§ 31-21-104 — Ordinance - form and maturity of bonds

Colorado § 31-21-104

• Jurisdiction: Colorado
• Title 31: Government
• Art.: Bonds

Text

(1) If the governing
body determines to issue funding bonds for the purpose of paying and discharging
any valid and subsisting judgment against the municipality or if, upon canvassing
the vote cast at any election held under the provisions of this part 1, it is determined
by the governing body that a majority of the votes cast upon the question submitted
are for funding, the governing body shall make such determination a part of the
official records of the municipality, and the governing body shall immediately
thereafter adopt and make a law of the municipality an ordinance which shall not be
subject to the referendum provisions of any law providing for the issue of said
funding bonds in accordance with the provisions of this part 1. Such ordinance shall
fix the date of said funding bonds, shall designate the denominations thereof, the
rate of interest, the maturity date which shall not be more than twenty-five years
from the date of said funding bonds, the place of payment, within or without the
state of Colorado, of both principal and interest, and shall prescribe the form of said
funding bonds.

(2) Such funding bonds shall be negotiable in form, shall recite the title of
the act under which they are issued, and shall be executed in the name of the
municipality, signed by the mayor, countersigned by the treasurer, with the seal of
the municipality affixed thereto, and attested by the clerk. The interest accruing on
such funding bonds shall be evidenced by interest coupons attached bearing the
engraved facsimile signature of the treasurer of the municipality. When so
executed, such coupons shall be the binding obligations of the municipality
according to their import. In the adoption of said ordinance providing for the issue
of such funding bonds, the governing body shall make the principal of the debt
payable in substantially equal annual installments during the period, not exceeding
twenty-five years, within which the debt is to be discharged. The date of the
maturity of the first installment of the debt shall not be more than five years from
the date of said funding bonds.

Legislative History

Source: L. 75: Entire title R&RE, p. 1134, � 1, effective July 1.