§ 32-1-1404 — Powers

Colorado § 32-1-1404

• Jurisdiction: Colorado
• Title 32: Special
• Art.: Special District Provisions

Text

The plan may include provisions for the modification of
the existing contracts of the taxing district as evidenced by its bonds or otherwise.
Such plan may adapt or alter the procedures provided by the statutes of Colorado
for the levy, certification, and collection of general taxes to conform to the
provisions of the court approved plan of adjustment, in accordance with federal
bankruptcy law; except that nothing in this part 14 shall be construed to impair the
rights of persons who have purchased property at tax sale. If the court approved
plan provides for the issuance of new obligations of such taxing district for delivery
to the creditors of the taxing district in exchange for outstanding obligations of
such taxing district, such new obligations may be issued on the terms or conditions
found in the plan of adjustment, regardless of any contrary state statute. Nothing in
this part 14 shall impair the claims which creditors may have against persons who
are not subject to jurisdiction of the court pursuant to chapter 9 of title 11, U.S.C.
Any such plan proposed may provide for payments to creditors on terms and
conditions which differ from the original contract if the present value of the total
payments under the provisions of the plan do not exceed the present value of the
total payments under the original contract.

Legislative History

Source: L. 90: Entire part added, p. 1509, � 1, effective May 24.