§ 32-11-630 — Redemption of securities

Colorado § 32-11-630

• Jurisdiction: Colorado
• Title 32: Special
• Art.: Urban Drainage and Flood Control Act

Text

(1) Whenever considered advisable by
the treasurer, he may, and whenever funds may be in his hands to the credit of any
improvement district exceeding the amount of interest on the unpaid principal
becoming due on and prior to one year next after the last interest payment date,
and, if maturing serially, the principal becoming due on the next principal payment
date, he shall, subject to the provisions concerning the payment of assessment
debentures and assessment bonds pertaining to an improvement district prior to
maturity in the securities and in any resolution pertaining to their issuance, by
publication at least once not less than fifteen days prior to the redemption date,
call in a suitable number of securities of the improvement district for payment, for
the principal amount thereof, accrued interest to the redemption date, and any prior
redemption premium due thereon.

(2) After the redemption date so designated, interest on the securities so
called shall cease. The urban district, however, may provide that such securities be
redeemed only on interest payment dates.

(3) The notice shall specify the securities so called by number, and all such
securities shall be paid in the order designated in any such resolution.

(4) The holder of any such securities may at any time furnish his post-office
address to the treasurer, and in such case a copy of such advertisement shall be
mailed by the treasurer to the holder of the securities called at such address within
three days of the date of such publication.

Legislative History

Source: L. 69: p. 797, � 143. C.R.S. 1963: � 89-21-143.