Colorado § 24-90-512 Determining and fixing rate of levy

Colorado Statutes

§ 24-90-512 — Determining and fixing rate of levy

Colorado·Title 24 Government·Art. Libraries

The governing body shall
determine the amount of moneys necessary to be raised by a levy on the taxable
property located within the facilities district, taking into consideration other
sources of revenue of the library district and the facilities district, and shall fix a
rate of levy that, when levied upon every dollar of the valuation for assessment of
taxable property within the facilities district together with other revenues, shall
raise the amount required by the library district and the facilities district during the
ensuing fiscal year to supply funds for paying expenses of organization and the
costs of acquiring, financing, constructing, installing, operating, or maintaining the
library capital facilities and promptly to pay in full when due all interest on and
principal

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The governing body shall
determine the amount of moneys necessary to be raised by a levy on the taxable
property located within the facilities district, taking into consideration other
sources of revenue of the library district and the facilities district, and shall fix a
rate of levy that, when levied upon every dollar of the valuation for assessment of
taxable property within the facilities district together with other revenues, shall
raise the amount required by the library district and the facilities district during the
ensuing fiscal year to supply funds for paying expenses of organization and the
costs of acquiring, financing, constructing, installing, operating, or maintaining the
library capital facilities and promptly to pay in full when due all interest on and
principal of general obligation bonds, indebtedness, and other obligations issued by
the library district or the facilities district for the library capital facilities located
within the facilities district. In the event of accruing defaults or deficiencies,
additional levies may be made as provided in section 24-90-513. In accordance with
the time schedule provided in section 39-5-128, C.R.S., the governing body shall
certify to the board of county commissioners of each county in which the facilities
district or a portion of the facilities district lies the rate so fixed in order that, at the
time and in the manner required by law for the levying of taxes, such board of
county commissioners shall levy such tax upon the valuation for assessment of all
taxable property within the facilities district.