(1)For the
purpose of paying all or such portion of the cost of any improvement constructed or
acquired under the provisions of this part 6 as may be assessed against the
property specially benefited and not paid by the sales tax authorized by section 30-20-604.5 or by the county, special assessment bonds of the county may be issued,
of such date, in such form, and on such terms, including, without limitation,
provisions for their sale, payment, and redemption, as may be prescribed by the
board, bearing the name of the street or district improved and payable in a
sufficient period of years after such date to cover the period of payment provided,
and in convenient denominations. All such bonds shall be issued upon estimates
approved by the board, and the county treasurer shall pre
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(1) For the
purpose of paying all or such portion of the cost of any improvement constructed or
acquired under the provisions of this part 6 as may be assessed against the
property specially benefited and not paid by the sales tax authorized by section 30-20-604.5 or by the county, special assessment bonds of the county may be issued,
of such date, in such form, and on such terms, including, without limitation,
provisions for their sale, payment, and redemption, as may be prescribed by the
board, bearing the name of the street or district improved and payable in a
sufficient period of years after such date to cover the period of payment provided,
and in convenient denominations. All such bonds shall be issued upon estimates
approved by the board, and the county treasurer shall preserve a record of the
same in a suitable book kept for that purpose. All such bonds shall be subscribed by
the chair of the board, countersigned by the county treasurer, with the county seal
affixed, and attested by the county clerk and recorder; except that the county
treasurer need not countersign a bond issued by a district formed for the purposes
authorized in section 30-20-603 (11.5). Such bonds shall be payable out of the
moneys collected on account of the assessments made for said improvements,
from reserve accounts, if any, established to secure the payment of such bonds,
and from any other legally available moneys. All moneys collected from such
assessments for any improvement shall be applied to the payment of the bonds
issued, until payment in full is made of all the bonds, both principal and interest, or
to fund or replenish reserve accounts, if any, established to secure the payment of
such bonds. The bonds may be sold, under such terms and conditions as are
established by the board, in such amounts as will be sufficient to pay for the cost of
the improvements.
(2) Whenever three-fourths of the bonds issued pursuant to subsection (1) of
this section for an improvement constructed under this part 6 have been paid and
canceled and for any reason any remaining assessments are not paid in time to pay
the remaining bonds for the district and the interest due thereon, the county may
pay, from legally available moneys, the bonds when due and the interest due
thereon and may reimburse itself by collecting the unpaid assessments due the
district.
(3) When all bonds of an improvement district have been paid, any moneys
remaining to the credit of such district may be transferred to a special surplus and
deficiency fund, and whenever there is a deficiency in any improvement district
bond fund to meet the payment of outstanding bonds for other improvement
districts and interest due thereon, or to redeem such outstanding bonds in
accordance with any estimated redemption schedule used in connection with the
sale of such bonds, the deficiency may be paid from the moneys available therefor
in the surplus and deficiency fund.
(4) For the purpose of paying all or such portion of the costs of any
improvement constructed pursuant to section 30-20-603 (1)(a) and (1)(c) to which
the revenues from any sales tax imposed pursuant to section 30-20-604.5 have
been pledged, revenue bonds may be issued, which shall be payable solely from
such sales tax. Such bonds shall be issued on the terms set forth in section 29-2-112, C.R.S.
(5) In connection with the issuance of bonds payable solely from special
assessments as provided in subsection (1) of this section, the board may provide by
resolution for the submission of the question of issuing such bonds to the electors
eligible to vote on the question. In that case, the board may provide by resolution
that all registered electors of the county shall be eligible to vote on the question or
that only electors of the district shall be eligible to vote on the question.
(6) In connection with the issuance of bonds payable from special
assessments which are additionally secured as provided in subsection (2), (3), or (4)
of this section, the board may provide by resolution for the submission of the
question of issuing the bonds to all registered electors of the county.
(7) Notwithstanding any other provision of this part 6, bonds issued in
accordance with the requirements of this section may be payable from the
assessments levied in one or more improvement districts.
(8) Notwithstanding any other provision of this part 6, any district formed for
the purpose of encouraging, accommodating, and financing improvements as
authorized in section 30-20-603 (11.5) may be authorized to:
(a) Issue one or more series of bonds, and bonds of any such district may be
payable from the assessments levied pursuant to one or more assessment
resolutions; and
(b) Jointly finance the improvements of multiple such districts located in one
or more counties by intergovernmental agreement of the organizing counties or
through other legally available means. Such intergovernmental agreement may
include provisions for, among other things, the transfer of revenues collected
pursuant to this part 6, including assessment payments, penalty payments
pursuant to section 30-20-615, and property sale proceeds pursuant to section 30-20-617, from the county treasurer of the county in which a property is located to the
county treasurer for the county issuing bonds pursuant to this section.