Colorado § 25-8.5-114 Use of proceeds of revenue refunding bonds

Colorado Statutes

§ 25-8.5-114 — Use of proceeds of revenue refunding bonds

Colorado § 25-8.5-114

Title 25Public

Art.Cherry Creek Basin Water Quality Authority

This text of Colorado § 25-8.5-114 (Use of proceeds of revenue refunding bonds) is published on Counsel Stack Legal Research, covering Colorado primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Colo. Rev. Stat. § 25-8.5-114 (2026).

Text

The proceeds of
revenue refunding bonds shall either be immediately applied to the retirement of
the bonds being refunded or be placed in escrow in any state or national bank
within the state which is a member of the federal deposit insurance corporation to
be applied to the payment of the bonds being refunded upon their presentation
therefor; but, to the extent any incidental expenses have been capitalized, such
refunding bond proceeds may be used to defray such expenses, and any accrued
interest and any premium appertaining to a sale of refunding bonds may be applied
to the payment of the interest thereon or the principal thereof, or both interest and
principal, or may be deposited in a reserve therefor, as the board may determine.
Any such escrow shall not necessarily be limit

Free access — add to your briefcase to read the full text and ask questions with AI

The proceeds of
revenue refunding bonds shall either be immediately applied to the retirement of
the bonds being refunded or be placed in escrow in any state or national bank
within the state which is a member of the federal deposit insurance corporation to
be applied to the payment of the bonds being refunded upon their presentation
therefor; but, to the extent any incidental expenses have been capitalized, such
refunding bond proceeds may be used to defray such expenses, and any accrued
interest and any premium appertaining to a sale of refunding bonds may be applied
to the payment of the interest thereon or the principal thereof, or both interest and
principal, or may be deposited in a reserve therefor, as the board may determine.
Any such escrow shall not necessarily be limited to proceeds of refunding bonds
but may include other moneys available for its purpose. Any proceeds in escrow,
pending such use, may be invested or reinvested in securities meeting the
investment requirements established in part 6 of article 75 of title 24, C.R.S. Such
proceeds and investments in escrow, together with any interest to be derived from
any such investment, shall be in an amount at all times sufficient as to principal,
interest, any prior redemption premium due, and any charges of the escrow agent
payable therefrom to pay the bonds being refunded as they become due at their
respective maturities or due at any designated prior redemption dates in connection
with which the board shall exercise a prior redemption option. Any purchase of any
refunding bond issued under this article shall in no manner be responsible for the
application of the proceeds thereof by the authority or any of its officers, agents, or
employees.