§ 23-71-604 — Authorization - form - interest

Colorado § 23-71-604

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

Text

(1) Such refunding bonds shall
be authorized by a resolution fixing the date, the denominations, the rate of interest
on individual bonds, the maturity dates which shall not be more than twenty-five
years after the date of such refunding bonds, and the place of payment, within or
without the state of Colorado, of both principal and interest and prescribing the
form of such refunding bonds. Such bonds shall be negotiable in form and executed
in the same manner as prescribed for other school district bonds. At the discretion
of the board of trustees, any such bonds may be issued with privileges for
registration for payment as to principal or interest, or both.

(2) The interest accruing on such refunding bonds may be evidenced by
interest coupons thereto attached in substantially the same form as prescribed for
other school district bonds, and, when so executed, such coupons shall be the
binding obligations of the district according to their import. Such refunding bonds
shall mature serially, commencing not later than five years after the date of such
bonds and maturing during a period not exceeding twenty-five years after the date
thereof. The amount of such maturities shall be fixed by the board of trustees and
specified in the resolution authorizing the issuance of the refunding bonds. The
right to redeem all or part of said bonds prior to their maturity, and the order of any
such redemption, may be reserved in the resolution authorizing the issuance of
bonds and shall be set forth on the face of said bonds. Interest on local college
district refunding bonds issued on or after July 1, 1973, shall be exempt from
Colorado income tax.

Legislative History

Source: L. 75: Entire article added, p. 778, � 1, effective July 1. L. 86: Entire section amended, p. 869, � 63, effective July 1.