§ 37-44-113 — Sale of bonds

Colorado § 37-44-113

• Jurisdiction: Colorado
• Title 37: Water and
• Art.: Internal Improvement Districts Law of 1923

Text

(1) The board may sell bonds so issued from time
to time in such quantities as necessary and most advantageous to raise the money
for the construction of reservoirs or canals, or the purchase of reservoir sites,
reservoirs, water rights and works, and otherwise to carry out the objects and
purposes of this article. Before making any sale, the board at a meeting shall
declare by resolution its intent to sell a specified amount of bonds and the day and
hour and place of such sale and shall cause such resolution to be entered in its
minutes and a notice of the sale to be published at least twenty days in a daily
newspaper published in the city of Denver and in any other newspaper at its
discretion. The notice shall state that sealed proposals will be received by the
board at its office for the purchase of the bonds until the day and hour named in the
resolution. At the time appointed the board shall open the proposals and award the
purchase of the bonds to the highest responsible bidder or may reject any and all
bids; but said board shall, in no event, sell any of said bonds for less than ninety-five
percent of the face value thereof.

(2) The bonds and the interest thereon shall be paid by revenue derived from
an annual assessment upon the real property of the district, and the real property
of the district shall be and remain liable to be assessed for such payments as
provided in this article.

Legislative History

Source: L. 23: p. 501, � 11. CSA: C. 138, � 27. CRS 53: � 149-5-11. C.R.S. 1963: � 150-4-11.