§ 32-11-653 — Duties imposed when assessments are levied

(1) Whenever the
board has provided for any project under this article, has levied assessments
therefor, and has issued assessment bonds or assessment debentures or both such
types of securities for the financing of the same, then and in such event there shall
be imposed upon the urban district the following additional duties:

(a) The district shall act as the agency for the collection of such
assessments and in so doing shall act as trustees for the benefit of such holders of
assessment debentures or bonds.

(b) If the board creates more than one improvement district, the funds of
each such district shall be kept in a separate fund or account to be used for the
payment of interest and principal of the assessment securities pertaining to the
improvement district.

(c) The urban district shall prepare annually and shall make available for
inspection in the district treasurer's office to each holder of assessment securities
a statement of the financial condition of the improvement district relating to such
securities, which report shall include a statement of all delinquencies existing at
such time.

(d) Where there is a delinquency continuing for a period of one year in the
payment of any installment of such assessment made for the project, the urban
district shall thereafter forthwith proceed with the institution of proceedings to
foreclose the assessment lien against the property or properties wherein the
delinquency exists, unless the county treasurer has instituted such proceedings, as
provided in this article.

(e) The holder of any assessment security issued under this article or any
trustee therefor has the right to institute such foreclosure proceedings in the name
of the urban district issuing such security, if such a delinquency has continued for a
period of one and one-half years and if the urban district has not theretofore
instituted such foreclosure proceedings. The failure of any holder of any
assessment security or any trustee therefor so to proceed shall not be deemed a
waiver of any other right or privilege and shall not relieve the urban district or any
of its officers, agents, or employees of any liability for failure to perform any duty.

Legislative History

Source: L. 69: p. 805, � 166. C.R.S. 1963: � 89-21-166.