§ 37-48-146 — Power to borrow money for the preliminary fund

Colorado § 37-48-146

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

Text

In order to
facilitate the preliminary work, the board of directors may borrow money at a net
effective interest rate as determined by the board and, as evidence of the debt so
contracted, may issue and sell or may issue to contractors or others negotiable
evidences of debt, in this article called warrants, and may pledge, after it has
been levied, the preliminary assessment of not exceeding five mills for the
repayment thereof, or may pledge the revenue from any service charge or user fee
to be levied by the subdistrict. If any warrant so issued by the board of directors is
presented for payment and is not paid for want of funds in the treasury, that fact,
with the date of presentation, shall be endorsed on the back of such warrant, which
shall thereafter draw interest at the rate specified in the endorsement, not
exceeding the net effective interest rate as when issued, until such time as there is
money on hand sufficient to pay the amount of said warrant with interest.

Legislative History

Source: L. 75: Entire section added, p. 1383, � 7, effective July 18. L. 2007: Entire section amended, p. 1277, � 12, effective May 25.