Colorado Statutes
§ 32-11-516 — Use of securities proceeds
(1)All moneys received from the
issuance of any securities authorized in this article shall be used solely for the
purpose for which issued and to defray wholly or in part the cost of the project
thereby delineated, except for any funding or refunding securities.
(2)Any accrued interest and any premium shall be applied to the cost of the
project or to the payment of the interest on or the principal of the securities, or both
interest and principal, or shall be deposited in a reserve therefor, or any
combination thereof, as the board may determine.
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Legislative History
Source: L. 69: p. 769, � 58. C.R.S. 1963: � 89-21-58.
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Early hearings