§ 23-71-601 — Definitions

Colorado § 23-71-601

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

Text

As used in this part 6, unless the context otherwise
requires:

(1) Board of trustees means the governing body authorized by law to
administer the affairs of any local college district.

(2) District means a local college district organized and existing pursuant
to law.

(3) Federal securities means the bills, certificates of indebtedness, notes,
or bonds which are direct obligations of, or the principal and interest of which
obligations are unconditionally guaranteed by, the United States.

(4) Net effective interest rate of a proposed issue of refunding bonds
means the net interest cost of said refunding issue divided by the sum of the
products derived by multiplying the principal amounts of such refunding issue
maturing on each maturity date by the number of years from the date of said
proposed refunding bonds to their respective maturities. Net effective interest
rate of an outstanding issue of bonds to be refunded means the net interest cost of
said issue to be refunded divided by the sum of the products derived by multiplying
the principal amounts of such issue to be refunded maturing on each maturity date
by the number of years from the date of the proposed refunding bonds to the
respective maturities of the bonds to be refunded. In all cases the net effective
interest rate shall be computed without regard to any option of redemption prior to
the designated maturity dates of the bonds.

(5) Net interest cost of a proposed issue of refunding bonds means the
total amount of interest to accrue on said refunding bonds from their date to their
respective maturities, less the amount of any premium above par at which said
refunding bonds are being or have been sold. Net interest cost of an outstanding
issue of bonds to be refunded means the total amount of interest which would
accrue on said outstanding bonds from the date of the proposed refunding bonds to
the respective maturity dates of said outstanding bonds to be refunded. In all cases
the net interest cost shall be computed without regard to any option of redemption
prior to the designated maturity dates of the bonds.

Legislative History

Source: L. 75: Entire article added, p. 776, � 1, effective July 1. L. 86: (1) amended, p. 867, � 60, effective July 1.