§ 32-15-126 — Sale of real and personal property of district

Upon completion of the
renovation of Mile High stadium or the construction of a new stadium pursuant to
the provisions of this article, the board shall make a good faith effort to sell the real
and personal property of the district, including the stadium, to any qualified buyer
subject to the leasehold interest and other contract rights of the franchise. The
board shall establish criteria to determine qualified buyers. The board shall not
accept any offer from any qualified buyer for such real and personal property of the
district for an amount less than the total amount of outstanding obligations of the
district or the amount of sales tax revenues used by the board to acquire a site for
the stadium and to construct the stadium, whichever is greater. Notwithstanding
any other provision of this section to the contrary, the district shall not be required
to sell the real and personal property of the district if such sale would adversely
affect the federal tax exempt status of the interest on the special obligation bonds
issued by the district pursuant to this article.

Legislative History

Source: L. 96: Entire article added, p. 1074, � 1, effective May 23. L. 97: Entire section amended, p. 1496, � 7, effective June 3. L. 98: Entire section amended, p. 510, � 15, effective April 22.