§ 32-11-561 — Payment of interim debentures

(1) Except as otherwise provided
in section 32-11-559, the proceeds of taxes, pledged revenues, and other moneys,
including without limitation proceeds of bonds to be issued or reissued after the
issuance of interim debentures, and bonds issued for the purpose of securing the
payment of interim debentures, or any combination thereof, may be pledged for the
purpose of securing the payment of interim debentures. But the proceeds of taxes
and the proceeds of bonds payable from taxes, or any combination thereof, shall
not be used to pay any special obligation interim debentures, nor may their
payment be secured by a pledge of any such general obligation bonds, except as
otherwise provided in section 32-11-559.

(2) Any bonds pledged as collateral security for the payment of any interim
debentures shall mature at such time as the board may determine, except as
otherwise provided in section 32-11-551.

(3) No bonds pledged as collateral security shall be issued in an aggregate
principal amount exceeding the aggregate principal amount of the interim
debentures secured by a pledge of such bonds, nor shall they bear interest at any
time which, with any interest accruing at the same time on the interim debentures
so secured, exceeds seven percent each year.

Legislative History

Source: L. 69: p. 781, � 103. C.R.S. 1963: � 89-21-103.