on the ratio of the valuation for assessment of taxable
property located within that portion of said school district located within said
county to the total valuation for assessment of taxable property located in the
entire district; except that the rate of tax levies for said district shall be the same
throughout the territorial limits of said district except for a variation in the tax levy
needed for the bond redemption fund of said district, which rate may vary because
of changes in the boundaries of said district.

(3) The levy for the capital reserve fund shall not exceed four mills in any
year.

(4) (a) Whenever, after a reorganization, any district has within its boundaries
any new territory, the board of trustees of the district shall certify to the board of
county commissioners the amount required during the next ensuing fiscal year to
satisfy such territory's proportionate share of the obligations of the outstanding
bonded indebtedness.

(b) If, after reorganization of the district, there is any territory liable for the
payment of bonded indebtedness, different either in amounts, dates of creation, or
dates of interest or principal maturities, then, in certifying to the boards of county
commissioners the statement of the amount necessary to be raised from levies
pursuant to subsection (1) of this section, it is the duty of the board of trustees of
such district to also certify to the board of county commissioners the territory
which has bonded indebtedness outstanding, the legal description of the territory
liable for the payment of such bonded indebtedness, or portion thereof, and the
amount required during the ensuing fiscal year to meet payments of interest and
principal falling due therein. A separate levy, sufficient to raise the amount so
certified, shall be made against the valuation for assessment of all taxable property
located within such territory. The proceeds of such levy shall be credited to the
bond redemption fund of the district, but a separate account within such bond
redemption fund shall be maintained to clearly reflect the amount raised from such
separate levy.

Legislative History

Source: L. 75: Entire article added, p. 764, � 1, effective July 1. L. 86: (1), (2), and (4) amended, p. 858, � 35, effective July 1. L. 87: (1) amended, p. 1406, � 2, effective April 22.