§ 32-4-541 — Preliminary expenses

Colorado § 32-4-541

• Jurisdiction: Colorado
• Title 32: Special
• Art.: Water and Sanitation Districts

Text

(1) The district may provide for the
payment of all necessary preliminary expenses actually incurred in the making of
surveys, estimates of costs and revenues, the employment of engineers, architects,
fiscal agents, attorneys at law, clerical help, other agents or employees, the making
of notices, taking of options, and all other expenses necessary or desirable to be
made and paid prior to the authorization for or the issuance of such securities, and
any other cost of any project.

(2) No such expenditures shall be made or paid unless an appropriation has
been budgeted and made therefor in the same manner as is required by law, or
unless the proceeds of securities or other moneys are available to defray such
expenses.

(3) Any funds so expended by the district for preliminary expenses incurred
in connection with the same purpose as that for which securities are issued may be
fully reimbursed and repaid to the district out of the proceeds derived from the sale
of such securities.

(4) The amount so advanced by the district to pay such preliminary expenses
may, by a resolution authorizing the issuance of such securities, be made a first
charge against such security proceeds until the same has been repaid as provided
in this part 5, and in such event said amount shall be paid therewith before any
other disbursements are made therefrom.

Legislative History

Source: L. 62: p. 222, � 14. C.R.S. 1963: � 89-15-41.