§ 29-3-120 — Payment in lieu of taxes

Colorado § 29-3-120

• Jurisdiction: Colorado
• Title 29: Government
• Art.: County and Municipality

Text

(1) Pursuant to section 4 of article X of
the state constitution, all property owned by a county or municipality pursuant to
this article shall be and remain exempt from taxation. Nevertheless, any county or
municipality acquiring or extending any project as provided in this article shall
annually pay, solely out of the revenues from the project and not from any other
source, to the state of Colorado and to the city, town, school district, and any other
political subdivision or public body corporate wherein such project is located,
authorized to levy taxes, a sum equal to the amount of tax which the taxing entity
would annually receive if the property were owned by any private person or
corporation, any other statute to the contrary notwithstanding. In addition to the
requirements of sections 29-3-113 and 29-3-114, the governing body, before
entering into a financing agreement pursuant to this article, shall make a prior
determination of sufficiency of revenues for the purposes of this section, and each
financing agreement shall provide for revenues sufficient to meet the payments
required by this section.

(2) If and to the extent the proceedings under which the bonds so provide,
the county or municipality may agree to cooperate with the user of a project in
connection with any administrative or judicial proceedings for determining the
validity or amount of any such payments and may agree to appoint or designate and
reserve the right in and for such user to take all action which the county or
municipality may lawfully take in respect of such payments and all matters relating
thereto, but such user shall bear and pay all costs and expenses of the county or
municipality thereby incurred at the request of such user or by reason of any such
action taken by such user in behalf of the county or municipality.

(3) Any user of a project which has paid, as revenues additional to those
required to be paid pursuant to section 29-3-114, the amounts required by
subsection (1) of this section to be paid by the county or municipality shall not be
required to pay taxes on such property to the state or to any county, city, town,
school district, or other political subdivision, any other statute to the contrary
notwithstanding. In the event the project is owned by a private person or
corporation, the financing agreement shall require such private person or
corporation to pay the taxes which such taxing entity or entities are entitled to
receive from such private person or corporation with respect to the project.

Legislative History

Source: L. 67: p. 677, � 20. C.R.S. 1963: � 36-24-20. L. 73: pp. 480, 482, �� 15, 18.