§ 31-12-408 — Bonded and floating indebtedness

All bonded indebtedness
due or owing by any city or town prior to consolidation shall remain, after
consolidation, the debt of that portion of the consolidated city or town comprised
within the former limits of the city or town which owed such indebtedness prior to
consolidation. No tax shall be levied or collected for the payment of the principal
and interest of such indebtedness, except upon and from persons or property
residing or situated within the former limits of the town or city owing such
indebtedness. The governing body of the consolidated city or town shall make such
levies and take such other measures for the payment of the principal and interest
out of the property within such limits as it would have been the duty or within the
power of the governing body of the city or town owing such indebtedness to do had
no such consolidation taken place. If any of the cities or towns consolidated owed
any floating indebtedness at the date of consolidation, the governing body of the
consolidated city or town shall ascertain the amount of such indebtedness owed by
each of said cities or towns prior to consolidation and, at the next annual levy of
taxes succeeding consolidation, shall make a special levy upon property situated
within the former limits of the city or town owing such indebtedness sufficient for
the payment of the same. The terms of consolidation may make other provisions for
said bonded or floating indebtedness. Any such bonded indebtedness may be
refunded by the consolidated city or town under the provisions of the laws of
Colorado existing at the time of such refunding providing for the refunding of bonds
of cities and towns.

Legislative History

Source: L. 75: Entire title R&RE, p. 1098, � 1, effective July 1.