Colorado § 37-48-149 Special improvement bonds

Colorado Statutes

§ 37-48-149 — Special improvement bonds

Colorado § 37-48-149

Title 37Water and

Art.Rio Grande Water Conservation District

This text of Colorado § 37-48-149 (Special improvement bonds) is published on Counsel Stack Legal Research, covering Colorado primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Colo. Rev. Stat. § 37-48-149 (2026).

Text

(1)The board of directors of the district may issue as obligations of the subdistrict, not as obligations of the Rio Grande water conservation district, special improvement bonds to be paid out of special improvement assessments made by the board of directors against all lands in the subdistrict benefited by the improvements financed by the bond proceeds, which special improvement assessments shall not exceed in the aggregate an amount equal to ninety percent of the amount of benefits determined to have accrued to said lands by reason of such improvements 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 bonds and are payable out o

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(1) The board of directors of the
district may issue as obligations of the subdistrict, not as obligations of the Rio
Grande water conservation district, special improvement bonds to be paid out of
special improvement assessments made by the board of directors against all lands
in the subdistrict benefited by the improvements financed by the bond proceeds,
which special improvement assessments shall not exceed in the aggregate an
amount equal to ninety percent of the amount of benefits determined to have
accrued to said lands by reason of such improvements 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 bonds and are payable out of special improvement assessments to be
levied against the property in said subdistrict and not otherwise.

(2) The special improvement bonds issued pursuant to subsection (1) of this
section shall be signed Water Users' Association No. ....., or Special Improvement
District No. ....., of the Rio Grande 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 ten percent per
annum, and contain such other provisions as may be fixed by the board of directors,
not inconsistent with the provisions of this article. Except as otherwise expressly
modified in this article, the law relating to the form and issuance of special
improvement 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, particularly
section 37-5-110, shall likewise be applicable to the bonds of a subdistrict
organized under this article. If the subdistrict has a board of managers, the board of
managers shall annually determine and certify to the board of directors of the
district the total amount of the special improvement assessments to be collected;
and the board of directors of the district, if it deems the amount so certified to be
correct, shall order and levy the total special improvement assessments and
otherwise conform to the procedure set forth in section 37-5-110.