§ 32-11-564 — Refunding bonds

(1) Subject to the provisions of section 32-11-559, any general obligation bonds or special obligation bonds of the district issued
in accordance with the provisions of this article or any other law, and payable from
any pledged revenues and any general obligation bonds of the district so issued but
not payable from pledged revenues may be refunded on behalf of the district by the
board, by the adoption of a resolution by the board, and by any trust indenture or
other proceedings pertaining thereto, authorizing without any election the issuance
of refunding bonds to refund, pay, and discharge all or any part of such outstanding
bonds of any one or more or all outstanding issues:

(a) For the acceleration, deceleration, or other modification of the payment
of such obligations, including without limitation any capitalization of any interest
thereon in arrears or about to become due for any period not exceeding three years
from the date of the refunding bonds, unless the capitalization of interest on bonds
constituting an indebtedness increases the district debt in excess of the district's
debt limitation in section 32-11-534; or

(b) For the purpose of reducing interest costs or effecting other economies;
or

(c) For the purpose of modifying or eliminating restrictive contractual
limitations pertaining to the issuance of additional bonds, otherwise concerning the
outstanding bonds, or to any facilities pertaining thereto; or

(d) For any combination of such purposes.

Legislative History

Source: L. 69: p. 782, � 106. C.R.S. 1963: � 89-21-106.