§ 23-71-603 — Question of issuing refunding bonds

Colorado § 23-71-603

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

Text

(1) When the board of
trustees of any district deems it expedient to issue refunding bonds under the
provisions of this part 6 and the net effective interest rate and the net interest cost
of said issue of refunding bonds do not exceed the net effective interest rate and
the net interest cost of the outstanding bonds to be refunded, such refunding
bonds may be issued without the submission of the question of issuing the same at
an election held in accordance with part 5 of this article. If two or more issues of
outstanding bonds of a district are to be refunded by the issuance of a single issue
of refunding bonds, as provided in section 23-71-602 (5), the net interest cost and
net effective interest rate on the bonds to be refunded shall be computed as if all of
said bonds had originally been combined as a single issue aggregating the total of
the smaller issues, and the results of this computation shall be compared with the
net interest cost and net effective interest rate on the whole of the single refunding
issue for purposes of determining the necessity of submitting the question of
issuing such refunding bonds at an election held in accordance with part 5 of this
article.

(2) If any district proposes to issue refunding bonds, on which issue the net
interest cost or net effective interest rate exceeds the net interest cost or net
effective interest rate of the outstanding bonds to be refunded, the board of
trustees shall submit the question of issuing such refunding bonds and the
maximum net interest cost and maximum net effective interest rate at which such
refunding bonds may be issued at the regular biennial election or at a special
election called for that purpose. Any such election shall be called and held as
nearly as may be in accordance with part 5 of this article for elections on the
question of the issuance of other bonds of the issuing district.

Legislative History

Source: L. 75: Entire article added, p. 778, � 1, effective July 1. L. 86: Entire section amended, p. 868, � 62, effective July 1.