§ 30-35-704 — Ordinance for bond issue - bonds

Colorado § 30-35-704

• Jurisdiction: Colorado
• Title 30: Government
• Art.: Home Rule Counties

Text

(1) If the governing body
determines to issue refunding bonds without an election by meeting the
requirements set forth in sections 30-35-701 to 30-35-703, or if, upon canvassing
the vote cast at any election held under the provisions of this part 7, it is
determined by the governing body that a majority of the legal votes cast upon the
question submitted are in favor of refunding, the governing body shall make such
determination a part of the official records of the county and shall immediately
thereafter adopt an ordinance providing for the issuance of said refunding bonds in
accordance with the provisions of this part 7.

(2) Such ordinance shall fix the date of said refunding bonds, shall designate
the denominations thereof, shall designate the maximum net effective interest rate,
the rate or rates of interest of individual bonds, the maturity dates, and the place or
alternate places of payment within or without the state of Colorado, of both
principal and interest, and shall prescribe the form of said refunding bonds.

(3) Such refunding bonds shall be negotiable in form, shall recite the title of
the ordinance under which they are issued, and shall be executed in the name of the
county and signed by the executive officer, countersigned by the treasurer, with the
seal of the county affixed thereto, and attested by the county clerk and recorder.
The interest accruing on such refunding bonds shall be evidenced by interest
coupons thereto attached, bearing the engraved facsimile signature of the
treasurer of the county. When so executed, such coupons shall be the binding
obligations of the county, according to their import.

(4) In the adoption of said ordinance providing for the issuance of said
refunding bonds, the governing body shall make the principal of the debt payable in
annual or semiannual installments commencing not later than five years after the
date of such bonds and maturing during a period not exceeding thirty-five years
from the date thereof. The amounts of such maturities shall be fixed by the
governing body. The right to redeem all or any part of said issue of bonds prior to
the respective maturities thereof and the order of any such redemption may be
reserved in said ordinance, and, if so reserved, shall be set forth on the face of said
bonds.

(5) Outstanding bonds, which are secured by a pledge of specific special
funds or revenues of the county in addition to the general ad valorem tax revenues
of said county, may be refunded under the provisions of this part 7, and substantial
compliance with the provisions of this article shall be deemed and taken to be
sufficient to legally authorize such refunding and the issuance of refunding bonds
for such purpose, without further actions being taken by the county. Such a pledge
of specific special funds or revenues need not be made to additionally secure the
refunding bonds so issued, but such funds or revenues may be so pledged if it is
deemed advisable by the governing body of the county.

Legislative History

Source: L. 81: Entire article added, p. 1478, � 1, effective June 8.