§ 29-3-113 — Determination of revenue

(1) Prior to entering into a financing
agreement for the project and the issuance of bonds in connection therewith, the
governing body must determine:

(a) The amount necessary in each year to pay the principal of and the
interest on the first bonds proposed to be issued to finance such project;

(b) The amount necessary to be paid each year into any reserve funds which
the governing body may deem advisable to establish in connection with the
retirement of the proposed bonds and the maintenance of the project;

(c) The estimated cost of maintaining the project in good repair and keeping
it properly insured, unless the terms under which the project is to be financed
provide that the user shall maintain the project and carry all proper insurance with
respect thereto.

(2) The determination and findings of the governing body, required to be
made by subsection (1) of this section, shall be set forth in the proceedings under
which the proposed bonds are to be issued; but the foregoing amounts need not be
expressed in dollars and cents in the financing agreement and proceedings under
which the bonds are authorized to be issued.

Legislative History

Source: L. 67: p. 675, � 13. C.R.S. 1963: � 36-24-13. L. 73: p. 479, � 11.