§ 32-9-137 — Security details

Colorado § 32-9-137

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

Text

(1) Any district securities authorized to be issued
in this article shall bear such date, shall be in such denomination, shall mature at
such time, but in no event exceeding forty years from their date or any shorter
limitation provided in this article, and shall bear interest at a rate such that the net
effective interest rate of the issue of securities does not exceed the maximum net
effective interest rate authorized, which interest may be evidenced by one or two
sets of coupons payable annually or semiannually, except that the first interest
payment date appertaining to any security may represent interest for any period
not in excess of one year, as may be prescribed by resolution or other instrument.
The securities and any coupons shall be payable in such medium of payment at any
banking institution or such other place within or without the state as determined by
the board, and the securities at the option of the board may be in one or more
series, may be made subject to prior redemption in advance of maturity in such
order or by lot or otherwise at such time without or with the payment of such
premium, not exceeding seven percent of the principal amount of each security so
redeemed, as determined by the board. For any securities the issuance of which
does not require approval at an election pursuant to this article, the maximum net
effective interest rate shall be established by the board prior to the sale and
issuance of such securities.

(2) Any district securities may be issued with privileges for conversion or
registration, or both, for payment as to principal or interest, or both, and where
interest accruing on the securities is not represented by interest coupons, the
securities may provide for the endorsing of payments of interest thereon, and the
securities generally shall be issued in such manner, in such form, either coupon or
registered, with such recitals, terms, covenants, and conditions, and with such other
details, as may be provided by the board in the resolution authorizing the securities,
or other instrument appertaining thereto, except as otherwise provided in this
article.

(3) Any resolution authorizing the issuance of securities or any other
instrument relating thereto may provide for their reissuance in other denominations
in negotiable or nonnegotiable form and otherwise in such manner and form as the
board may determine.

Legislative History

Source: L. 69: p. 723, � 1. C.R.S. 1963: � 89-20-38. L. 70: p. 294, � 105.