Colorado § 37-42-132 Relief from bonded indebtedness

Colorado Statutes

§ 37-42-132 — Relief from bonded indebtedness

Colorado·Title 37 Water and·Art. Irrigation District Law of 1921

(1)At any time after the expiration of two years from the date of the issuance of any bonds under this article, any landowner may relieve his lands from the burden of such bonded indebtedness in the following manner: He shall pay to the district treasurer an amount of money sufficient to retire district bonds in such ratio to the total bonded indebtedness of the district as the acreage of lands which he owns within such district bears to the total acreage thereof, subject to such bonded indebtedness, plus fifteen percent; except that, where such district may have outstanding more than one issue of bonds, the bonds of any one issue may be thus retired without reference to other issues; and where such payment is insufficient to furnish money to retire an entire bond, such landowne

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(1) At any time after the
expiration of two years from the date of the issuance of any bonds under this
article, any landowner may relieve his lands from the burden of such bonded
indebtedness in the following manner: He shall pay to the district treasurer an
amount of money sufficient to retire district bonds in such ratio to the total bonded
indebtedness of the district as the acreage of lands which he owns within such
district bears to the total acreage thereof, subject to such bonded indebtedness,
plus fifteen percent; except that, where such district may have outstanding more
than one issue of bonds, the bonds of any one issue may be thus retired without
reference to other issues; and where such payment is insufficient to furnish money
to retire an entire bond, such landowner shall pay such further sum as shall be
required to retire an entire bond, and the treasurer shall issue to him a lien bond in a
denomination representing such excess payment, bearing the same serial number,
of like terms, and with the same rate of interest as the bond of the last serial
number so retired.

(2) The treasurer shall thereupon issue to such landowner his official receipt
in duplicate, one of which receipts shall be filed with the secretary of such irrigation
district and one filed for record in the office of the county clerk and recorder of the
county wherein the lands involved are situated. From and after the filing, such lands
shall be free and clear from any and all liens, levies, and assessments of such
bonded indebtedness for which such payment was made; except that, in the case of
a contract with the United States, the provisions of this section shall not apply, but,
in such case, the real property of the district shall be and remain liable to be
assessed for all payments provided for in such contract with the United States until
the obligations under such contract have been paid.

Colorado § 37-42-132 (Relief from bonded indebtedness) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 21: p. 548, � 32. C.L. � 2088. CSA: C. 90, � 463. CRS 53: � 149-2-32. C.R.S. 1963: � 150-2-32. L. 91: (2) amended, p. 895, � 28, effective June 5.