Colorado § 24-117-107 Payment of bonds - nonliability of state

Colorado Statutes

§ 24-117-107 — Payment of bonds - nonliability of state

Colorado § 24-117-107

Title 24Government

Art.The Building Urgent Infrastructure

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Bluebook

Colo. Rev. Stat. § 24-117-107 (2026).

Text

(1)Bonds issued by the authority must not constitute or become an indebtedness, a debt, or a liability of the state nor do such bonds constitute the giving, pledging, or loaning of the full faith and credit of the state. Bonds issued by the authority are payable solely from the money provided for in this article 117. The issuance of bonds by the authority pursuant to this article 117 does not obligate the state or empower the authority, directly, indirectly, or contingently, to levy or collect any form of taxes or assessments, create any indebtedness payable out of taxes or assessments, or make any appropriation for their payment, and such appropriation, levy, or collection is prohibited.

(2)Nothing in this section prevents or may be construed to prevent the authority from ple

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(1) Bonds issued by
the authority must not constitute or become an indebtedness, a debt, or a liability of
the state nor do such bonds constitute the giving, pledging, or loaning of the full
faith and credit of the state. Bonds issued by the authority are payable solely from
the money provided for in this article 117. The issuance of bonds by the authority
pursuant to this article 117 does not obligate the state or empower the authority,
directly, indirectly, or contingently, to levy or collect any form of taxes or
assessments, create any indebtedness payable out of taxes or assessments, or
make any appropriation for their payment, and such appropriation, levy, or
collection is prohibited.

(2) Nothing in this section prevents or may be construed to prevent the
authority from pledging its full faith and credit to the payment of bonds authorized
pursuant to this article 117, but nothing in this article 117 may be construed to
authorize the authority to create a debt of the state within the meaning of the
constitution or statutes of Colorado, and all bonds issued by the authority pursuant
to the provisions of this article 117 are payable and must state that they are payable
solely from the money pledged for their payment in accordance with the resolution
authorizing their issuance or with any trust indenture executed as security for such
bonds and are not a debt or liability of the state.

(3) The state is not liable in any event for the payment of the principal of or
interest on any bonds of the authority or for the performance of any pledge,
obligation, or agreement of any kind whatsoever which may be undertaken by the
authority. No breach of any such pledge, obligation, or agreement imposes any
pecuniary liability upon the state or any charge upon its general credit or against its
taxing power.