Colorado § 31-25-1221 Board can issue bonds - form

Colorado Statutes

§ 31-25-1221 — Board can issue bonds - form

Colorado·Title 31 Government·Art. Public Improvements

To carry out the purposes of this
part 12, the board, with the approval of the municipality if the board is appointed
pursuant to section 31-25-1209 (1)(b) or (1)(c), is hereby authorized to issue bonds of
the district. Such bonds shall bear interest at a rate such that the net effective
interest rate of the issue of bonds does not exceed the maximum net effective
interest rate authorized, payable at such times as determined by the board, and
shall be due and payable in installments at such times as determined by the board
extending not more than twenty years from the date of issuance. The form and
terms of said bonds, including provisions for their sale, payment, and redemption,
shall be determined by the board. If such bonds are payable from the general ad
valorem taxes of the 

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To carry out the purposes of this
part 12, the board, with the approval of the municipality if the board is appointed
pursuant to section 31-25-1209 (1)(b) or (1)(c), is hereby authorized to issue bonds of
the district. Such bonds shall bear interest at a rate such that the net effective
interest rate of the issue of bonds does not exceed the maximum net effective
interest rate authorized, payable at such times as determined by the board, and
shall be due and payable in installments at such times as determined by the board
extending not more than twenty years from the date of issuance. The form and
terms of said bonds, including provisions for their sale, payment, and redemption,
shall be determined by the board. If such bonds are payable from the general ad
valorem taxes of the district, such bonds shall not be issued unless first approved
at an election held pursuant to section 31-25-1222. Bonds payable solely from
revenues derived from sources other than the district's general ad valorem tax may
be issued without an election. If the board so determines, such bonds may be
redeemable prior to maturity, with or without payment of a premium, but no
premium shall exceed three percent of the principal thereof. The bonds shall be
executed in the name of and on behalf of the district and signed by the presiding
officer of the board with the seal of the district affixed thereto and attested by the
secretary of the board. Such bonds shall be in such denominations as the board
shall determine. Interest coupons, if any, shall bear the original or facsimile
signature of the presiding officer of the board. Under no circumstances shall any of
said bonds be held to be an indebtedness, an obligation, or a liability of the
municipality in which the district is located, and bonds issued pursuant to the
provisions of this part 12 shall contain a statement to that effect.