§ 37-47-120 — Improvement district bonds

(1) The board of directors of said
district may issue as obligations of the subdistrict, not as an obligation of the
southwestern 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 amount of ninety percent of the amount
of benefits assessed against said lands and unpaid at the time of issue of said
bonds. Such 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 and not otherwise.

(2) Said improvement district bonds shall be signed, Water Users'
Association No. .... or Special Improvement District No. ...., of the Southwestern
Water Conservation District, By .............., President, and countersigned ..............,
Treasurer. Otherwise said bonds shall be in such denominations and become due at
such dates, with interest at such rate, payable either annually or semiannually, but
not exceeding the rate of six percent per annum, 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 for 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. 41: p. 881, � 17. CSA: C. 173B, � 72. CRS 53: � 149-9-17. C.R.S. 1963: � 150-8-17.