§ 32-11-644 — Limitations upon deferred payments

Colorado § 32-11-644

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

Text

(1) In case of such election
to pay in installments, the assessment shall be payable in not less than two nor
more than twenty substantially equal annual installments or not less than four nor
more than forty substantially equal semiannual installments of principal.

(2) Interest in all cases on the unpaid principal accruing from the date of
publishing the assessment resolution upon its final passage until the respective
installment due dates shall be payable annually or semiannually at a rate not
exceeding eight percent per annum; except that, in the case of an assessment
initiated subsequent to July 1, 1984, such interest shall not exceed the maximum
rate fixed by the board in the notice of the provisional order hearing given pursuant
to sections 32-11-608 and 32-11-609.

(3) Nothing in this article shall limit the discretion of the board in
determining whether assessments shall be payable in installments and the time the
first installment of principal or of interest, or of both, and any subsequent
installments thereof shall become due.

(4) The board in the assessment resolution shall state the number of
installments in which assessments may be paid, the period of payment, the rate of
interest upon the unpaid installments of principal to their respective due dates, any
privileges of making prepayments, and any premium to be paid to the urban district
for exercising any such privilege, the rate of interest upon unpaid principal and
accrued interest after any delinquency at the rate of one percent per month, or any
fraction thereof, and any penalties and any collection costs payable after
delinquency.

Legislative History

Source: L. 69: p. 802, � 157. C.R.S. 1963: � 89-21-157. L. 84: (2) amended, p. 847, � 3, effective July 1.