Colorado § 37-25-103 Bonds - issuance - interest

Colorado Statutes

§ 37-25-103 — Bonds - issuance - interest

Colorado·Title 37 Water and·Art. Bonds

(1)If a majority of the votes cast is Bonds - Yes, the board of directors shall immediately cause bonds in such amount to be issued payable in series as follows: At the expiration of eleven years, not less than five percent of the whole amount of said bonds; at the expiration of twelve years, not less than six percent of the whole amount of said bonds; at the expiration of thirteen years, not less than seven percent of the whole amount of said bonds; at the expiration of fourteen years, not less than eight percent of the whole amount of said bonds; at the expiration of fifteen years, not less than nine percent of the whole amount of said bonds; at the expiration of sixteen years, not less than ten percent of the whole amount of said bonds; at the expiration of seventeen years, n

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(1) If a majority of the votes cast is
Bonds - Yes, the board of directors shall immediately cause bonds in such amount
to be issued payable in series as follows: At the expiration of eleven years, not less
than five percent of the whole amount of said bonds; at the expiration of twelve
years, not less than six percent of the whole amount of said bonds; at the expiration
of thirteen years, not less than seven percent of the whole amount of said bonds; at
the expiration of fourteen years, not less than eight percent of the whole amount of
said bonds; at the expiration of fifteen years, not less than nine percent of the
whole amount of said bonds; at the expiration of sixteen years, not less than ten
percent of the whole amount of said bonds; at the expiration of seventeen years,
not less than eleven percent of the whole amount of said bonds; at the expiration of
eighteen years, not less than thirteen percent of the whole amount of said bonds; at
the expiration of nineteen years, not less than fifteen percent of the whole amount
of said bonds; and, at the expiration of twenty years, a percentage sufficient to pay
off the remainder of said bonds.

(2) The several enumerated percentages shall be of the entire amount of the
bond issue.

(3) Each bond must be payable at the given time for its entire amount and
not for a percentage.

(4) The bonds shall bear interest at a rate not to exceed eight percent per
annum payable semiannually on June 1 and December 1 of each year. The principal
and interest shall be payable at the location the board of directors designates in the
bond.

Colorado § 37-25-103 (Bonds - issuance - interest) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 11: p. 325, � 63. L. 21: p. 280, � 3. C.L. � 2182. CSA: C. 57, � 83. CRS 53: � 47-6-3. C.R.S. 1963: � 47-6-3. L. 2023: (4) amended, (SB 23-057), ch. 53, p. 189, � 4, effective January 1, 2024.