§ 32-11-628 — Primary additional security

(1) The urban district shall
additionally secure the payment of the assessment debentures and the assessment
bonds pertaining to any improvement district as provided in this article.

(2) Whenever there is a deficiency in any improvement district to meet
payment of such outstanding assessment securities and interest due thereon, it
shall be paid out of the urban district's special surplus and deficiency fund.

(3) The urban district shall pay the assessment securities pertaining to any
improvement district when due and the interest due thereon from any available
moneys of the urban district and reimburse itself by collecting the unpaid
assessments due the improvement district, whenever:

(a) Four-fifths of the outstanding bonds pertaining to the improvement
district have been paid; and

(b) For any reason the remaining assessments pertaining to the improvement
district are not paid in time to take up the final bonds of the improvement district
and the interest due thereon; and

(c) There is not sufficient money in the special surplus and deficiency fund.

(4) When all outstanding assessment securities pertaining to an
improvement district have been paid and any moneys remain to the credit of such
district, they shall be transferred to the special surplus and deficiency fund.

Legislative History

Source: L. 69: p. 796, � 141. C.R.S. 1963: � 89-21-141.