Colorado § 29-3-106 Form and terms of bonds - exemption from Colorado income tax

Colorado Statutes

§ 29-3-106 — Form and terms of bonds - exemption from Colorado income tax

Colorado·Title 29 Government·Art. County and Municipality

(1)The bonds shall be authorized by resolution of the county commissioners or by ordinance of the municipality; shall be subject to such maximum net effective interest rate; and shall be in such denominations, bear such date, mature at such time not exceeding forty years from their respective dates, bear such interest at a rate, be in such form, carry such registration privileges, be executed in such manner, be payable at such place within or without the state, and be subject to such terms of redemption as the authorizing resolution or supplemental resolution of the county commissioners or the ordinance or supplemental resolution of the municipality may provide.

(2)The bonds may be sold in one or more series at par, or below or above par, at public or private sale, in such mann

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(1) The bonds shall be authorized by resolution of the county commissioners or by
ordinance of the municipality; shall be subject to such maximum net effective
interest rate; and shall be in such denominations, bear such date, mature at such
time not exceeding forty years from their respective dates, bear such interest at a
rate, be in such form, carry such registration privileges, be executed in such
manner, be payable at such place within or without the state, and be subject to such
terms of redemption as the authorizing resolution or supplemental resolution of the
county commissioners or the ordinance or supplemental resolution of the
municipality may provide.

(2) The bonds may be sold in one or more series at par, or below or above par,
at public or private sale, in such manner and for such price as the county or
municipality, in its discretion, shall determine; but the county or municipality shall
not sell such bonds at a price such that the net effective interest rate of the issue of
bonds exceeds the maximum net effective interest rate authorized. As an incidental
expense of the project, the county or municipality, in its discretion, may employ
financial and legal consultants in regard to the financing of the project.

(3) The county or municipality may exchange all or a part of its bonds for all
or an equivalent part of the project for which the bonds are issued, the exchange to
be preceded by determination of the fair value of the project or part of the project
exchanged for the bonds. Such determination shall be by ordinance of the
municipality or by resolution of the governing body of the county and shall be
conclusive.

(4) The bonds shall be fully negotiable under the terms of article 8 of title 4,
C.R.S.

(5) Interest on bonds issued on or after July 1, 1979, pursuant to this article
shall be exempt from Colorado income tax.

Colorado § 29-3-106 (Form and terms of bonds - exemption from Colorado income tax) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 67: p. 672, � 6. C.R.S. 1963: � 36-24-6. L. 70: pp. 109, 140, �� 2, 8. L. 73: p. 478, � 6. L. 79: (5) added, p. 1128, � 1, effective June 22.