(1)It is the duty of the
board of county commissioners of any county having a floating indebtedness
exceeding five thousand dollars, upon the petition of fifty registered qualified
electors of said county, to publish for the period of thirty days, in a newspaper
published within said county, a notice requesting the holders of the warrants of
such county to submit, in writing, to the board of county commissioners of said
county, within sixty days from the date of the first publication of such notice, a
statement of the amount of warrants of such county which they will exchange for
the bonds of such county, to be issued under the provisions of this part 1, and the
rate at which they will exchange such warrants for such bonds, taking such bonds
at par. In case no newspaper is publi
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(1) It is the duty of the
board of county commissioners of any county having a floating indebtedness
exceeding five thousand dollars, upon the petition of fifty registered qualified
electors of said county, to publish for the period of thirty days, in a newspaper
published within said county, a notice requesting the holders of the warrants of
such county to submit, in writing, to the board of county commissioners of said
county, within sixty days from the date of the first publication of such notice, a
statement of the amount of warrants of such county which they will exchange for
the bonds of such county, to be issued under the provisions of this part 1, and the
rate at which they will exchange such warrants for such bonds, taking such bonds
at par. In case no newspaper is published within such county, such notice may be
published in such newspaper published in the city of Denver as the board of county
commissioners may select.
(2) It is the duty of such board of county commissioners, upon the petition of
fifty of the registered qualified electors of such county, to publish, for the period of
at least thirty days immediately preceding a general election, in some newspaper
published within such county a notice that at said general election there will be
submitted the question whether the board of county commissioners shall issue
bonds of such county under the provisions of this part 1 in exchange, at a certain
rate, for the warrants of such county issued prior to the date of the first publication
of the notice, which rate shall be determined by the board of county commissioners,
and it shall be stated in said notice. The question of whether such county
indebtedness shall be funded under the provisions of this part 1 and the maximum
net effective interest rate such funding bonds shall bear shall be submitted at the
next ensuing general election or may be submitted at a special election which said
board is empowered to call for that purpose, at any time after the expiration of sixty
days from the date of the first publication of the notice, on the petition of fifty
registered qualified electors. Said board shall publish, for the period of at least
thirty days immediately preceding such special election, in some newspaper
published within such county a notice that such question will be submitted at such
election. In case no newspaper is published within such county, the board of county
commissioners shall cause such notice to be posted in at least two conspicuous
places in each of the election precincts of such county, at least thirty days prior to
the said election, general or special. Such election shall be held and the results
thereof determined in the same manner as provided for authorization of other
bonded indebtedness in accordance with part 3 of this article.
(3) The county clerk and recorder of such county shall make out and cause
to be delivered to the judges of election in each election precinct in the county,
prior to the election, a certified list of the registered qualified electors in such
county; and no person shall vote upon the question of the funding of the county
indebtedness unless he has the necessary qualifications as provided by law.
(4) If the issuance of said bonds is approved at such election, the board of
county commissioners may issue to any person or corporation holding any county
warrant issued prior to the date of the first publication of the notice coupon bonds
of such county in exchange therefor at a rate not exceeding that named in the
notice published by the board of county commissioners. Should any of the bonds so
voted be not exchanged for county warrants, as provided in this part 1, the board of
county commissioners may sell the bonds so voted at, above, or below their par
values and with the proceeds of such sale redeem or buy the warrants not so
exchanged, subject to the provisions of this part 1, but the proceeds of such sale of
bonds shall be applied to the purchase or redemption of such warrants and for no
other purpose whatever.
(5) No bond shall be issued of less denomination than fifty dollars and, if
issued for a greater amount, for some multiple of that sum. The 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, the interest to be
paid semiannually at the office of the county treasurer or at the city of New York, at
the option of the holders thereof, upon the production of the proper coupons for the
same, the bonds to be payable at the pleasure of the county after ten years from
the date of their issuance, but absolutely due and payable twenty years after the
date of issue. The whole amount of bonds issued under this part 1 shall not exceed
the sum of the county indebtedness at the date of the first publication of the notice
submitting the question of funding the county indebtedness; and the amount shall
be determined by the board of county commissioners, and a certificate made of the
same, and made a part of the records of the county; and any bond issued in excess
of that sum shall be void.