§ 37-41-118 — Sale of bonds - proceeds

Colorado § 37-41-118

• Jurisdiction: Colorado
• Title 37: Water and
• Art.: Irrigation District Law of 1905

Text

The board may sell bonds from time to
time in such quantities as may be necessary and most advantageous to raise the
money for the construction or purchase of canals, reservoir sites, reservoirs, and
water rights and works and otherwise to fully carry out the object and purposes of
this article. Before making any sale, the board, at a meeting, by resolution, shall
declare its intention to sell a specified amount of the bonds and the day and hour
and place of such sale and shall cause such resolution to be entered in the minutes
and notice of the sale to be given by publication thereof at least twenty days in a
daily newspaper published in the city of Denver and in any other newspaper at its
discretion. The notice shall state that sealed proposals will be received by the
board at its office, for the purchase of the bonds, until the day and hour named in
the resolution. At the time appointed, the board shall open the proposals and award
the purchase of the bonds to the highest responsible bidder and may reject all bids.
The board in no event shall sell any of said bonds for less than ninety-five percent
of the face value thereof. In case no bid is made and accepted, the board of
directors is hereby authorized to use said bonds for the purchase of canals,
reservoir sites, reservoirs, and water rights and works, or for the construction of any
canal, reservoir, and works; but such bonds shall not be so disposed of at less than
ninety-five percent of the face value thereof.

Legislative History

Source: L. 05: p. 258, � 16. R.S. 08: � 3455. C.L. � 1984. CSA: C. 90, � 392. CRS 53: � 149-1-16. C.R.S. 1963: � 150-1-16.