§ 37-43-145 — Board of directors to issue bonds

Colorado § 37-43-145

• Jurisdiction: Colorado
• Title 37: Water and
• Art.: Irrigation Districts of 1905 and 1921

Text

(1) Whenever it is desired to
issue refunding bonds under sections 37-43-144 to 37-43-151, the board of
directors of the district, by resolution entered in the minutes of their proceedings,
shall call a special election of the qualified voters of said district for the purpose of
voting upon the issuance of such refunding bonds, or such question may be
submitted at a general election of the district if the notice complies with the
requirements set forth in this section. At any election held under sections 37-43-144 to 37-43-151, the question of refunding all or any part of the then outstanding
indebtedness of an irrigation district may be submitted for determination, whether
such indebtedness is due or not.

(2) The notice of said election shall be published and posted for the same
length of time and in the same manner, and the election shall be conducted the
same as in the case of an election for an original issue of bonds. The notice shall
specify the time and place of holding said election, the amount and date of the
indebtedness sought to be taken up and paid, the amount and rate of interest of the
refunding bonds proposed to be issued, and the dates when said refunding bonds
will become due.

(3) At such election the ballots shall contain the words Refunding Bonds -
Yes and Refunding Bonds - No. The return shall be canvassed by the board of
directors in the same manner as in the case of an original issue of bonds and a
similar statement of the results of said election shall be entered in the records of
said board and filed with the county clerk and recorder of the county in which the
office of said district is located. If it is determined upon such canvass that a
majority of the legally qualified electors of the district have voted Refunding
Bonds - Yes, the board of directors shall cause bonds in such amount to be issued.
Such bonds may mature serially, with or without an option to redeem the same prior
to maturity, or they may have one maturity date, not exceeding fifty years from
date, and be redeemable on and after a designated date not later than ten years
from the date of said bonds.

(4) If serial bonds are issued, the last series shall mature in not more than
fifty years from the date of said bonds, and the first series shall become due not
more than ten years from the date of said bonds, and the series shall be so
arranged that some part of the principal of said bonds, never less than one percent,
shall become due each year during the maturity period until the entire principal is
paid. If optional bonds are issued, the board of directors of the district, when funds
are available for redemption purposes at any time after the optional date, shall call
for offerings for redemption, and, out of the redemption fund provided for the
payment of said bonds, shall pay any bonds presented for payment pursuant to
such call to any holders thereof who offer the same for payment and redemption
for the lowest amount below par, including accrued interest, to the extent of the
funds available.

(5) Available funds not used for the retirement of bonds shall be used in the
redemption of outstanding bonds commencing with the lowest outstanding number.
For the ultimate redemption of such refunding bonds, the board of county
commissioners of each county embracing any portion of an irrigation district, at the
time of making tax levies for county purposes commencing not more than ten years
from the date of said refunding bonds, shall levy annually a separate tax upon the
lands within a district subject to taxes for irrigation district purposes sufficient to
discharge, at maturity, the principal of the refunding bonds issued, registered, and
outstanding, pursuant to the provisions of sections 37-43-144 to 37-43-151; and
except for the payment of an issue of refunding bonds payable serially, each annual
tax levy for the payment of principal shall be equal, as nearly as can be. Such bonds
shall be as nearly as possible in the same general form as an original issue of bonds
of said district, with interest represented by coupons payable semiannually upon
June 1 and December 1 of each year, at the office of the county treasurer of the
county in which the organization of the district was effected, and, at the option of
the board of directors, at such other places within or outside the state of Colorado
as the board may designate in said bonds.

Legislative History

Source: L. 35: p. 671, � 2. CSA: C. 90, � 522. CRS 53: � 149-3-44. C.R.S. 1963: � 150-3-44.