§ 37-42-130 — Call of bonds - surplus fund

If bonds are issued which are
subject to redemption prior to maturity, and if, after the payment of all coupons and
bonds due in any fiscal year, it is found that the bond fund of an irrigation district
contains an amount of money sufficient therefor, it is the duty of the district
treasurer to call such bonds as first become due and payable and to retire such
indebtedness. Call shall be made by registered mail, addressed to the holder of
such bonds so called at his address of record, giving the number of the bonds
called, and notifying the holder thereof, that upon presentation of such bonds with
all future due coupons attached, they shall be redeemed at their face value, with
interest to date of call. When any bond has been so called, such fact shall be noted
upon the bond register of the district treasurer, and money in the amount of its
face, with interest to date of call, shall be set aside for its payment from the bond
fund, and no coupons upon such bond maturing at a date later than the date of such
call shall be paid. If money remains in or is paid into the bond fund after final
liquidation of all bonded indebtedness, such money shall be transferred to the
general fund by the treasurer of the district.

Legislative History

Source: L. 21: p. 546, � 30. C.L. � 2086. L. 27: p. 457, � 2. CSA: C. 90, � 461. CRS 53: � 149-2-30. C.R.S. 1963: � 150-2-30.