§ 32-1-1302 — Refunding bonds

(1) Any general obligation bonds issued and
any other lawful general obligation indebtedness incurred by any special district
may be refunded without an election of the special district issuing or incurring the
same, or any successor thereof, in the name of the special district which issued or
incurred the indebtedness being refunded, subject to provisions concerning their
payment and to any other contractual limitations in the proceedings authorizing
their issuance or otherwise appertaining thereto.

(2) Said refunding may be accomplished by the issuance of bonds to refund,
pay, and discharge all or any part of such outstanding indebtedness, including part
of a single issue of general obligation bonds and including any interest thereon in
arrears or about to become due, and for the purpose of:

(a) Avoiding or terminating any default in the payment of interest on or
principal of, or both principal of and interest on, said indebtedness;

(b) Reducing interest costs or effecting other economies;

(c) Modifying or eliminating restrictive contractual limitations relating to the
incurring of additional indebtedness or to any system or facility, or improvement
thereto; or

(d) Any combination of the foregoing purposes.

(3) Refunding bonds may be delivered in exchange for the outstanding
bonds refunded or may be sold as provided in this part 13 for an original issue of
bonds.

(4) Any revenue bonds issued or any other obligation pledging solely the
revenue of the special district incurred by any special district may be refunded in
the manner provided by section 31-35-412, C.R.S., or article 54 or 56 of title 11,
C.R.S.

Legislative History

Source: L. 81: Entire article R&RE, p. 1609, � 1, effective July 1.