§ 23-71-518 — Tax levy to pay principal and interest

Colorado § 23-71-518

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

Text

(1) If any district has
issued bonds under the provisions of this part 5, it is the duty of the board of county
commissioners of the county in which said district is situated, at the time of levying
other district taxes, to levy a tax on all the taxable property of said district at a rate
sufficient to produce such amount as has been certified by the board of trustees of
said district for the purpose of paying bonds not yet due, as provided in section 23-71-517.

(2) Except when said district has sufficient moneys or securities in a
refunding escrow account to satisfy the bonded indebtedness obligations which
will be due and payable during said district's next ensuing fiscal year, if the board
of trustees fails to certify such an amount to the board of county commissioners as
required by section 23-71-517, the board of county commissioners, nevertheless,
shall levy upon the appropriate taxable property of said district a tax in addition to
the taxes levied for other purposes in an amount sufficient to pay all installments of
principal and interest of said bonds that shall become due during the next ensuing
fiscal year or, if said bonds do not become due and payable in series at different
times, in an amount sufficient to pay all installments of interest then to become due
and the aforesaid portion of principal.

(3) The amount certified pursuant to section 23-71-517 and the rate of the
tax levy required by this section shall be sufficient to cover any deficiency which
may occur by reason of delinquent payment of taxes.

(4) The county treasurer shall not collect any fee on the moneys received by
virtue of a tax levied pursuant to this section or by virtue of his office having been
designated as the place of payment or optional place of payment for bonds issued
under this part 5 or under part 6 of this article, nor shall he collect any fee on any
moneys received from any other source to pay bonds or interest thereon.

Legislative History

Source: L. 75: Entire article added, p. 773, � 1, effective July 1. L. 86: (1) and (2) amended, p. 865, � 55, effective July 1.