Colorado § 37-5-103 Power to borrow money for the preliminary fund

Colorado Statutes

§ 37-5-103 — Power to borrow money for the preliminary fund

Colorado·Title 37 Water and·Art. Financial Administration

In order to
facilitate the preliminary work, the board of directors may borrow money at a net
effective interest rate as determined by said 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 one mill for the
repayment thereof. 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 when issued, unti

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In order to
facilitate the preliminary work, the board of directors may borrow money at a net
effective interest rate as determined by said 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 one mill for the
repayment thereof. 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 when issued, until such time as there is money on hand
sufficient to pay the amount of said warrant with interest.

Colorado § 37-5-103 (Power to borrow money for the preliminary fund) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 22: p. 45, � 43. C.L. � 9557. CSA: C. 138, � 168. CRS 53: � 30-5-3. C.R.S. 1963: � 29-5-3. L. 75: Entire section amended, p. 1363, � 1, effective June 29.