§ 32-12-115 — Power to issue revenue bonds - terms

Colorado § 32-12-115

• Jurisdiction: Colorado
• Title 32: Special
• Art.: Rail District Act

Text

(1) To carry out the
purposes of this article, the board is authorized to issue negotiable coupon bonds
payable solely from the revenues derived, or to be derived, from the facility or
combined facilities of the rail district. The terms, conditions, and details of said
bonds, and the procedures related thereto shall be substantially the same as those
provided in part 4 of article 35 of title 31, C.R.S., relating to water and sewer
revenue bonds; except that the purposes for which the same may be issued shall
not be so limited. Revenue bonds and interest coupons, if any, appurtenant thereto
shall never constitute a debt or indebtedness of the rail district or any county,
municipality, or other political subdivision of this state within the meaning of any
provision or limitation of the state constitution or statutes or any home rule charter
and shall not constitute nor give rise to a pecuniary liability of any such rail district,
county, municipality, or political subdivision of this state or a charge against its
general credit or taxing powers. Each bond issued under this section shall recite in
substance that said bond, including the interest thereon, is payable solely from the
revenues pledged for the payment thereof and that said bond does not constitute a
debt of the rail district within the meaning of any constitutional or statutory
limitations or provisions. Such revenue bonds may be issued to mature at such time,
not exceeding the estimated life of the facility to be acquired with the bond
proceeds, as determined by the board, but in no event beyond thirty years from
their respective dates.

(2) Negotiable coupon bonds payable from revenues derived, or to be
derived, from a facility or combined facilities of the rail district as authorized by
subsection (1) of this section may further be secured by and be payable from tax
revenues of the rail district to the same extent as general obligation bonds
authorized in section 32-12-116. The form, terms, and limitations on the bonds shall
be as specified in section 32-12-116. The question of the issuance of the bonds shall
be submitted to and approved by the eligible electors of the rail district voting
thereon, as provided by section 32-12-117.

Legislative History

Source: L. 82: Entire article added, p. 513, � 1, effective April 23. L. 92: (2) amended, p. 922, � 190, effective January 1, 1993.