§ 37-43-146 — Submission of question to electors

The board of directors at
the same election, or at any future general or special election, may submit to the
qualified voters of the district the question of whether the coupons upon such
refunding bonds shall bear interest at a rate not to exceed six percent per annum
after their maturity, if said coupons are not paid upon presentation. In such case the
ballots shall contain the words, Interest on coupons - Yes, and Interest on
coupons - No, or words equivalent thereto. The vote upon said question shall be
canvassed at the same time and in the same manner as the vote for the issue of
refunding bonds and, if a majority of the qualified electors of the district have voted
Interest on coupons - Yes, the board of directors shall certify the result and cause
the same to be entered of record and filed the same as in the case of an election for
refunding bonds. Thereafter, when any of said coupons are presented for payment
on or after their due dates and there are insufficient funds on hand to pay said
coupons, the county treasurer shall stamp on the back of said coupons, Not paid
for want of funds, and all coupons so stamped shall bear interest from that date
until paid at the same rate as the principal of the bond.

Legislative History

Source: L. 35: p. 673, � 3. CSA: C. 90, � 523. CRS 53: � 149-3-45. C.R.S. 1963: � 150-3-45.