§ 37-45-126 — Levies cover defaults and deficiencies

Colorado § 37-45-126

• Jurisdiction: Colorado
• Title 37: Water and
• Art.: Water Conservancy Districts

Text

The board, in making the
annual assessments and levies, shall take into account the maturing indebtedness
for the ensuing year as provided in its contracts or the maturing of bonds and
interest on all bonds and deficiencies and defaults of prior years and shall make
ample provision for the payment thereof. In case the proceeds of such levies and
assessments made under the provisions of this article, together with other revenues
of the district, are not sufficient to punctually pay the annual installments on its
contracts or bonds and interest thereon and to pay defaults and deficiencies, then
the board shall make such additional levies of taxes or assessments as may be
necessary for such purposes; and, notwithstanding any limitations by contract,
order, tax lien, or otherwise, such taxes and assessments shall be made and shall
continue until the indebtedness of the district is fully paid; except that the
additional levies authorized by this section may not be made to cover defaults and
deficiencies with respect to evidences of indebtedness authorized and issued by a
district pursuant to any law if such evidences of indebtedness declare on their
faces that they are payable solely from revenues derived from payments made with
respect to contracts which are entered into pursuant to this article and further
except that the amount of such additional levies of taxes under class A shall not in
any one year exceed an amount that would be raised by a levy of one-half mill
against the valuation for assessment of such property as fixed for general tax
purposes and further except that such levies for defaults and deficiencies shall not,
at any time, be made to impose upon class A payments in excess of twenty-five
percent of the anticipated revenue from all sources to be raised for the specific
purpose of payment of existing defaults and deficiencies and further except that, in
making such additional levies or assessments, the board shall take into account all
sources of revenue and equitably distribute the burden of such defaults and
deficiencies according to the uses and benefits as provided in this article.

Legislative History

Source: L. 37: p. 1341, � 20. CSA: C. 173B, � 34. CRS 53: � 149-6-21. C.R.S. 1963: � 150-5-21. L. 75: Entire section amended, p. 1367, � 3, effective July 1. L. 81: Entire section amended, p. 1757, � 1, effective May 27.