§ 32-11-623 — Purchase price and interest

(1) Any district securities
designated in section 32-11-501 (3) and otherwise issued under this article, both
assessment bonds and assessment debentures, as may be provided by the board in
a resolution authorizing their issuance and the maximum net effective interest rate
thereof and in any indenture or other proceedings pertaining thereto, may be issued
at, above, or below par, at a discount not exceeding seven percent of the principal
amount thereof, but they may not be issued at a price such that the net effective
interest rate of the issue of securities exceeds the maximum net effective interest
rate authorized.

(2) Such bonds and debentures shall bear interest at a rate such that the net
effective interest rate of the issue of bonds or debentures does not exceed the
maximum net effective interest rate authorized.

(3) No bond interest rate shall at any time exceed the interest rate (or lower
or lowest rate if more than one) borne by the unpaid assessments, but any such
bond interest rate may be the same as or less than any assessment interest rate,
subject to the limitations of this section, as the board may determine.

Legislative History

Source: L. 69: p. 794, � 136. C.R.S. 1963: � 89-21-136. L. 70: p. 302, � 129.