§ 37-5-101 — Funds - definitions

(1) The moneys of every conservancy district
organized under articles 1 to 8 of this title shall consist of the following separate
funds:

(a) Preliminary funds means the proceeds of the level rate assessment
authorized by section 37-5-102.

(b) Construction fund means the proceeds of levies made against the
special benefits appraised, equalized, and confirmed under the provisions of
articles 1 to 8 of this title.

(c) Maintenance fund means the proceeds of a special assessment to be
levied annually for the purpose of upkeep, administration, and current expenses as
provided in said articles. Moneys received by the district from any other source
shall be placed in any fund which the board of directors orders.

(2) No vouchers shall be drawn against the preliminary fund or against the
maintenance fund until an assessment levying resolution has been properly passed
by the board of directors and duly entered upon its records. No bonds shall be
issued against the construction fund until an assessment levying resolution has
been properly passed by the board of directors and duly entered upon its records
and until the property owners have been given an opportunity for a period of not
less than sixty days to pay in cash the assessment so levied against their respective
properties.

Legislative History

Source: L. 22: p. 43, � 41. C.L. � 9555. CSA: C. 138, � 166. CRS 53: � 30-5-1. C.R.S. 1963: � 29-5-1.