§ 30-20-522 — Board can issue bonds - form - legislative declaration

Colorado § 30-20-522

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

Text

(1) To
carry out the purposes of this part 5, the board is hereby authorized to issue bonds
of the district. Such bonds shall bear interest at a rate such that the net effective
interest rate of the issue of bonds does not exceed the maximum net effective
interest rate authorized, payable at such times as determined by the board, and
shall be due and payable in installments at such times as determined by the board
and extending not more than twenty years from date of issuance. The form and
terms of said bonds, including provisions for their sale, payment, and redemption,
shall be determined by the board. To the extent required by section 20 of article X
of the Colorado constitution, such bonds shall not be issued unless first approved at
an election held for that purpose in accordance with articles 1 to 13 of title 1, C.R.S.
If the board so determines, such bonds may be redeemable prior to maturity, with or
without payment of a premium, but no premium shall exceed three percent of the
principal thereof. The bonds shall be executed in the name of and on behalf of the
district and signed by the presiding officer of the board with the seal of the district
affixed thereto and attested by the secretary of the board. Such bonds shall be in
such denominations as the board shall determine. Interest coupons, if any, shall
bear the original or facsimile signature of the presiding officer of the board. Under
no circumstances shall any of said bonds be considered or held to be an
indebtedness, obligation, or liability of the counties or municipalities in which the
district or any portion thereof is located, and bonds issued pursuant to the
provisions of this part 5 shall contain a statement to that effect.

(2) The general assembly finds and declares that:

(a) In performing its duties under section 20 of article X and section 6 of
article XI of the Colorado constitution, the general assembly must balance the
interests of controlling public debt, preserving local control, and reasonably
restraining most of the growth of government;

(b) In balancing these constitutional interests through the exercise of its
legislative authority, the general assembly has enacted limitations on the ability of
county public improvement districts to incur indebtedness;

(c) A statutory restriction has been imposed on the amount of bonded
indebtedness that county public improvement districts can incur with voter
approval;

(d) From time to time, changes to such limitations imposed on county public
improvement districts are necessary in order to keep these constitutional interests
properly balanced in light of changing circumstances;

(e) Section 20 (1) of article X of the Colorado constitution prohibits the
weakening of other limits on district revenue, spending, and debt without future
voter approval;

(f) No change in county public improvement district debt occurs by virtue of
statutory changes that increase a limit when the debt would not actually increase
without such district voter approval;

(g) Any actual weakening of county public improvement district debt
limitation occurs only when such district voter approval is obtained under an
increased limit; and

(h) By requiring voters to give approval at the county public improvement
district level for any weakening of a county public improvement district limit on
debt, the voter approval requirement of section 20 (1) of article X of the Colorado
constitution is satisfied in a manner achieving a reasonable result through
legislative harmonization of constitutional provisions.

Legislative History

Source: L. 68: p. 168, � 21. C.R.S. 1963: � 36-25-21. L. 70: p. 143, � 14. L. 99: Entire section amended, p. 512, � 9, effective April 30.