§ 32-9-131 — Pledge of proceeds of sales taxes and revenues

Colorado § 32-9-131

• Jurisdiction: Colorado
• Title 32: Special
• Art.: Regional Transportation District Act

Text

The payment of
district securities may be secured by the specific pledge of the proceeds of sales
taxes or revenues, or both such taxes and revenues, of the district, as the board
may determine. Revenues or sales taxes pledged for the payment of any securities,
as received by the district, shall immediately be subject to the lien of each such
pledge, without any physical delivery thereof, any filing, or further act, and the lien
of each such pledge and the obligation to perform the contractual provisions made
in the authorizing resolution or other instrument relating thereto shall have priority
over all other obligations and liabilities of the district, except as may be otherwise
provided in this article or in said resolution or instrument, and subject to any prior
pledges and liens theretofore created. The lien of each such pledge shall be valid
and binding as against all persons having claims of any kind in tort, contract, or
otherwise against the district, irrespective of whether such persons have notice
thereof.

Legislative History

Source: L. 69: p. 722, � 1. C.R.S. 1963: � 89-20-31. L. 73: 994, � 10. L. 2000: Entire section amended, p. 308, � 6, effective April 5.