§ 30-11-408 — Detachment - dissolution

(1) Upon the effective date of the
annexation to any city, town, or city and county, or the incorporation of any territory
included in an authority, upon the certification thereof by the clerk of such
municipality, the territory so annexed or incorporated shall be detached from such
authority as of the effective date thereof, if such be January 1 of any year;
otherwise, such detachment shall take effect on the following January 1, for
purposes of general property taxation. Property so detached shall not thereafter be
liable for any portion of the outstanding indebtedness of the authority.

(2) Upon the annexation or incorporation of fifty percent or more of the area
of the territory included in any authority, or upon petition by ten percent of the
electors and the approval of a majority of the electors of the authority voting at a
special election called for that purpose, pursuant to the applicable provisions of
section 30-11-405, any authority formed under this part 4 shall be dissolved
effective the following January 1, except that if any indebtedness of the authority is
unpaid and outstanding, the authority shall continue in existence for taxation
purposes only until all obligations of the authority are paid.

Legislative History

Source: L. 69: p. 241, � 8. C.R.S. 1963: � 36-27-8. L. 70: p. 146, � 19. L. 71: pp. 337, 347, �� 6, 6.