§ 37-48-194 — Refunding

(1) Any revenue bonds issued under the provisions of
this article and at any time outstanding may, at any time and from time to time, be
refunded by the district by the issuance of its refunding bonds in such amount as
the board of directors may deem necessary to refund the principal of the bonds to
be refunded, any unpaid interest thereon, and any premiums and incidental
expenses necessary to be paid in connection therewith.

(2) Any such refunding may be effected, whether the bonds to be refunded
have matured or shall thereafter mature, either by sale of the refunding bonds and
the application of the proceeds thereof, directly or indirectly, to the payment of the
bonds to be refunded thereby or by exchange of the refunding bonds for the bonds
to be refunded thereby, but the holders of any bonds to be so refunded shall not be
compelled, without their consent, to surrender their bonds for payment or exchange
prior to the date on which they are payable by maturity date, option to redeem, or
otherwise or if they are called for redemption prior to the date on which they are by
their terms subject to redemption by option or otherwise. Except to the extent
expressly or by implication inconsistent with the terms of this article, article 54 of
title 11, C.R.S., shall govern the issuance of such refunding bonds and the
establishment of any escrow in connection therewith.

(3) All refunding bonds issued under authority of this article shall be payable
solely from revenues out of which bonds to be refunded thereby are payable or
from revenues out of which bonds of the same character may be made payable
under this article or any other law in effect at the time of the refunding.

Legislative History

Source: L. 77: Entire section added, p. 1689, � 16, effective June 9.