§ 32-11-525 — Prior redemption calls

(1) Nothing in this article or in any other
law of this state shall be construed to permit the board to call, on behalf of the
district, bonds or other securities outstanding any time after the adoption of this
article for prior redemption in order to fund or refund such securities or in order
otherwise to pay them prior to their stated maturities, unless the right to call such
securities for prior redemption was specifically reserved and stated in such bonds
at the time of their issuance, and all conditions with respect to the manner, price,
and time applicable to such prior redemption, as set forth in the proceedings
authorizing the outstanding securities, are strictly observed.

(2) It is the intention of the general assembly in this section to make certain
that the holder of no outstanding bond or other security may be compelled to
surrender such security for funding or refunding or other payment prior to its stated
maturity or optional date of prior redemption expressly reserved therein, even
though such funding or refunding or other payment might result in financial benefit
to the district.

Legislative History

Source: L. 69: p. 771, � 67. C.R.S. 1963: � 89-21-67.