§ 32-11-667 — Issuance of refunding bonds

Colorado § 32-11-667

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

Text

(1) Any assessment bonds issued
under this article may be refunded pursuant to resolution to be adopted by the
board in the manner provided in this article for the issuance of other assessment
bonds. Refunding bonds so issued may be secured in such manner and may be
made payable from such sources as provided in the resolution authorizing their
issuance.

(2) The security for the payment of the refunding bonds may be greater or
lesser than the security for the payment of the bonds refunded. Bonds pertaining to
more than one improvement district may be refunded by the bonds of one series.
Such refunding bonds may be payable from the unpaid assessments of such
improvement districts, and such payment may be additionally secured in
accordance with sections 32-11-628 and 32-11-629 and other provisions in this
article supplemental thereto.

(3) Refunding bonds so issued may be sold at public or at private sale or may
be exchanged dollar for dollar for the bonds to be refunded.

(4) If sold, the proceeds of sale may be escrowed for the payment of the
bonds to be refunded in such manner as may be provided in the resolution
authorizing the refunding bonds and in sections 32-11-564 to 32-11-568 and section
32-11-570 for other refunding bonds of the urban district constituting special
obligations.

Legislative History

Source: L. 69: p. 808, � 180. C.R.S. 1963: � 89-21-180.