Colorado § 31-25-620 Board can issue bonds - form

Colorado Statutes

§ 31-25-620 — Board can issue bonds - form

Colorado·Title 31 Government·Art. Public Improvements

(1)To carry out the purposes of this part 6, the board is hereby authorized pursuant to a duly adopted ordinance 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 date of issuance. The form and terms of said bonds, including provisions for their sale, payment, and redemption, shall be determined by the board. To the extent required by section 20 of article X of the Colorado constitution, such bonds shall not be issued unless first approved at an electi

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(1) To carry out the purposes of
this part 6, the board is hereby authorized pursuant to a duly adopted ordinance 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 date of issuance. The form
and terms of said bonds, including provisions for their sale, payment, and
redemption, shall be determined by the board. To the extent required by section 20
of article X of the Colorado constitution, such bonds shall not be issued unless first
approved at an election held for that purpose in accordance with articles 1 to 13 of
title 1, C.R.S., or article 10 of this title. 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, obligation, or liability of the
municipalities or counties in which the district is located, and bonds issued pursuant
to the provisions of this part 6 shall contain a statement to that effect.

(2) (a) As used in this part 6, net effective interest rate means the net
interest cost of securities divided by the sum of the products derived by multiplying
the principal amount of the securities maturing on each maturity date by the
number of years from their date to their respective maturities. In all cases, net
effective interest rate shall be computed without regard to any option of
redemption prior to the designated maturity dates of the securities.

(b) For the purpose of determining the net effective interest rate, net
interest cost means the total amount of interest to accrue on securities from their
date to their respective maturities, less the amount of any premium above par, or
plus the amount of any discount below par, at which said bonds are being or have
been sold. In all cases net interest cost shall be computed without regard to any
option of redemption prior to the designated maturity dates of the securities.

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Legislative History

Source: L. 75: Entire title R&RE, p. 1208, � 1, effective July 1. L. 84: (1) amended, p. 841, � 8, effective March 29. L. 99: (1) amended, p. 524, � 26, effective April 30. L. 2002: (1) amended, p. 277, � 20, effective August 7.