§ 31-25-804 — Organizational procedure - election

(1) When the governing
body of a municipality determines it is necessary to establish a downtown
development authority for the public health, safety, prosperity, security, and
welfare and to carry out the purposes of an authority as stated in section 31-25-801,
it shall by ordinance submit, at the next regular election or at a special election
called for that purpose, the question of the establishment of a downtown
development authority. In the ordinance submitting said question, the governing
body shall state the boundaries of the downtown development district within which
the authority shall exercise its powers and may provide for submission to the voters
of any local government matters arising under section 20 of article X of the state
constitution, as defined in section 1-41-103 (4), C.R.S. If any such matters are to be
submitted to the voters, the election shall be conducted at the time and in the
manner required by section 20 of article X of the state constitution. If a majority of
the qualified electors voting at the election vote for the establishment of a
downtown development authority, the authority shall be established pursuant to
the provisions of this part 8.

(2) Any ordinance creating a downtown development authority shall provide
that any ordinance or resolution by which bonds are issued pursuant to this part 8
shall specify the maximum net effective interest rate of such bonds.

Legislative History

Source: L. 76: Entire part added, p. 702, � 1, effective April 26. L. 77: Entire section amended, p. 1473, � 3, effective June 19. L. 81: (1) amended, p. 1518, � 4, effective July 1. L. 94: (1) amended, p. 1193, � 96, effective July 1.