§ 30-26-405 — Interest - how paid - redemption fund

Colorado § 30-26-405

• Jurisdiction: Colorado
• Title 30: Government
• Art.: Bonds

Text

The interest accruing on
such refunding bonds issued pursuant to the provisions of this part 4 prior to the
time when tax levies are available therefor shall be paid out of the general revenues
of the county, and, for the purpose of reimbursing such general revenues and for
the payment of subsequently accruing interest, the board of county commissioners
issuing such refunding bonds or the proper tax-assessing and tax-collecting
officers upon whom shall devolve the duty of levying and collecting county taxes
shall levy annually a sufficient tax upon all the taxable property in the county fully
to discharge such interest, and, for the ultimate redemption of such refunding
bonds, they shall levy annually such a tax upon all the taxable property in such
county as will create a fund sufficient to discharge each annual installment of such
refunding bonds at the maturity thereof, which fund shall be called the redemption
fund. All taxes for interest on and for the redemption of such bonds shall be paid in
cash only and shall be kept by the county treasurer as a special fund to be used
only in payment of the interest upon and for the redemption of such bonds, and
such tax shall be levied and collected as other county taxes are levied and
collected. The tax provisions for the ultimate redemption of such bonds shall be set
forth in the resolution authorizing their issue and shall set forth the years in which
such taxes shall be levied for the creation of said redemption fund.

Legislative History

Source: L. 17: p. 156, � 5. C.L. � 8869. CSA: C. 45, � 221. CRS 53: � 36-7-5. C.R.S. 1963: � 36-7-5.