§ 32-1-1601 — Legislative declaration

The general assembly hereby finds and
declares that special districts are political subdivisions and instrumentalities of the
state of Colorado and local governments thereof. The general assembly further
finds that defaults in payment of general obligation debts and the possibility of
further defaults by some special districts have resulted in a general loss of
confidence by investors in bonds and undertakings of all types issued or to be
issued by local governments of the state and have imposed severe hardship on
investors in general obligation bonds of special districts and upon owners of
residential real property within such districts. The general assembly further finds
that this part 16 is necessary to protect the credit reputation of local governments
of this state, to restore confidence of investors in local government obligations, and
to protect owners of residential real property within special districts.

Legislative History

Source: L. 92: Entire part added, p. 993, � 2, effective July 1.