(1) (a) Whenever the board of trustees of a
library district determines that the interest of the library district and the public
interest or necessity requires the creation of a general obligation indebtedness of
the county on behalf of and in the name of the library district to finance the
acquisition, construction, expansion, or remodeling of any real or personal property
for library purposes of such district, including, without limitation, acquisition of
books and equipment for such purposes, the board of trustees shall adopt a
resolution requesting the board of county commissioners of the county in which the
library district is located to submit the question of creating such indebtedness at
the next general election or on the election held on the first Tuesday in November
of odd-numbered years. The resolution of the board of trustees, in addition to the
declaration of public interest or necessity, shall recite:
(I) The objects and purposes for which the indebtedness is proposed to be
incurred;
(II) The amount of indebtedness to be incurred therefor;
(III) The maximum net effective interest rate to be paid on such
indebtedness; and
(IV) The question to be submitted by the county to the registered electors.
(b) In the event that territory within a library district is located within more
than one county, the resolution shall also specify the principal amount of
indebtedness proposed to be incurred by each county in which territory within the
district is located. Such principal amount of indebtedness for each county shall
bear approximately the same ratio to the total principal amount of indebtedness
proposed to be incurred as the valuation for assessment of that portion of the
property within the library district which is located within such county bears to the
valuation for assessment of all property located within the library district. The
board of trustees shall deliver such resolution to the board of county
commissioners of each county in which territory within the library district is located.
(2) Within twenty days after receipt of a resolution adopted pursuant to
paragraph (a) of subsection (1) of this section, the board of county commissioners
shall either adopt the resolution subject to mutually agreed upon changes in the
resolution or reject the resolution. Where the board adopts the resolution, it shall
order the question of incurring such indebtedness to be submitted, on the date
specified in the resolution of the board of trustees, to the registered electors
residing in territory within the county which is included in the library district. Such
order shall be adopted and the election shall be held and conducted in accordance
with section 30-26-301, C.R.S. In its order the board shall specify polling places and
precincts for such election, which may be the same as or different than the polling
places and precincts established pursuant to the provisions of section 1-5-101,
C.R.S. If, upon canvassing the vote, it appears that a majority of the registered
electors voting at such election vote in favor of the proposition to contract said
indebtedness, the board on behalf of and in the name of the library district is
authorized to and shall contract for said indebtedness.
(2.5) (a) Whenever the board of trustees of a library district determines that
the interest of such district and the public interest or necessity requires the
creation of a general obligation indebtedness of such district to finance the
acquisition, construction, expansion, or remodeling of any real or personal property
for library purposes of such district, including, without limitation, acquisition of
books and equipment for such purposes, the board of trustees shall adopt a
resolution to submit the question of creating such indebtedness on their own
authority at the next general election or on the election held on the first Tuesday in
November of odd-numbered years. In addition, at such election the board of
trustees may also submit such question to the electors in the event the board of
county commissioners of a county rejects the resolution of the board of trustees
under subsection (2) of this section. In addition to reciting the declaration of public
interest or necessity, the resolution of the board of trustees shall also recite:
(I) The objects and purposes for which the indebtedness is proposed to be
incurred;
(II) The amount of indebtedness to be incurred therefor;
(III) The maximum net effective interest rate to be paid on such
indebtedness; and
(IV) The question to be submitted by the board to the electors.
(b) The board of trustees of the district shall deliver a copy of the resolution
to the board of county commissioners of each county within which the district is
located.
(c) Within twenty days after adoption of the resolution, the board of trustees
shall order the question of whether the library district shall incur such indebtedness
to be submitted, on the date specified in the resolution, to the registered electors
residing in such district. The order shall be adopted, and the election shall be held
and conducted as provided in articles 1 to 13 of title 1, C.R.S. In its resolution, the
board of trustees shall specify polling places and precincts for such election, which
may be the same as or different than polling places and precincts established
pursuant to the provisions of section 1-5-101, C.R.S. If, upon canvassing the vote, it
appears that a majority of the registered electors voting at such election vote in
favor of the question, the library district is authorized to and shall contract for said
indebtedness.
(3) (a) When authorized pursuant to subsection (2) of this section and upon
the request of the board of trustees of the library district, the board of county
commissioners shall issue bonds of the county in the manner provided in section
30-26-302, C.R.S., but such bonds may be redeemable prior to maturity at such
time, in such manner, and upon payment of such premium as the board of county
commissioners may determine. Such bonds shall not be subject to the limitation on
county indebtedness set forth in section 30-26-301 (3) or 30-35-201 (6)(b), C.R.S. In
the event that territory within a library district is located within more than one
county, each board of county commissioners may issue its bonds for the authorized
purposes of the library district regardless of whether any or all of the other
counties in which the library district is located issue bonds for such purposes, but
the bonds of a county issued pursuant to this section shall be payable from ad
valorem taxes levied only on that property within such county that is located in the
library district.
(b) When authorized pursuant to subsection (2.5) of this section, the library
district shall issue its bonds in the manner provided in section 32-1-1101, C.R.S., but
the bonds may be redeemable prior to maturity at such time, in such manner, and
upon payment of such premium as the board of trustees may determine.
(4) The board of county commissioners acting pursuant to subsection (1) of
this section, and the board of trustees of a library district acting pursuant to
subsection (2.5) of this section, are authorized to levy an ad valorem tax on all
taxable property either within such county that is located in the library district, or
within such district where the boundaries of said district cover more than one
county, as applicable, to pay the principal of, redemption premium, if any, and
interest on county or district indebtedness incurred pursuant to this section. The
board of county commissioners and board of trustees, in certifying annual levies,
shall take into account the maturing indebtedness of such county or such district
incurred pursuant to this section for the ensuing year and deficiencies and defaults
of prior years and shall make ample provision for the payment thereof. If the
moneys produced from such levies, together with other revenues of the county or
district available therefor, are not sufficient to pay punctually the annual
installments on its contracts or bonds, and interest thereon, and to pay defaults and
deficiencies, the board of county commissioners or board of trustees, as applicable,
shall make such additional levies of taxes as may be necessary for such purposes,
and such taxes shall be made and continue to be levied until the indebtedness is
fully paid.
(5) Moneys resulting from such indebtedness shall be deposited with and
disbursed by the custodian of library district funds pursuant to section 24-90-112
(2). The real or personal property to be acquired, constructed, expanded, or
remodeled with the proceeds of such indebtedness shall be held, operated, and
maintained by the library district.