§ 35-75-111 — Bonds

Colorado § 35-75-111

• Jurisdiction: Colorado
• Title 35: Agriculture
• Art.: Colorado Agricultural Development

Text

(1) (a) The authority may issue from time to time its bonds
in such principal amounts as the authority determines to be necessary to provide
sufficient funds for achieving any of its corporate purposes.

(b) In anticipation of the sale of such bonds, the authority may issue bond
anticipation notes and may renew the same from time to time. Such notes shall be
paid from any revenues of the authority or other moneys available for payments and
not otherwise pledged or from the proceeds of the sale of the bonds of the
authority in anticipation of which they were issued. The bond anticipation notes
shall be issued in the same manner as bonds. Such notes and the resolution
authorizing them may contain any provisions, conditions, or limitations which a bond
resolution of the authority may contain.

(2) (a) Bonds may be issued as serial bonds, as term bonds, or as a
combination of both types. All bonds issued by the authority shall be payable solely
out of the revenues and receipts of the authority as designated in the resolution of
the authority under which the bonds are authorized to be issued or as designated in
a trust indenture authorized by the authority.

(b) Bonds may be executed and delivered by the authority at such times, may
be in such form and denominations and include such terms and maturities, may be
in fully registered form or in bearer form registerable either as to principal or
interest or both, may bear such conversion privileges, may be payable in such
installments and at such time or times not exceeding forty years from the date
thereof, may be payable at such place or places whether within or without the state
of Colorado, may bear interest at such rate or rates per annum as determined by the
authority without regard to any interest rate limitation appearing in any other law of
this state, may be evidenced in such manner, may be executed by such officers of
the authority, including the use of one or more facsimile signatures so long as at
least one manual signature appears on the bonds, which may be either an officer of
the authority or an officer of the trustee authenticating the same, may be in the
form of coupon bonds which have attached interest coupons bearing the facsimile
signature of an authorized officer of the authority, and may contain such provisions
not inconsistent with this article all as provided in the resolution of the authority
under which the bonds are authorized to be issued or as provided in a trust
indenture authorized by the authority.

(3) If deemed advisable by the authority, there may be retained in the
resolution or the trust indenture under which any bonds of the authority are
authorized to be issued an option to redeem all or any part of said bonds as may be
specified in such resolution or in such trust indenture, at such price or prices, after
such notice or notices, and on such terms and conditions as may be set forth in such
resolution or in such trust indenture and as may be briefly recited on the face of the
bonds. Nothing in this article shall be construed to confer on the authority the right
or option to redeem any bonds except as provided in such resolution or in such trust
indenture under which they are issued.

(4) The bonds or notes of the authority may be sold at public or private sale
for such price or prices, in such manner, and at such times as determined by the
authority, and the authority may pay all expenses, premiums, and commissions
which it may deem necessary or advantageous in connection with the issuance of
bonds or notes. The power to fix the date of sale of bonds and notes, to receive bids
or proposals, to award and sell bonds and notes, and to take all other necessary
action to sell and deliver bonds and notes may be delegated to the executive officer
by resolution of the authority. Pending preparation of the definitive bonds, the
authority may issue interim receipts or certificates which shall be exchanged for
such definitive bonds.

(5) (a) Any outstanding bonds of the authority may be refunded or advance
refunded at any time and from time to time by the authority by the issuance of its
bonds for such purpose in a principal amount determined by the authority, which
may include interest accrued or to accrue with or without giving effect to
investment income and other expenses necessary to be paid in connection with
such issuance.

(b) (I) Any such refunding may be effected whether the bonds to be refunded
have then matured or will mature thereafter, either by sale of the refunding bonds
and the application of the proceeds of such sale for the payment of the bonds to be
refunded or by the exchange of the refunding bonds for the bonds to be refunded
with the consent of the holders of the bonds to be so refunded, regardless of
whether or not the bonds proposed to be refunded are payable on the same date or
different dates or are due serially or otherwise.

(II) The proceeds of any such bonds issued for the purpose of refunding
outstanding bonds may be applied, in the discretion of the authority, to the
purchase or retirement at maturity or redemption of such outstanding bonds either
on their earliest or any subsequent redemption dates or upon the purchase or at the
maturity thereof and, pending such application, may be placed in escrow to be
applied to such purchase or retirement at maturity or redemption on such dates as
may be determined by the authority. Any such escrowed proceeds, pending such
use, may be invested or deposited in securities or depositories meeting the
requirements established in part 6 of article 75 of title 24, C.R.S., maturing at such
time or times as are appropriate to assure the prompt payment as to principal,
interest, and redemption premium, if any, of the outstanding bonds to be so
refunded. The interest, income, and profit, if any, earned or realized on any such
investment may also be applied, in the discretion of the authority, to the payment of
the outstanding bonds or notes to be so refunded or to the payment of principal and
interest on the refunding bonds or for any other purpose under this article. After the
terms of the escrow have been fully satisfied and carried out, any balance of such
proceeds and interest, income, and profits, if any, earned or realized on the
investments may be returned to the authority for use by it in any lawful manner.

(c) All such refunding bonds shall be subject to the provisions of this article
in the same manner and to the same extent as other bonds issued pursuant to this
article.

(6) The proceeds of any bonds, notes, bond anticipation notes, or other
obligations may be used and applied to the payment of financing costs, including
legal, underwriting and investment banking, accounting, and other similar costs; the
funding of any reserve funds deemed necessary or advisable by the authority;
interest on such bonds, notes, bond anticipation notes, or other obligations for a
period not to exceed three years; and all other necessary and incidental costs and
expenses.

Legislative History

Source: L. 81: Entire article added, p. 1739, � 1, effective June 19. L. 89: (5)(b)(II) amended, p. 1112, � 49, effective July 1.