§ 37-46-120 — Improvement district bonds

Colorado § 37-46-120

• Jurisdiction: Colorado
• Title 37: Water and
• Art.: Colorado River Water Conservation District

Text

(1) The board of directors of said
district may issue as obligations of the subdistrict, not as an obligation of the
Colorado river water conservation district, improvement district bonds to be paid
out of special assessments made by said board of directors against all lands in the
subdistrict, not exceeding in the aggregate principal amount of ninety percent of
the amount of benefits assessed against said lands and unpaid at the time of issue
of said bonds. The bonds shall contain a recital to the effect that they are issued
under and in accordance with the provisions of this article as special improvement
district bonds and are payable out of special assessments to be levied against the
property in said subdistrict as provided in this article, and not otherwise. Such
improvement district bonds shall be signed, Water Users' Association No. .... (or
Special Improvement District No. ...., as the case may be) of the Colorado River
Water Conservation District, By .............., President, and countersigned ..............,
Treasurer.

(2) Otherwise said bonds shall be in such denominations and become due at
such dates, with interest payable either annually or semiannually at such rate
subject to a maximum net effective interest rate, and contain such other provisions
as may be fixed by the board of directors, if said provisions are not inconsistent with
the terms of this article. Except as otherwise expressly modified in this article, the
law relating to the form and issuance of bonds of conservancy districts under the
laws of this state, particularly section 37-5-106, shall apply and govern officers of
the district in the issuance and sale of said bonds, and other provisions of said law
with respect to the levy of assessments or the payment of said bonds with interest,
and particularly section 37-5-110, shall likewise be applicable to the bonds of a
subdistrict organized under this article.

Legislative History

Source: L. 37: p. 1019, � 17. CSA: C. 138, � (199)17. CRS 53: � 149-8-17. C.R.S. 1963: � 150-7-17. L. 70: p. 441, � 8.