§ 37-43-158 — Dissolution - special election

(1) Upon the filing of said petition
with the board of directors of said district, the board shall call a special election, at
which shall be submitted to the qualified electors of such district the question
whether or not said district shall be dissolved, its indebtedness liquidated, and its
assets distributed in accordance with the plan so proposed or, in case no plan has
been proposed, in accordance with a plan which shall be proposed by said board of
directors in the notice of the election. No such election shall be called until either
the assent of all holders of valid indebtedness against the district known to the
directors is obtained, or else provision shall be made in said plan for the ultimate
payment or liquidation of the claims of such nonassenting holders, either in money
or, in the alternative, until all tax levies required by the laws of the state of
Colorado for the payment of such indebtedness have been made; except that action
shall not be taken upon said petition and said election called, in case contract has
been made between the district and the United States, until the secretary of the
interior has assented thereto in writing and such assent is filed with the board of
directors.

(2) Notice of such election must be given in the same manner and for the
same time as notice of election of directors of an irrigation district under the laws
of the state of Colorado. Such notice must specify the time of holding the election,
the fact that it is proposed to dissolve the district, and a brief summary of the plan
proposed for liquidating all its indebtedness or for the making of all tax levies
required by the laws of the state of Colorado for the payment of such indebtedness
and for disposing of its assets. Such election shall be held and the result thereof
determined and declared in all respects as nearly as practicable in conformity with
the provisions governing the election of directors in irrigation districts. At such
election the ballot shall contain the words Dissolution of the District - Yes and
Dissolution of the District - No or words equivalent thereto.

Legislative History

Source: L. 15: p. 308, � 3. L. 17: p. 314, � 21. C.L. � 2037. CSA: C. 90, � 535. L. 41: p. 522, � 1. CRS 53: � 149-3-57. C.R.S. 1963: � 150-3-57.