Colorado § 29-3-117 Application of proceeds

Colorado Statutes

§ 29-3-117 — Application of proceeds

Colorado·Title 29 Government·Art. County and Municipality

(1)The proceeds from the sale of any bonds shall be applied only for the purpose for which the bonds were issued and if, for any reason, any portion of such proceeds are not needed for the purpose for which the bonds were issued, such unneeded portion of the proceeds shall be applied to the payment of the principal of or the interest on the bonds.

(2)The cost of acquiring any project shall be deemed to include the actual cost of acquiring a site and the cost of the construction of any part of a project which may be constructed (including architects' and engineers' fees), the purchase price of any part of a project that may be acquired by purchase, and all expenses in connection with the authorization, sale, and issuance of the bonds to finance such acquisition.

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(1) The proceeds from the sale of any
bonds shall be applied only for the purpose for which the bonds were issued and if,
for any reason, any portion of such proceeds are not needed for the purpose for
which the bonds were issued, such unneeded portion of the proceeds shall be
applied to the payment of the principal of or the interest on the bonds.

(2) The cost of acquiring any project shall be deemed to include the actual
cost of acquiring a site and the cost of the construction of any part of a project
which may be constructed (including architects' and engineers' fees), the purchase
price of any part of a project that may be acquired by purchase, and all expenses in
connection with the authorization, sale, and issuance of the bonds to finance such
acquisition.

Colorado § 29-3-117 (Application of proceeds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.