§ 31-21-210 — Combined issues - procedures

Colorado § 31-21-210

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

Text

Any refunding bonds may be
issued to refund one or more issues of outstanding bonds of a municipality, but no
two or more issues of outstanding bonds may be refunded by a single issue of
refunding bonds unless the taxable property upon which tax levies are being made
for payment of each such outstanding issue of bonds is identical to the taxable
property on which such levies are being made for the payment of all other
outstanding bonds proposed to be refunded by such single issue of refunding
bonds. In the event that two or more issues of outstanding bonds of a municipality
are to be refunded by the issuance of a single issue of refunding bonds as provided
in this section, the net interest cost and net effective interest rate on the bonds to
be refunded shall be computed as if all of said bonds had originally been combined
as a single issue aggregating the total of the smaller issues, and the results of this
computation shall be compared with the net interest cost and net effective interest
rate on the whole of the single refunding issue for purposes of determining the
necessity of submitting the question of issuing such refunding bonds to a vote of
the registered electors of the municipality.

Legislative History

Source: L. 75: Entire title R&RE, p. 1139, � 1, effective July 1.