§ 32-11-621 — Assessment debentures

(1) For the purpose of paying any
contractor of or otherwise defraying any cost of the project in connection with any
improvement district as the same becomes due from time to time until moneys are
available therefor from the levy and collection of assessments and from any
issuance of assessment bonds, the board may issue assessment debentures on the
behalf and in the name of the urban district as provided in sections 32-11-501 (3)
and 32-11-502 to 32-11-526 and elsewhere in this article, except as otherwise
provided in sections 32-11-621 to 32-11-631.

(2) Any assessment debentures issued for any construction work shall be
issued only upon estimates of the engineer.

(3) Any assessment debentures shall be special obligations payable from
designated special assessments, any proceeds of special assessment bonds, and
any other moneys designated to be available for the redemption of such debentures
and authorized in this article to be pledged as additional security for the payment of
such bonds.

Legislative History

Source: L. 69: p. 794, � 134. C.R.S. 1963: � 89-21-134.