§ 30-20-515 — Determining and fixing rate of levy

Colorado § 30-20-515

• Jurisdiction: Colorado
• Title 30: Government
• Art.: Public Improvements

Text

The board shall determine
annually the amount of money necessary to be raised by a levy on the taxable
property in the district, taking into consideration other sources of revenue of the
district, and shall fix a rate of levy which, when levied upon every dollar of valuation
for assessment of taxable property within the district, together with other
revenues, shall raise the amount required by the district during the ensuing fiscal
year for paying expenses of organization and the costs of acquiring, constructing,
installing, operating, and maintaining the improvements or works of the district or
providing the services of the district and promptly to pay in full when due all
interest on and principal of general obligation bonds or indebtedness and other
obligations of the district. In the event of accruing defaults or deficiencies,
additional levies may be made as provided in section 30-20-516. At the time of
certifying other tax levies, the board shall certify to the board of county
commissioners of each county in which the district or a portion thereof lies the rate
of levy so determined with directions that, at the time and in the manner required by
law for levying of taxes for county purposes, such board of county commissioners
shall levy such tax upon the valuation for assessment of all taxable property within
the district at the rate so fixed and determined, in addition to such other taxes as
may be levied by such board of county commissioners.

Legislative History

Source: L. 68: p. 167, � 14. C.R.S. 1963: � 36-25-14. L. 99: Entire section amended, p. 511, � 8, effective April 30.