§ 37-45.1-104 — Enterprise revenue bonding authority

Colorado § 37-45.1-104

• Jurisdiction: Colorado
• Title 37: Water and
• Art.: Water Activities - Enterprise Status

Text

(1) Each water activity
enterprise, through its governing body, may issue or reissue revenue bonds in
accordance with and through the provisions of subsection (2) of this section.

(2) The water activity enterprise is authorized to issue or reissue bonds,
notes, or other obligations payable from the revenues derived or to be derived from
the function, service, benefits, or facility or the combined functions, services,
benefits, or facilities of the enterprise or from any other available funds of the
enterprise. The terms, conditions, and details of said bonds, notes, and other
obligations, the procedures related thereto, and the refunding thereof shall be set
forth in the resolution authorizing said bonds, notes, or other obligations and shall,
as nearly as may be practicable, be substantially the same as those provided in part
4 of article 35 of title 31, C.R.S., relating to water and sewer revenue bonds; except
that the purposes for which the same may be issued shall not be so limited and
except that said bonds, notes, and other obligations may be sold at public or private
sale. Each bond, note, or other obligation issued under this subsection (2) shall
recite in substance that said bond, note, or other obligation, including the interest
thereon, is payable from the revenues and other available funds of the water
activity enterprise pledged for the payment thereof. Notwithstanding any other
provision of law to the contrary, such bonds, notes, and other obligations may be
issued to mature at such times not beyond forty years from their respective issue
dates, shall bear interest at such rates, and shall be sold at, above, or below the
principal amount thereof, all as shall be determined by the governing body of the
water activity enterprise. Notwithstanding anything in this section to the contrary,
in the case of short-term notes or other obligations maturing not later than one year
after the date of issuance thereof, the governing body of the water activity
enterprise may authorize officials of the enterprise to fix principal amounts,
maturity dates, interest rates, and purchase prices of any particular issue of such
short-term notes or obligations, subject to such limitations as to maximum term,
maximum principal amount outstanding, and maximum net effective interest rates
as the governing body shall prescribe by resolution. Such action may be taken only
at a public meeting preceded by adequate notice, and the action of the governing
body of the water activity enterprise shall be properly recorded on the permanent
records of the governing body of the enterprise. The powers provided in this section
for water activity enterprises shall not modify, limit, or affect the powers conferred
by any other law either directly or indirectly.

Legislative History

Source: L. 93: Entire article added, p. 104, � 1, effective March 30.