§ 32-7-123 — Effect - subsequent elections

If any proposition authorized by
section 32-7-122 is approved by the eligible electors, the service authority shall
thereupon be authorized to incur the indebtedness or obligations, enter into
contracts, or issue and sell bonds of the service authority, as the case may be, all
for the purposes and objects provided for in the proposition submitted under this
section, in the amount so provided, and at a price and at a rate of interest such that
the maximum net effective interest rate recited in the resolution is not exceeded.
Submission of the proposition of incurring the obligation or bonded or other
indebtedness at an election shall not prevent or prohibit submission of the same or
other propositions at subsequent elections called for any legal purpose, but no new
election creating an indebtedness may be held within one hundred twenty days
after the date of the election at which a proposal was defeated. No more than two
elections may be held within any twelve-month period.

Legislative History

Source: L. 72: p. 470, � 1. C.R.S. 1963: � 89-25-23. L. 92: Entire section amended, p. 902, � 149, effective January 1, 1993.