(1)The authority may issue from time to time its bonds in
such principal amount as the authority shall determine for the purpose of financing
all or a part of the cost of any health institutions or any facilities authorized by this
article or for the refinancing of outstanding obligations. In anticipation of the sale
of such bonds, the authority may issue bond anticipation notes and may renew the
same from time to time. Such notes shall be paid from any revenues of the authority
or other moneys available therefor and not otherwise pledged, or from the proceeds
of the sale of the bonds of the authority in anticipation of which they were issued.
The notes shall be issued in the same manner as bonds. Such notes and the
resolution or resolutions authorizing them may contain any provi
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(1) The authority may issue from time to time its bonds in
such principal amount as the authority shall determine for the purpose of financing
all or a part of the cost of any health institutions or any facilities authorized by this
article or for the refinancing of outstanding obligations. In anticipation of the sale
of such bonds, the authority may issue bond anticipation notes and may renew the
same from time to time. Such notes shall be paid from any revenues of the authority
or other moneys available therefor and not otherwise pledged, or from the proceeds
of the sale of the bonds of the authority in anticipation of which they were issued.
The notes shall be issued in the same manner as bonds. Such notes and the
resolution or resolutions authorizing them may contain any provisions, conditions, or
limitations which a bond resolution of the authority may contain.
(2) The bonds may be issued as serial bonds, as term bonds, or as a
combination of both types. All bonds issued by the authority shall be payable solely
out of the revenues and receipts derived from the leasing, mortgaging, or sale by
the authority of the facilities concerned or of any part thereof as designated in the
resolutions of the authority under which the bonds are authorized to be issued or as
designated in a trust indenture authorized by the authority, which trust indenture
shall name a bank or trust company in Colorado, or outside of Colorado if it is
determined by the authority to be in the best interests of the financing, such
determination to be conclusive, as trustee, or out of other moneys available
therefor and not otherwise pledged. Such bonds may be issued and delivered by the
authority at such times and in such manner, may be in such form and denominations
and include such terms and maturities, may be in fully registered form or in bearer
form registerable either as to principal or interest or both, may bear such
conversion privileges, may be payable in such installments and at such time or
times not exceeding forty years after the date thereof, may be payable at such
place or places whether within or without the state of Colorado, may bear interest
at such rate or rates per annum as shall be determined by the authority or as shall
be determined by any formula prescribed by the authority or as may be determined
from time to time by a designated agent of the authority in accordance with
specified standards and procedures and without regard to any interest rate
limitation appearing in any other law, may be evidenced in such manner, may be in
the form of coupon bonds that have attached thereto interest coupons bearing the
facsimile signature of an authorized officer of the authority, and may contain such
provisions not inconsistent with this article, all as shall be provided in the
resolutions of the authority under which the bonds are authorized to be issued or as
is provided in a trust indenture authorized by the authority. Notwithstanding
anything in this subsection (2) to the contrary, in the case of short-term notes or
other obligations maturing not later than one year after the date of issuance
thereof, the board may authorize the executive director, associate executive
director, or any officer of the board to fix principal amounts, maturity dates, interest
rates, and purchase prices of any particular issue of such short-term notes or
obligations, subject to such limitations as to maximum term, maximum principal
amount outstanding, and maximum net effective interest rates as the board shall
prescribe by resolution, and such authorization shall remain effective for the period
of time designated in the initial resolution regardless of whether the composition of
the board changes in the interim unless sooner rescinded by the board.
(3) If deemed advisable by the authority, there may be retained in the
resolutions or the trust indenture under which any bonds of the authority are
authorized to be issued an option to redeem all or any part thereof as may be
specified in such resolutions or in such trust indenture, at such price or prices, after
such notice or notices, and on such terms and conditions as may be set forth in such
resolutions or in such trust indenture and as may be briefly recited on the face of
the bonds; but nothing in this article shall be construed to confer on the authority
the right or option to redeem any bonds except as may be provided in the
resolutions or in such trust indenture under which they are issued.
(4) The bonds or notes of the authority may be sold at public or private sale
for such price or prices, in such manner, and at such times as may be determined by
the authority, and the authority may pay all expenses, premiums, and commissions
that it may deem necessary or advantageous in connection with the issuance
thereof. The power to fix the date of sale of bonds and notes, to receive bids or
proposals, to award and sell bonds and notes, and to take all other necessary action
to sell and issue bonds and notes may be delegated to the executive director,
associate executive director, or any officer of the board of the authority by
resolution of the authority. Pending preparation of the definitive bonds, the
authority may issue interim receipts or certificates, which shall be exchanged for
the definitive bonds.
(5) (a) Issuance by the authority of one or more series of bonds for one or
more purposes shall not preclude it from issuing other bonds in connection with the
same facilities, any other facilities, or any other purpose under this article, but the
resolutions or trust indenture under which any subsequent bonds may be issued
shall recognize the terms and provisions of any prior pledge or mortgage made for
any prior issue of bonds and the terms upon which such additional bonds may be
issued and secured. Any outstanding bonds of the authority may at any time and
from time to time be refunded or advance refunded by the authority by the issuance
of its bonds for such purpose and in a principal amount as may be determined by
the authority, which may include interest accrued or to accrue thereon with or
without giving effect to investment income thereon and other expenses necessary
to be paid in connection therewith. If deemed advisable by the authority, such
bonds may be refunded or advance refunded for the additional purpose of paying
all or any part of the cost of constructing and acquiring additions, improvements,
extensions, or enlargements of a facility or any portion thereof.
(b) Any such refunding may be effected whether the bonds to be refunded
shall have then matured or shall thereafter mature either by sale of the refunding
bonds and the application of the proceeds thereof for the payment of the bonds to
be refunded thereby or by the exchange of the refunding bonds for the bonds to be
refunded thereby with the consent of the holders of the bonds to be so refunded,
regardless of whether or not the bonds to be refunded were issued in connection
with the same facilities or separate facilities or for any other purpose under this
article and regardless of whether or not the bonds proposed to be refunded shall be
payable on the same date or different dates or shall be due serially or otherwise.
The proceeds of any such bonds issued for the purpose of refunding outstanding
bonds may, in the discretion of the authority, be applied to the purchase or
retirement at maturity or redemption of such outstanding bonds either on their
earliest or any subsequent redemption date or upon the purchase or at the maturity
thereof and may, pending such application, be placed in escrow to be applied to
such purchase or retirement at maturity or redemption on such date as may be
determined by the authority. Any such escrowed proceeds, pending such use, may
be invested or deposited in securities or depositories meeting the requirements
established in part 6 of article 75 of title 24, C.R.S. The interest, income, and profit,
if any, earned or realized on any such investment may also, in the discretion of the
authority, be applied to the payment of the outstanding bonds or notes to be so
refunded or to the payment of principal and interest on the refunding bonds or for
any other purpose under this article. After the terms of the escrow have been fully
satisfied and carried out, any balance of such proceeds and interest, income, and
profits, if any, earned or realized on the investments thereof may be returned to the
authority for use by it in any lawful manner. The portion of the proceeds of any such
bonds issued for the additional purpose of paying all or any part of the cost of
constructing and acquiring additions, improvements, extensions, or enlargements
of a facility may be invested or deposited in securities or depositories meeting the
requirements established in part 6 of article 75 of title 24, C.R.S. The interest,
income, and profits, if any, earned or realized on such investment may be applied to
the payment of all or any part of such cost or may be used by the authority in any
lawful manner. All such bonds shall be subject to the provisions of this article in the
same manner and to the same extent as other bonds issued pursuant to this article.