§ 33-60-108 — Bonds

(1) The trust fund board may, from time to time, issue
bonds to finance any expenditure to address urgent and permanent land acquisition
priorities, including the acquisition of perpetual conservation easements, that may
be made from the trust fund. The bonds shall be issued pursuant to a resolution of
the trust fund board and shall be payable solely out of all or any portion of the
moneys deposited or to be deposited into the trust fund as specified by the trust
fund board.

(2) As provided in the resolution of the trust fund board under which the
bonds are authorized to be issued or as provided in a trust indenture between the
trust fund board and any commercial bank or trust company having trust powers,
the bonds may:

(a) Be executed and delivered by the trust fund board at such times as may
be provided in the resolution or indenture;

(b) Be in such form and denominations and include such terms and maturities
as may be provided in the resolution or indenture;

(c) Be subject to optional or mandatory redemption prior to maturity with or
without a premium;

(d) Be in fully registered form or bearer form registrable as to principal or
interest or both or be in the form of coupon bonds that have attached interest
coupons bearing a manual or facsimile signature of an officer of the trust fund
board;

(e) Bear such conversion privileges as may be provided in the resolution or
indenture;

(f) Be payable in such installments and at such times not exceeding twenty
years from the date thereof;

(g) Be payable at such place or places whether within or without the state;

(h) Bear interest at such rate or rates per annum, which may be fixed or vary
according to index, procedure, or formula, or as determined by the trust fund board
or its agents, without regard to any interest rate limitation appearing in any other
law of the state;

(i) Be subject to purchase at the option of the holder or the trust fund board
and evidenced in such manner;

(j) Be executed by the officers of the trust fund board, including the use of
one or more facsimile signatures so long as at least one manual signature appears
on the bonds, which signatures may be either of an officer of the trust fund board or
of an agent authenticating the same; and

(k) Contain such other provisions not inconsistent with this article.

(3) The bonds may be sold at public or private sale at such price, in such
manner, and at such times as determined by the trust fund board, and the trust fund
board may pay all fees, expenses, and commissions that it deems necessary or
advantageous in connection with the sale of the bonds. The power to fix the date of
sale of the bonds, to receive bids or proposals, to award and sell bonds, to fix
interest rates, and to take all other action necessary to sell and deliver the bonds
may be delegated to an officer or agent of the trust fund board. Any outstanding
bonds may be refunded by the trust fund board pursuant to article 56 of title 11,
C.R.S. All bonds and any interest coupons applicable thereto are declared to be
negotiable instruments. The trust fund board may apply any or all of the provisions
of articles 55 and 57 of title 11, C.R.S., in connection with the issuance of the bonds.

(4) The resolution or trust indenture authorizing the issuance of the bonds
may pledge all or any portion of the moneys deposited or to be deposited into the
trust fund, may contain such provisions for protecting and enforcing the rights and
remedies of holders of any of the bonds as the trust fund board deems appropriate,
may set forth the rights and remedies of the holders of any of the bonds, and may
contain provisions that the trust fund board deems appropriate for the security of
the holders of the bonds, including, but not limited to, provisions for letters of
credit, insurance, standby credit agreements, or other forms of credit ensuring
timely payment of the bonds, including the redemption price or the purchase price.

(5) Any pledge of moneys, revenues, or property for the payment of the
bonds made by the trust fund board or by any other person shall be valid and
binding from the time the pledge is made. The pledge shall be valid and binding as
of the time it is made and the moneys, revenues, or property so pledged shall
immediately be subject to the lien of the pledge without any physical delivery,
filing, or further act. The lien of the pledge and the obligations of the trust fund
board and any other person to perform the contractual provisions made in the
instrument authorizing the issuance of the bonds shall be valid and binding against
all persons having claims of any kind in tort, contract, or otherwise against the trust
fund board and any other person, irrespective of whether such claiming party has
notice of such lien and irrespective of whether such instrument is recorded or filed,
and shall, except as otherwise provided in the instrument authorizing the issuance
of the bonds or making the pledge, have priority over any and all obligations and
liabilities of the trust fund board. The creation, perfection, enforcement, and priority
of the pledge of money, revenues, or property for the payment of the bonds shall be
governed by this article and the instrument authorizing the issuance of the bonds.

(6) None of the directors or employees of the trust fund board or any person
executing the bonds shall be liable personally on the bonds or subject to any
personal liability or accountability by reason of the issuance thereof.

(7) The trust fund board may purchase its bonds out of any available funds
and may hold, pledge, cancel, or resell the bonds subject to and in accordance with
agreements with the holders thereof.

Legislative History

Source: L. 2001: Entire section added, p. 905, � 4, effective June 1.