§ 30-20-619.5 — Issuing refunding bonds

Colorado § 30-20-619.5

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

Text

(1) The board may issue one or more
series of bonds to refund all or any portion of the outstanding bonds issued by one
or more improvement districts pursuant to section 30-20-619. Any such bonds shall
be issued in accordance with the provisions of article 56 of title 11, C.R.S. In such
case, for purposes of complying with the requirements of article 56 of title 11,
C.R.S., any bonds issued to refund all or any portion of the outstanding bonds of one
or more improvement districts shall be deemed to be revenue bonds, the refunded
bonds shall be deemed to be revenue obligations, and the assessments shall be
deemed to be revenue.

(2) Any bonds issued pursuant to this section may refund all or any portion of
the outstanding bonds of one or more improvement districts and may be secured by
a combination of assessments levied on all or a specifically identified portion of the
assessed property located within such districts.

(3) Two or more series of bonds may be issued to refund the outstanding
bonds of one or more districts, and each series may be secured by assessments
levied on different portions of the assessed property located within the districts
that have outstanding bonds.

(4) Except as otherwise provided in subsection (5) or (6) of this section, in
connection with the issuance of refunding bonds pursuant to this section, the board
may amend the resolution imposing the assessment to modify all or any portion of
the following terms describing the assessment as specified in the resolution:

(a) The rate of interest the board charges on unpaid installments;

(b) Any penalty for prepayment of an assessment;

(c) The principal balance due and owing on the assessment;

(d) The dates upon which unpaid assessments are due;

(e) The number of years over which unpaid assessments are due; or

(f) Any other term specified in the resolution as necessary to make the
resolution conform to the requirements of this section.

(5) Before the board may amend the resolution imposing the assessment to
increase the amount of principal and interest due and owing under the assessment,
the number of years over which unpaid assessments are due, or the amount of any
unpaid assessments, the board shall:

(a) Obtain consent in writing to the amendment to the resolution from the
owner of each tract of land that would be affected by the amendment; or

(b) (I) Set a place and time, not less than twenty days nor more than forty
days after the date of such setting, for a hearing on the proposed amendment.

(II) Thereupon, the clerk of the board shall cause notice by publication to be
made of the pendency of the proposed amendment, a summary of the terms of such
amendment as described in subsection (4) of this section, and of the time and place
of the hearing on the proposed amendment.

(III) All complaints and objections made in writing concerning the proposed
amendment by the owners of any property in the district shall be heard and
determined by the board before final action is taken. If the owners of the tracts
upon which more than one-half of the affected assessments, measured by the
unpaid assessment balance, submit written protests to the amendment to the board
on or before the date specified in the notice, the board shall not adopt the proposed
amendment. Any proposed amendment may be modified, confirmed, or rescinded
prior to passage of the resolution authorized under subsection (4) of this section.

(6) Notwithstanding any other provision of law, in order either to issue
refunding bonds or to amend a resolution of the board imposing an assessment
pursuant to this section, the board shall make written findings that:

(a) The obligation of the county shall not be materially or adversely impaired
with respect to any outstanding bond secured by the assessments; and

(b) The principal balance of any assessment shall not increase to an amount
such that the aggregate amount that is assessed against any one particular tract of
land exceeds the maximum benefit to the tract that is estimated to result from the
project that is financed by the assessment and refunding of the outstanding bonds.

Legislative History

Source: L. 2002: Entire section added, p. 270, � 10, effective August 7.