§ 24-115-109 — Limitation on power of corporation to declare bankruptcy

Colorado § 24-115-109

• Jurisdiction: Colorado
• Title 24: Government
• Art.: Financing of Critical State Needs

Text

Notwithstanding any other provision of law, the corporation is not authorized to be,
and no public officer, organization, entity, or other person shall authorize the
corporation to be, a debtor in a case under the United States bankruptcy code, title
11 of the United States Code, to make an assignment for the benefit of creditors or
to become the subject of any similar case or proceeding. The state hereby
covenants with the holders of any notes issued pursuant to this article that the
state will not limit or alter the prohibition on the filing of voluntary bankruptcy
petitions set forth in this section until one year and one day after the corporation no
longer has any notes outstanding. The corporation and any trust established by the
corporation are hereby authorized to include this covenant as an agreement of the
state in any contract with the note holders of the corporation.

Legislative History

Source: L. 2005: Entire article added, p. 750, � 1, effective June 1.