§ 32-11-679 — Application of reassessment funds

Whenever the urban district
issues assessment debentures or assessment bonds to obtain funds to pay for any
project which has been actually acquired or improved, or both acquired and
improved, and the assessments levied therefor fail to be valid or sufficient in whole
or in part and a new assessment or reassessment has been levied and confirmed, as
provided in sections 32-11-668 to 32-11-679, then the urban district is directed to
apply all moneys derived from such assessments, new assessments, and
reassessments to the payment of such assessment securities according to their
tenor. The securities issued for any project actually acquired or improved, or both
acquired and improved, shall be valid and binding obligations of the district,
payable out of such assessments, new assessments, and reassessments, which
shall be levied and relevied until payment in full has been made, as provided in
section 32-11-624.

Legislative History

Source: L. 69: p. 811, � 192. C.R.S. 1963: � 89-21-192.