§ 32-11-501 — Forms of borrowing

Colorado § 32-11-501

• Jurisdiction: Colorado
• Title 32: Special
• Art.: Urban Drainage and Flood Control Act

Text

(1) Upon the conditions and under the
circumstances set forth in this section, the urban district, to carry out the purposes
of this article, at any time or from time to time may borrow money to defray the cost
of any project designated by the board, or any part thereof as the board may
determine, and may issue district securities to evidence such borrowing or
obligations otherwise incurred under this article, as provided in this section.

(2) The urban district may issue, in one series or more, without the district
securities being authorized at any election, except as otherwise provided in section
32-11-533 and elsewhere in this article, in anticipation of taxes or pledged
revenues, or both, and constituting either general obligations or special obligations
of the district, any one or more of the following types of district securities:

(a) Notes, evidencing any amount borrowed by the district;

(b) Warrants, evidencing the amount due to any person for any services,
supplies, equipment, or other materials furnished to or for the benefit of the district
and pertaining to a project;

(c) Bonds, evidencing any amount borrowed by the district and constituting
long-term financing;

(d) Temporary bonds, pending the preparation of and exchangeable for
definitive bonds of like character and in like principal amount when prepared and
issued in compliance with the conditions and limitations provided in this article; and

(e) Interim debentures, evidencing any emergency loans, construction loans,
and other temporary loans not exceeding three years, in supplementation of long-term financing and the issuance of bonds, as provided in sections 32-11-558 to 32-11-563.

(3) The urban district, pursuant to part 6 of this article and sections 32-11-803 to 32-11-808, at any time or from time to time, may create therein an
improvement district, levy special assessments against the assessable property in
the improvement district, and cause the assessments to be collected to defray
wholly or in part the cost of any project, and may issue, in one series or more,
without the district securities being authorized at any election, in anticipation of the
assessments and any other moneys pledged additionally to secure the payment of
the securities, and constituting special obligations of the urban district, any one or
more of the following types of district securities:

(a) Bonds, evidencing any amount borrowed and constituting long-term
financing;

(b) Temporary bonds, pending the preparation of and exchangeable for
definitive bonds of like character and in like principal amount when prepared and
issued in compliance with the conditions and limitations provided in this article; and

(c) Assessment debentures, evidencing any construction loans or other
temporary loans not exceeding three years, in supplementation of long-term
financing and the issuance of bonds, as provided in section 32-11-621.

Legislative History

Source: L. 69: p. 765, � 43. C.R.S. 1963: � 89-21-43.