§ 23-71-706 — Payable from special fund

Colorado § 23-71-706

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

Text

The securities shall be payable and
collectible, as to principal, interest, and any prior redemption premium, solely out of
net pledged revenues; the holder thereof may not look to any general or other fund
for such payment of such securities, except the net revenues pledged therefor; the
securities shall not constitute an indebtedness or a debt within the meaning of any
constitutional or statutory provision or limitation, if any such provision or limitation
appertains thereto; the securities shall not be considered or held to be general
obligations of the district but shall constitute its special obligations; and the full
faith and credit of the district shall not be pledged for their payment. Such payment
shall not be secured by an encumbrance, mortgage, or other pledge of property of
the district, except for its pledged revenues. No property of the district, subject to
said exception, shall be liable to be forfeited or taken in payment of securities.

Legislative History

Source: L. 75: Entire article added, p. 784, � 1, effective July 1.