Colorado § 37-43-135 Resolution of board of directors

Colorado Statutes

§ 37-43-135 — Resolution of board of directors

Colorado·Title 37 Water and·Art. Irrigation Districts of 1905 and 1921

If the result so certified shows
that votes representing eighty percent of the acres of taxable land in the district
have been cast in favor of the proposed bonds, the board of directors, by resolution,
may authorize the issuance of negotiable coupon general obligation bonds of the
district. The resolution must specify the purpose for which the bonds are to be
issued, the date of issuance, the rate of interest not exceeding six percent per
annum payable semiannually, and the maturities of the bonds. The bonds shall
mature serially commencing not later than five years after the date of issuance and
extending to a time not exceeding twenty-five years after the date of issuance. The
amounts that mature in each of the years are determined by the board of directors
of the district and

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If the result so certified shows
that votes representing eighty percent of the acres of taxable land in the district
have been cast in favor of the proposed bonds, the board of directors, by resolution,
may authorize the issuance of negotiable coupon general obligation bonds of the
district. The resolution must specify the purpose for which the bonds are to be
issued, the date of issuance, the rate of interest not exceeding six percent per
annum payable semiannually, and the maturities of the bonds. The bonds shall
mature serially commencing not later than five years after the date of issuance and
extending to a time not exceeding twenty-five years after the date of issuance. The
amounts that mature in each of the years are determined by the board of directors
of the district and specified in the resolution. The bonds shall be in the
denomination of one hundred dollars or some multiple thereof. The bonds and the
coupons attached thereto are payable at a location within or without the state of
Colorado, as designated in the resolution. The bonds shall be signed by the
president of the board of directors, countersigned by the treasurer of the district,
sealed with the seal of the district, and attested by the secretary of the board. The
semiannual interest coupons attached to the bonds must be executed with the
facsimile signature of the president of the board of directors. The treasurer of the
district shall make a record of all bonds issued pursuant to sections 37-43-132 to
37-43-138 in a book to be kept in the office of the district treasurer for that
purpose. Bonds issued pursuant to sections 37-43-132 to 37-43-138 must be sold
at not less than the par value of the bonds.

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Legislative History

Source: L. 33-34, 2nd Ex. Sess.: p. 59, � 4. CSA: C. 90, � 515. CRS 53: � 149-3-34. C.R.S. 1963: � 150-3-34. L. 2023: Entire section amended, (SB 23-057), ch. 53, p. 191, � 7, effective January 1, 2024.