§ 37-48-147 — Directors bound by financing plan

Colorado § 37-48-147

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

Text

(1) The board of directors of
the district shall be bound by the plan of financing set forth in the petition for the
organization of the subdistrict and approved by the decree of the district court. The
appointment of appraisers shall not be necessary if the official plan adopted does
not utilize special improvement bonds as a means of financing the subdistrict
official plan, but the district or the subdistrict board of managers, as the case may
be, may nevertheless retain appraisers as needed to appraise the value of property
to be acquired.

(2) If the plan of financing provides for the issuance of general obligation
bonds of the subdistrict, such bonds shall be signed Water Users' Association No.
..... in the Rio Grande Water Conservation District, by .........., President, Attest ..........,
Secretary, or Special Improvement District No. ..... in the Rio Grande Water
Conservation District, by .........., President, Attest .........., Secretary. They shall be
countersigned by the treasurer. General obligation bonds shall recite that they are
obligations of the subdistrict, are issued pursuant to the provisions of this article,
and are to be payable at the time, in the manner, and with the rate of interest
therein specified and that the same were issued under and pursuant to a court
decree and a resolution of the board of directors authorizing the issue of said
obligations and referring to the date of said resolution. Said bonds shall further
recite that they are payable from funds to be derived by special assessments and
tax levies against the property in said subdistrict and other revenues derived from
the operation of the subdistrict's official plan, as provided by the plan of financing
in the petition for organization of the subdistrict, and not otherwise, that the same
are not to be deemed to be an obligation of the Rio Grande water conservation
district but only an obligation of said subdistrict, and that the district itself is not to
be obligated in any manner for the payment of said bonds. If there is a board of
managers for the subdistrict, the resolution of the board of directors authorizing
said obligations shall be approved by the board of managers before being adopted
by the board of directors.

Legislative History

Source: L. 75: Entire section added, p. 1383, � 7, effective July 18. L. 2007: Entire section amended, p. 1277, � 13, effective May 25.