(1)To provide for the levy and
collection of taxes, the board shall determine, in each year, the amount of money
necessary to be raised by taxation, taking into consideration other sources of
revenue of the rail district, and shall fix a rate of levy not to exceed the maximum
mill levy authorized pursuant to section 32-12-108 which, when levied upon all
taxable property within the rail district, and together with other revenues, will raise
the amount required by the rail district annually to supply funds for paying
expenses of organization and the costs of constructing, operating, and maintaining
the rail district, and promptly to pay in full, when due, all interest on, the principal
of, and any redemption premium of bonds and other obligations of the rail district
payable from
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(1) To provide for the levy and
collection of taxes, the board shall determine, in each year, the amount of money
necessary to be raised by taxation, taking into consideration other sources of
revenue of the rail district, and shall fix a rate of levy not to exceed the maximum
mill levy authorized pursuant to section 32-12-108 which, when levied upon all
taxable property within the rail district, and together with other revenues, will raise
the amount required by the rail district annually to supply funds for paying
expenses of organization and the costs of constructing, operating, and maintaining
the rail district, and promptly to pay in full, when due, all interest on, the principal
of, and any redemption premium of bonds and other obligations of the rail district
payable from taxes. The authority of the board under this section is subject to mill
levy limitations provided in this article; but if the board determines that the
maximum mill levy authorized under this article is insufficient to support any
service of the district, the board may submit the question of an increased mill levy
authorization to the eligible electors of the rail district at the next regular special
district election or special election of the district, and each election shall be held at
least one hundred twenty days after any preceding election of the rail district, and
no more than two elections concerning an increased rail levy authorization shall be
held in any year.
(2) The board may apply a portion of such taxes and other revenues for the
purpose of creating a reserve fund in such amount as the board may determine,
which may be used to meet the obligations of the rail district for maintenance,
operating expenses, depreciation, and improvement of the facilities of the rail
district.
(3) The board, in accordance with the schedule prescribed by section 39-5-128, C.R.S., shall certify to the board of county commissioners of each county within
the rail district, or having a portion of its territory within the rail district, the rate so
fixed, in order that, at the time and in the manner required by law for levying taxes,
such board of county commissioners shall levy such tax upon all taxable property
which is located within the rail district.
(4) All taxes levied under this article, together with interest thereon and
penalties for default in payment thereof, and all costs of collecting same, shall
constitute, until paid, a perpetual lien on and against the property, and such lien
shall be on a parity with the tax lien of other general ad valorem taxes.
(5) Property taxes provided for in this article shall be levied, assessed,
collected, remitted, and accounted for in the manner provided for other general ad
valorem taxes.
(6) The board has the power to deposit or to invest surplus funds in the
manner and form it determines to be most advantageous; but said deposits or
investments must meet the requirements and limitations of part 6 of article 75 of
title 24, C.R.S. For the purpose of making such deposits, the board may appoint, by
written resolution, one or more persons to act as custodians of the moneys of the
district. Such persons shall give surety bonds in such amounts and form and for
such purposes as the board requires.
(7) The board has the power to accept on behalf of the rail district all funds
tendered it from the state, the federal government, or any political subdivision or
agency of either, which funds are specifically intended as incentive to, or assistance
in, the formation, operation, or extension of rail district activities.
(8) No rail district shall levy a tax for the entire district for the calendar year
during which it shall have been formed unless, prior to the date specified by section
39-5-128, C.R.S., for certification of the rate of levy for such year, the assessor and
board of county commissioners of each county within the rail district have received
from the board a map and a legal description of such rail district, and a copy of a
budget of such rail district as provided by section 29-1-113, C.R.S., and increased
property tax levies shall be subject to the provisions of section 29-1-301, C.R.S.