Colorado § 24-90-516 Governing body can issue bonds - form

Colorado Statutes

§ 24-90-516 — Governing body can issue bonds - form

Colorado·Title 24 Government·Art. Libraries

To carry out the
purposes of this part 5, the governing body is hereby authorized to issue bonds of
the library district or facilities district for the purpose of financing the acquisition,
construction, installation, operation, or maintenance of library capital facilities
within the facilities district. The bonds shall bear interest at a rate such that the net
effective interest rate of the issue of bonds does not exceed the maximum net
effective interest rate authorized, payable at such times as determined by the
governing body, and shall be due and payable in installments at such times as
determined by the governing body extending not more than thirty years from the
date of issuance. The form and terms of the bonds, including provisions for their
sale, payment, and redemption,

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To carry out the
purposes of this part 5, the governing body is hereby authorized to issue bonds of
the library district or facilities district for the purpose of financing the acquisition,
construction, installation, operation, or maintenance of library capital facilities
within the facilities district. The bonds shall bear interest at a rate such that the net
effective interest rate of the issue of bonds does not exceed the maximum net
effective interest rate authorized, payable at such times as determined by the
governing body, and shall be due and payable in installments at such times as
determined by the governing body extending not more than thirty years from the
date of issuance. The form and terms of the bonds, including provisions for their
sale, payment, and redemption, shall be determined by the governing body. If the
bonds are payable from the general ad valorem taxes levied on property located
within the facilities district, the bonds shall not be issued unless first approved at
an election held for that purpose pursuant to section 24-90-507 (3). If the
governing body so determines, bonds issued pursuant to this section may be
redeemable prior to maturity, with or without payment of a premium, but no
premium shall exceed three percent of the principal thereof. The bonds shall be
executed in the name of the library district or the facilities district and signed by
the presiding officer of the governing body with the seal of the library district or
facilities district affixed thereto and attested by the secretary of the governing
body. The bonds shall be in such denominations as the governing body shall
determine. Under no circumstances shall any of the bonds be held to be an
indebtedness, obligation, or liability of the municipalities or counties in which the
area is located, and bonds issued pursuant to the provisions of this part 5 shall
contain a statement to that effect.