§ 37-26-117 — Manner of releasing lands from lien

Colorado § 37-26-117

• Jurisdiction: Colorado
• Title 37: Water and
• Art.: Refunding Bonds

Text

(1) Any tract of land or part
thereof in any drainage district issuing refunding bonds may be released from the
lien of assessments to pay such bonds in the following manner:

(a) (I) If the bonds to be refunded were issued upon the basis of an
assessment for benefits pursuant to the provisions of sections 37-23-101 to 37-23-106, the proportionate share of the outstanding debt chargeable to the particular
tract to be released shall be determined by the board of directors of the district on
application by the landowner.

(II) In making its determination the board shall take into consideration the
basis of assessment on the land in question, the total authorized outstanding debt
refunded, the amount of land involved in relation to the total amount of land in the
district subject to assessment, the unpaid assessments against the particular land,
and all other matters necessary for a proper computation and shall add thereto ten
percent of such amount. The board shall make and enter in its records a certificate
of such determination, and a certified copy thereof shall be delivered to the district
treasurer, who shall accept refunding bonds of any maturity at face value or cash,
or both, in full payment of the final amount so determined. At the time of any such
payment, the district treasurer shall issue a receipt which shall be filed in the office
of the county assessor and may be recorded in the office of the county clerk and
recorder of the county in which the land is situate. After any such payment, the
particular land shall be forever released and discharged from the lien on the bonds
evidencing the particular debt and all assessments levied or to be levied to pay the
principal thereof and the interest thereafter due.

(b) If at or prior to the time of the issuance of the bonds to be refunded
benefits were appraised pursuant to the provisions of sections 37-23-109 to 37-23-111, any particular tract of land or part thereof may be released upon payment of
refunding bonds of any maturity at face value or cash, or both, in an amount equal
to any unpaid interest then due plus the benefits appraised against the land,
deducting principal amounts theretofore paid. The procedure for releasing land and
the effect thereof shall be the same as prescribed in paragraph (a) of this
subsection (1).

(c) (I) Any tract of land or part thereof may be released pursuant to a written
agreement between the district and its bondholders, under which a landowner may
pay an amount less than his proportionate share, if the same is determined under
paragraph (a) of this subsection (1), or less than the benefits appraised against his
land, deducting principal amounts theretofore paid, the same is determined under
paragraph (b) of this subsection (1). Any such agreement may provide for a general
revision, reduction, or cancellation of classifications, assessments, or appraised
benefits, but there shall be no increase thereof without the written consent of the
landowner affected thereby.

(II) Except as provided by any such written agreement, the procedure for
releasing land and the effect thereof shall be the same as prescribed in paragraph
(b) of this subsection (1). A certified copy of any such agreement shall be filed with
the district treasurer and with the assessor of each county in which the district is
located.

Legislative History

Source: L. 33: p. 460, � 14. CSA: C. 57, � 111. CRS 53: � 47-7-17. C.R.S. 1963: � 47-7-17.