§ 31-25-1222 — Submission of debt question

Colorado § 31-25-1222

• Jurisdiction: Colorado
• Title 31: Government
• Art.: Public Improvements

Text

(1) When any board determines
that the interest of said district and the public interest or necessity demand the
acquisition, construction, installation, or completion of any improvements or the
provision of any service within the district or the making of any contract with the
United States or with any person or corporation to carry out the objects or purposes
of said district requiring the creation of an indebtedness, said board shall order the
submission to the electors of the proposition of issuing such obligations or bonds or
creating other indebtedness at an election held for that purpose. Such election
shall be held and conducted and the results thereof declared in the manner
provided in part 8 of article 1 of title 32, C.R.S. Any such election may be held, on
any date selected by the board, separately or may be consolidated or held
concurrently with any other regular or special election. The declaration of public
interest or necessity required and the provisions for the holding of such election
may be included within one and the same resolution, which, in addition to such
declaration of public interest or necessity, shall recite the objects and purposes for
which the indebtedness is proposed to be incurred, the estimated cost of the works
or improvements, as the case may be, the amount of the principal of the
indebtedness to be incurred therefor, and the maximum net effective interest rate
to be paid on such indebtedness.

(2) Such resolution shall also fix the date upon which such election shall be
held and the manner of holding the same and the method of voting for or against
the incurring of the proposed indebtedness or the making of the proposed contract.
Such resolution shall appoint a designated election official and provide for the
duties thereof.

(3) (Deleted by amendment, L. 96, p. 1771, � 71, effective July 1, 1996.)

Legislative History

Source: L. 88: Entire part added, p. 1141, � 1, effective May 6. L. 96: (2) and (3) amended, p. 1771, � 71, effective July 1.