§ 31-21-207 — Tax for payment of refunding bonds

Colorado § 31-21-207

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

Text

The interest accruing on
such refunding bonds issued pursuant to the provisions of this part 2 prior to the
time when the proceeds of tax levies are available therefor shall be paid out of the
general revenues or any other revenues of the municipality available therefor. For
the purpose of reimbursing such general revenues or other revenues and for the
payment of subsequently accruing interest, the governing body issuing such
refunding bonds shall certify and the board of county commissioners of the county
in which the city or town is located shall levy, annually, a sufficient tax upon all the
taxable property in the municipality fully to discharge such interest. For the
ultimate payment or redemption of such refunding bonds, there shall be certified
and levied annually such a tax upon all the taxable property in such municipality as
will create a fund sufficient to pay or redeem and discharge such refunding bonds
at or prior to their respective maturities. In the event the bonds to be redeemed and
the interest thereon accruing would have been paid from taxes levied upon only
part of the taxable property in the municipality, the taxes levied for payment or
redemption of the refunding bonds and the interest accruing thereon shall be levied
in the same manner and upon only the same taxable property as would have been
levied for payment of the bonds to be refunded if no refunding of said bonds had
been made and accomplished. As collected, all taxes levied for payment of interest
on and for the payment or redemption of the principal of such bonds shall be kept
by the treasurer of the municipality in a special fund to be used only in the payment
of the interest upon and for the payment or redemption of the principal of such
bonds. Such tax shall be levied and collected in the same manner as other
municipal taxes are levied and collected. The ordinance authorizing the issuance of
said bonds shall set forth the years in which such taxes shall be levied for the
creation of said fund.

Legislative History

Source: L. 75: Entire title R&RE, p. 1138, � 1, effective July 1.