§ 37-3.5-107 — Winding up and dissolution - order entered

Colorado § 37-3.5-107

• Jurisdiction: Colorado
• Title 37: Water and
• Art.: Dissolution of Conservancy Districts

Text

(1) In the event
that the vote is for dissolution, any qualified signer of the petition for the election or
the board of directors of such district may, within such time as may be fixed by the
court, present a written plan for the winding up of the affairs of the district. Such
plan may specify that the affairs of the district be wound up by the board of
directors of the district or by a receiver appointed by the court for that purpose. On
a day fixed by the court, the court shall consider such plan and shall enter an order
establishing therefrom a plan for the winding up of such affairs. The court shall
retain continuing jurisdiction to modify such plan from time to time and shall
supervise such winding up.

(2) If no such plan is presented on or before the day set by the court, then
the court shall appoint a receiver to wind up the affairs of the district under the
court's supervision. Upon the appointment of any receiver, all authority of the board
of directors of the district shall terminate; except that its authority to levy taxes for
the payment of the obligations of the district and the costs of winding up shall
continue until the district is dissolved. Such board shall levy taxes within the limits
imposed by article 5 of this title sufficient to pay expeditiously such obligations and
costs, and, if a receiver has been appointed, all tax collections shall be delivered to
such receiver.

(3) When it appears to the satisfaction of the court that all obligations of the
district have been discharged and the costs of winding up the district paid, such
court shall enter an order dissolving the district, and a certified copy of such order
shall be recorded by the clerk of the court in all counties in which the district may
be situate. All funds remaining in the hands of such receiver or board of directors
after such dissolution shall be divided among the counties comprising any part of
such district in proportion to the total valuation of taxable property in such county
within the boundaries of such district, as determined by the tax roll of such counties
in the treasurer's hands, for the calendar year preceding the year in which such
dissolution occurs, and said receiver or members of the board of directors shall
thereupon be discharged by the court.

Legislative History

Source: L. 81: Entire article added, p. 1750, � 2, effective May 28.