Colorado § 31-21-106 Taxes for interest and redemption

Colorado Statutes

§ 31-21-106 — Taxes for interest and redemption

Colorado·Title 31 Government·Art. Bonds

The interest accruing on such
funding bonds issued pursuant to the provisions of this part 1 prior to the time when
tax levies are available therefor shall be paid out of the general revenues of the
municipality. For the purpose of reimbursing such general revenues and for the
payment of subsequently accruing interest, the governing body issuing such
funding bonds or the proper tax assessing and collecting officers upon whom shall
devolve the duty of levying and collecting municipal taxes shall levy annually a
sufficient tax upon all of the taxable property in the municipality fully to discharge
such interest. For the ultimate redemption of such funding bonds, there shall be
levied annually such a tax upon all the taxable property in such municipality as will
create a fund suffic

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The interest accruing on such
funding bonds issued pursuant to the provisions of this part 1 prior to the time when
tax levies are available therefor shall be paid out of the general revenues of the
municipality. For the purpose of reimbursing such general revenues and for the
payment of subsequently accruing interest, the governing body issuing such
funding bonds or the proper tax assessing and collecting officers upon whom shall
devolve the duty of levying and collecting municipal taxes shall levy annually a
sufficient tax upon all of the taxable property in the municipality fully to discharge
such interest. For the ultimate redemption of such funding bonds, there shall be
levied annually such a tax upon all the taxable property in such municipality as will
create a fund sufficient to discharge each annual installment of such funding bonds
at the maturity thereof, which fund shall be called the redemption fund. All taxes
for interest on and for the redemption of such bonds shall be paid in cash only and
shall be kept by the municipal treasurer as a special fund to be used only in
payment of the interest upon and for the redemption of such bonds. Such tax shall
be levied and collected as other municipal taxes are levied and collected. The tax
provisions for the ultimate redemption of such bonds shall be set forth in the
ordinance authorizing their issue and shall set forth the years in which such taxes
shall be levied for the creation of said redemption fund.