§ 32-12-117 — Debt question submitted to eligible electors - resolution

(1)
Whenever the board determines by resolution that the interest of the rail district
and the public interest or necessity demand the acquisition, construction,
installation, or completion of any work or other improvements or facilities, or the
making of any contract to carry out the objects or purposes of the rail district which
requires the creation of any indebtedness of the rail district, the board shall order
the submission of the proposition of incurring the indebtedness to the eligible
electors of the rail district at an election held for that purpose. Any such election
may be held separately or may be held jointly or concurrently with any other
election authorized by this article.

(2) The declaration of public interest or necessity required and the provision
for the holding of the election may be included within the same resolution, which
resolution, in addition to the declaration of public interest or necessity, shall recite
the objects and purposes for which the indebtedness is proposed to be incurred, the
estimated cost of the works, improvements, or facilities, as the case may be, the
principal amount of the indebtedness to be incurred therefor, and the maximum net
effective interest rate to be paid on the indebtedness. The resolution shall also fix
the date of the election and shall name a designated election official who shall be
responsible for conducting the election pursuant to articles 1 to 13 of title 1, C.R.S.

Legislative History

Source: L. 82: Entire article added, p. 514, � 1, effective April 23. L. 92: Entire section amended, p. 922, � 191, effective January 1, 1993.