(1) Any county, in addition to all other
powers authorized by law, may, from time to time:
(a) Issue revenue bonds, in such principal amounts as the county may deem
necessary or appropriate, for the purpose of financing any project, including the
payment, funding, or refunding of the principal of, any premium on, and the interest
on any bonds issued by such county, whether the bonds or interest to be funded or
refunded have or have not become due;
(b) Establish or increase any reserve funds deemed necessary to secure
payment of such bonds or interest thereon; and
(c) Appropriate moneys necessary to pay for all other costs or expenses of
the county incident to and necessary to carry out its authorized corporate and
public purposes powers under this part 5.
(2) Bonds issued pursuant to the authority of this part 5 shall constitute
special obligations of the county issuing such bonds and shall be payable solely out
of any county capital improvement trust fund moneys or the income from the
investment thereof, to the extent that all or a portion of the same are made
available for such purpose by the board of the county issuing such bonds. Bonds
issued by any county pursuant to the authority of this part 5 may also be payable, in
whole or in part, from any funds, revenues, income, or other moneys which are
otherwise lawfully available for such purpose and which may be pledged by such
county for the purpose of paying the principal of, any premium on, and the interest
on its bonds.
(3) Any such bonds may also be payable, in whole or in part, from the
revenues and receipts derived from the project financed with such issue of bonds
and may be additionally secured by a pledge of any grant, subsidy, or contribution
from the United States or any agency or instrumentality thereof, from the state or
any governmental agency thereof, or from any person unless otherwise prohibited
by applicable state or federal law.
(4) Whether or not such bonds are of such form and character as to be
negotiable instruments under the terms of the Uniform Commercial Code, title 4,
C.R.S., all such bonds are hereby made negotiable instruments within the meaning
of and for all the purposes of said title, subject only to the provisions contained in
such bonds for registration.
(5) Any such bonds shall be authorized by the board, may be issued in one or
more series, and shall bear such date or dates, mature at such time or times, bear
interest at such rate or rates of interest, be in such denomination or denominations,
be in such form, either coupon or registered, carry such conversion or registration
privileges, have such rank or priority, be executed in such manner, be payable from
such sources in such medium of payment at such place or places within or without
the state, and be subject for such terms of redemption, with or without premium, as
the board may provide.
(6) Any such bonds may be sold at public or private sale at such price or
prices and in such manner as the board shall determine.
(7) Any such bonds may be issued under the provisions of this part 5 without
obtaining the consent of any department, division, commission, board, bureau, or
agency of the state and without any other proceeding or happening of any other
conditions for other things than those proceedings, conditions, or things which are
specifically required by this part 5, including, in particular, all such bonds, so long
as and to the extent that such bonds are payable exclusively from all or any portion
of any county capital improvement trust fund created pursuant to this part 5, and
such bonds may be issued without the requirement of any approval by the
electorate of the county issuing such bonds.
(8) Any such bonds shall not be in any way construed to be a debt or liability
of the state or any political subdivision thereof and shall not create or constitute
any indebtedness, liability, or obligation to the state or to any such political
subdivision or be or constitute a pledge of the faith and credit of the state or of any
such political subdivision; but all such bonds, unless funded or refunded by bonds
of such county, shall be payable solely from revenues or funds pledged or available
for the payment as authorized in this part 5. Each bond issued by a county pursuant
to this part 5 shall contain on its face a statement to the effect that the county
issuing such bonds is obligated to pay the principal of, any premium on, and the
interest on such bonds only from revenues or funds of such county pledged for
such payment, that neither the state nor any other political subdivision thereof is
obligated to pay such principal of, any premium on, and the interest on such bonds,
and that neither the faith and credit of the taxing power of the state nor any
political subdivision thereof is pledged for the payment of the principal of, any
premium on, and the interest on any such bonds.
(9) All expenses incurred in carrying out the provisions of this part 5 shall be
payable solely from the revenues or funds provided or to be provided under the
provisions of this part 5, and nothing in this part 5 shall be construed to authorize
any county to incur any indebtedness on behalf of or payable by the state or any
political subdivision thereof other than such county.
(10) The board of a county may, in any resolution relating to the issuance of
any such bonds and in order to secure the payment of such bonds, make such
covenants as otherwise authorized by law to do or refrain from doing such acts and
things as may be necessary, convenient, and desirable in order to better secure
bonds, which covenants will, in the opinion of the board, tend to make such bonds
more marketable.