§ 32-1-1401 — Legislative declaration

The general assembly hereby declares
this part 14 to be necessary in order to provide for the orderly and equitable
payment of the obligations of local taxing districts organized under the provisions
of this article, which payment may be effected by a plan of adjustment of the debts
of such taxing districts under the federal bankruptcy law. The general assembly
further declares that the necessity of such taxing districts availing themselves of
the provisions of the federal bankruptcy law results from unanticipated economic
and fiscal conditions affecting such taxing districts, rendering such taxing districts
unable to discharge their indebtedness as the same becomes due and imposing a
severe hardship on the taxpayers therein to the detriment not only of the credit of
such taxing districts and that of all political subdivisions of the state of Colorado
but also of the creditors of such taxing districts.

Legislative History

Source: L. 90: Entire part added, p. 1508, � 1, effective May 24.