§ 23-71-502 — Bonded indebtedness - elections

Colorado § 23-71-502

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

Text

(1) No general obligation
bonded indebtedness shall be contracted by any district for the purpose of
purchasing, erecting, improving, remodeling, and furnishing local district college
buildings, sites, facilities, and equipment unless the proposition to create such debt
has first been submitted to and approved by the eligible electors of the district.

(2) The board of trustees of any district, at any regular biennial school
election or at a special election called for the purpose, shall submit to the eligible
electors of the district the question of contracting a bonded indebtedness for the
purpose of purchasing, erecting, improving, remodeling, and furnishing local district
college buildings, sites, facilities, and equipment, which purposes shall be broadly
construed, subject to the limitations provided in section 23-71-503.

(3) All elections authorized under this article shall be conducted pursuant to
the provisions of articles 1 to 13 of title 1, C.R.S. The secretary of the board of
trustees shall be the designated election official for all elections unless otherwise
provided by the board of trustees. Any notice given shall contain a statement of the
amount of the bonded indebtedness proposed to be contracted, the maximum net
effective interest rate at which the indebtedness shall be incurred, and the
maximum period of time within which the amount shall be payable, and the day and
the place of the election.

(4) and (5) (Deleted by amendment, L. 92, p. 861, � 73, effective January 1,
1993.)

(6) (a) The board of trustees of any district, having received approval at an
election to issue bonds and having determined that the limitations of the original
election question are too restrictive to permit the advantageous sale of the bonds
so authorized, may submit at another regular or special election:

(I) The question of issuing the bonds, or any portion thereof, at a higher
maximum net effective interest rate than the maximum interest rate or maximum
net effective interest rate approved at the original election; or

(II) The question of issuing the bonds, or any portion thereof, to mature over a
longer period of time than the maximum period of maturity approved at the original
election.

(b) An election held pursuant to this subsection (6) shall be held in
substantially the same manner as an election to authorize bonds initially, except as
may be required for the submission of the limited question permitted under this
subsection (6).

(c) If a majority of those voting at an election held pursuant to this
subsection (6) fail to approve the changes submitted, such result shall not impair
the authority of the board of trustees at a later time to issue the bonds originally
approved within the limitations established at the first election.

Legislative History

Source: L. 75: Entire article added, p. 767, � 1, effective July 1. L. 86: (2) to (5), IP(6)(a), and (6)(c) amended, p. 860, � 42, effective July 1. L. 92: (1) to (5) amended, p. 861, � 73, effective January 1, 1993.