Colorado § 31-15-801 Agreements - ordinance - financing

Colorado Statutes

§ 31-15-801 — Agreements - ordinance - financing

Colorado·Title 31 Government·Art. Exercise of Municipal Powers

In order to provide
necessary land, buildings, equipment, and other property for governmental or
proprietary purposes or for financing of forest health projects, as defined in section
37-95-103 (4.9), any municipality is authorized to enter into long-term rental or
leasehold agreements, but in no event shall this be construed as authorizing the use
by any municipality of leasehold agreements to finance residential housing. Such
agreements may include an option to purchase and acquire title to such leased or
rented property within a period not exceeding the useful life of such property and in
no case exceeding thirty years. Each such agreement and the terms thereof shall
be concluded by an ordinance duly enacted by the municipality. No such ordinance
shall take effect before thirt

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In order to provide
necessary land, buildings, equipment, and other property for governmental or
proprietary purposes or for financing of forest health projects, as defined in section
37-95-103 (4.9), any municipality is authorized to enter into long-term rental or
leasehold agreements, but in no event shall this be construed as authorizing the use
by any municipality of leasehold agreements to finance residential housing. Such
agreements may include an option to purchase and acquire title to such leased or
rented property within a period not exceeding the useful life of such property and in
no case exceeding thirty years. Each such agreement and the terms thereof shall
be concluded by an ordinance duly enacted by the municipality. No such ordinance
shall take effect before thirty days after its passage and publication. The governing
body of any municipality is authorized to provide for the payment of said rentals
from a general levy imposed upon both personal and real property included within
the boundaries of the municipality; by imposing rates, tolls, and service charges for
the use of such property or any part thereof by others; from any other available
municipal income; or from any one or more of the said sources. The obligation to
pay such rentals shall not constitute an indebtedness of said municipality within the
meaning of the constitutional limitations on contracting of indebtedness by
municipalities.

Colorado § 31-15-801 (Agreements - ordinance - financing) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 75: Entire title R&RE, p. 1122, � 1, effective July 1. L. 2021: Entire section amended, (HB 21-1008), ch. 159, p. 906, � 4, effective May 20.