§ 32-11-559 — Limitations upon funding and refunding securities

(1) Subject
to the provisions of subsections (2) to (4) of this section, nothing in this article
authorizes the district to issue any district securities constituting a debt for the
purpose of funding or refunding district securities constituting special obligations
and not constituting an indebtedness.

(2) Any special obligation securities of the district pertaining to any project
may be funded or refunded by general obligation securities pertaining to the
project only if the district is authorized to issue general obligation bonds pertaining
to the project at an election held in the manner provided in section 32-11-533.

(3) No general obligation securities pertaining to the project and creating an
indebtedness, by funding or refunding special obligation securities or otherwise (in
contradistinction to funding or refunding securities merely reevidencing an
indebtedness formerly evidenced by the securities funded or refunded), shall be
issued in a principal amount exceeding the debt limitation in section 32-11-534.

(4) No bonds of the district shall be refunded by the issuance of its interim
debentures, its notes, or its warrants. No interim debentures of the district shall be
funded by the issuance of its notes or its warrants.

Legislative History

Source: L. 69: p. 780, � 101. C.R.S. 1963: � 89-21-101. L. 70: p. 302, � 127.