§ 32-11-567 — Disposition of refunding bond proceeds

(1) Except as otherwise
provided in this article, the proceeds of such refunding bonds shall either be
immediately applied to the retirement of the bonds to be refunded, or be placed in
escrow or trust in any trust bank within or without or both within and without this
state to be applied to the payment of the refunded bonds or the refunding bonds, or
both, upon their presentation therefor to the extent, in such priority, and otherwise
in the manner which the board may determine.

(2) The incidental costs of refunding bonds may be paid by the purchaser of
the refunding bonds or be defrayed from any general fund (subject to
appropriations therefor as otherwise provided by law) or other available revenues of
the district under the control of the board or from the proceeds of the refunding
bonds, or from the interest or other yield derived from the investment of any
refunding bond proceeds or other moneys in escrow or trust, or from any other
sources legally available therefor, or any combination thereof, as the board may
determine.

(3) Any accrued interest and any premium pertaining to a sale of refunding
bonds may be applied to the payment of the interest thereon or the principal
thereof, or to both interest and principal, or may be deposited in a reserve therefor,
or may be used to refund bonds by deposit in escrow, trust, or otherwise, or may be
used to defray any incidental costs pertaining to the refunding, or any combination
thereof, as the board may determine.

Legislative History

Source: L. 69: p. 783, � 109. C.R.S. 1963: � 89-21-109.