§ 32-1-1201 — Procedure

(1) Except as provided in subsection (2) of this
section, the board shall determine in each year the amount of money necessary to
be raised by taxation, taking into consideration other sources of revenue of the
special district, and shall fix a rate of levy which, when levied upon every dollar of
valuation for assessment of taxable property within the special district and
together with other revenues, will raise the amount required by the special district
annually to supply funds for paying expenses of organization and the costs of
constructing, operating, and maintaining the facilities and improvements of the
special district and to pay in full, promptly, when due, all interest on and principal of
bonds and other obligations of the special district. In the event of accruing defaults
or deficiencies, an additional levy may be made as provided in subsection (2) of this
section.

(2) The board, in certifying annual levies, shall take into account the
maturing indebtedness for the ensuing year as provided in its contracts, maturing
bonds and interest on bonds, and deficiencies and defaults of prior years and shall
make ample provision for the payment thereof. If the moneys produced from such
levies, together with other revenues of the special district, are not sufficient to pay
punctually the annual installments on its contracts or bonds, and interest thereon,
and to pay defaults and deficiencies, the board shall make such additional levies of
taxes as may be necessary for such purposes, and, notwithstanding any limitation
provided in part 11 of this article, such taxes shall be made and continue to be levied
until the indebtedness of the district is fully paid.

(3) In accordance with the schedule prescribed by section 39-5-128, C.R.S.,
the board shall certify to the board of county commissioners of each county within
the special district, or having a portion of its territory within the district, the rate so
fixed in order that, at the time and in the manner required by law for the levying of
taxes, such board of county commissioners shall levy such tax upon the valuation
for assessment of all taxable property within the special district. When necessary, a
special district shall, with respect to an increased mill levy, comply with the
requirements of part 3 of article 1 of title 29, C.R.S.

Legislative History

Source: L. 81: Entire article R&RE, p. 1607, � 1, effective July 1.