(1) An authority has power to
issue bonds of the authority from time to time in its discretion to finance its
activities or operations pursuant to this article 31, including the repayment with
interest of any advances or loans of funds made to the authority by the federal
government or other source for any surveys or plans made or to be made by the
authority in exercising its powers pursuant to this article 31 and also has power to
issue refunding or other bonds of the authority in its discretion for the payment,
retirement, renewal, or extension of any bonds previously issued pursuant to this
section and to provide for the replacement of lost, destroyed, or mutilated bonds
previously issued pursuant to this section.
(2) (a) Bonds issued pursuant to this section may be general obligation bonds
of the authority the payment of which, as to principal and interest and premiums, if
any, the full faith, credit, and assets, acquired and to be acquired, of the authority
are irrevocably pledged.
(b) Bonds issued pursuant to this section may be special obligations of the
authority which, as to principal and interest and premiums, if any, are payable solely
from and secured only by a pledge of any income, proceeds, revenues, or funds of
the authority derived or to be derived by it from or held or to be held by it in
connection with its undertaking of any project of the authority, including money to
be paid to an authority pursuant to section 30-31-109 (13) and including any grants
or contributions of money made or to be made by it with respect to any such project
and any money derived or to be derived by it from or held or to be held by it in
connection with its sale, lease, rental, transfer, retention, management,
rehabilitation, clearance, development, redevelopment, preparation for
development or redevelopment, or its operation or other utilization or disposition of
any real or personal property acquired or to be acquired by it or held or to be held
by it for any of the purposes of this article 31 and including any loans, grants, or
contributions of funds made or to be made to it by the federal government in aid of
any project of the authority or in aid of any of its other activities or operations.
(c) Bonds issued pursuant to this section may be special obligations of the
authority that, as to principal and interest and premiums, if any, are payable solely
from and secured only by a pledge of any loans, grants, or contributions of money
made or to be made to it by the federal government or other source in aid of any
project of the authority or in aid of any of its other activities or operations.
(d) Bonds issued pursuant to this section may be contingent special
obligations of the authority which, as to principal and interest and premiums, if any,
are payable solely from any money available or becoming available to the authority
for its undertaking of the project involved in the particular activities or operations
with respect to which the contingent special obligations are issued but payable
only if money is or becomes available as provided in this subsection (2).
(3) Notwithstanding any other provisions of this section, any bonds issued
pursuant to this section, other than the contingent special obligations covered by
subsection (2)(d) of this section, may be additionally secured as to the payment of
the principal and interest and premiums, if any, by a mortgage of any county
revitalization project, or any part thereof, title to which is then or thereafter in the
authority or of any other real or personal property or interests therein then owned
or thereafter acquired by the authority.
(4) Notwithstanding any other provisions of this section, general obligation
bonds issued pursuant to this section may be additionally secured as to payment of
the principal and interest and premiums, if any, as provided in either subsection
(2)(b) or subsection (2)(c) of this section, with or without being also additionally
secured as to payment of the principal, interest, and premiums, if any, by a
mortgage as provided in subsection (3) of this section or a trust agreement as
provided in subsection (5) of this section.
(5) Notwithstanding any other provision of this section, any bonds pursuant
to this section may be additionally secured as to the payment of the principal,
interest, and premiums, if any, by a trust agreement by and between the authority
and a corporate trustee, which may be any trust company or bank having the
powers of a trust company within or without the state of Colorado.
(6) Bonds issued pursuant to this section do not constitute an indebtedness
of the state of Colorado or of any county, municipality, or public body of the state of
Colorado other than the county revitalization authority issuing such bonds and are
not subject to the provisions of any other law or of the charter of any county
relating to the authorization, issuance, or sale of bonds.
(7) Bonds issued pursuant to this section are issued for an essential public
and governmental purpose and, together with interest thereon and income
therefrom, are exempt from all taxes.
(8) (a) Bonds issued pursuant to this section must be authorized by a
resolution of the authority and may be issued in one or more series and must bear
such date, be payable upon demand or mature at such time, bear interest at such
rate, be in such denomination, be in such form, either coupon or registered or
otherwise, carry such conversion or registration privileges, have such rank or
priority, be executed in the name of the authority in such manner, be payable in
such medium of payment, be payable at such place, be subject to such callability
provisions or terms of redemption, with or without premiums, be secured in such
manner, be of such description, contain or be subject to such covenants, provisions,
terms, conditions, and agreements including provisions concerning events of
default, and have such other characteristics as may be provided by the resolution or
by the trust agreement, indenture, or mortgage, if any, issued pursuant to the
resolution.
(b) The seal, or a facsimile thereof, of the authority must be affixed,
imprinted, engraved, or otherwise reproduced upon each of its bonds issued
pursuant to this section.
(c) Bonds issued pursuant to this section must be executed in the name of
the authority by the manual, or facsimile signatures of such of its officials as may
be designated in the said resolution or trust agreement, indenture, or mortgage;
except that at least one signature on each such bond must be a manual signature.
(d) Coupons, if any, attached to bonds issued pursuant to this section must
bear the facsimile signature of an official of the authority designated pursuant to
this subsection (8).
(e) A resolution or trust agreement, indenture, or mortgage may provide for
the authentication of the pertinent bonds by the trustee.
(9) Bonds issued pursuant to this section may be sold by the authority in
such manner and for such price as the authority may determine, at par, below par,
or above par, at private sale or at public sale after notice published before sale in a
newspaper having general circulation in the county or in another medium of
publication that the authority may deem appropriate.
(10) Bonds issued pursuant to this section may be exchanged by the
authority for other bonds issued by it pursuant to this section.
(11) Bonds issued pursuant to this section may be sold by an authority to the
federal government if the authority sells less than all of the authorized principal
amount of the bonds to the federal government, the authority may sell the balance
or any portion of the balance at private sale at par, below par, or above par, at an
interest cost to the authority not to exceed the interest cost to the authority of the
portion of the bonds sold by the authority to the federal government.