§ 31-25-809 — Authorization of bonds

Colorado § 31-25-809

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

Text

(1) By ordinance adopted by the
governing body at a regular or special meeting, by a vote of a majority of the
members of the governing body, the municipality may issue bonds, payable solely
from revenues or from taxes pledged pursuant to section 31-25-807 (3)(b) or from
both such revenues and taxes, to pay all or any part of the cost of any project or for
furthering any purpose of this part 8.

(2) The governing body, in determining such costs, may include all costs and
estimated costs of the issuance of said bonds; all engineering, inspection, fiscal,
and legal expenses; any discount on the sale of the bonds; the cost of any financial,
professional, or other expert advice; contingencies; any administrative, operating, or
other expenses of the municipality incurred pursuant to the issuance of such bonds,
as may be determined by the governing body; all such other expenses as may be
necessary or incident to the financing, acquisition, improvement, equipment, and
completion of any development project or for furthering any purpose of this part 8;
sufficient provision of reserves for working capital, operation, or maintenance or
replacement expense or for payment or security of principal of or interest on any
bonds during or after an acquisition or improvement and equipment as the
governing body may determine; and reimbursements to any governmental agency
or instrumentality for any moneys expended pursuant to agreement on any project
or for furthering any purpose of this part 8.

(3) In each such project financed by the proceeds of bonds issued under this
part 8, the governing body shall determine the costs of, and may budget a
percentage therefrom for, operation and administration of the total cost of the
actual project.

(4) The proceeds of the bonds may be expended by the municipality or, with
the consent of the municipality, by the authority as agent for, and on behalf of, the
municipality. If the proceeds of the bonds are applied for the acquisition of real or
personal properties, the governing body may:

(a) Retain title to such properties in its own name and lease or grant licenses
or privileges in such properties to the authority in order that the authority may, as
principal or agent, exercise its powers with respect to such properties; or

(b) Convey title to such properties to the authority for such consideration
and subject to such terms and conditions as the governing body may prescribe
without regard to any restriction, limitation, or condition otherwise imposed by
statute on the sale or disposition of such properties by a municipality.

Legislative History

Source: L. 76: Entire part added, p. 705, � 1, effective April 26. L. 77: Entire section amended, p. 1476, � 6, effective July 1. L. 81: (4) added, p. 1521, � 8, effective July 1.