§ 37-5-105 — Payment of assessments

Colorado § 37-5-105

• Jurisdiction: Colorado
• Title 37: Water and
• Art.: Financial Administration

Text

(1) When the construction fund
assessment record is placed on file in the office of the district, notice by publication
shall be given to property owners that they may pay their assessments. Any owners
of real property assessed for the execution of the official plan under the provisions
of articles 1 to 8 of this title shall have the privilege of paying such assessment to
the treasurer of the district within sixty days from the time such publication is
completed, and the amount to be paid shall be the full amount of the assessment
less any amount added thereto to meet interest. When such assessment has been
paid, the secretary of the district shall enter upon the said assessment record
opposite each tract for which payment is made the words paid in full, and such
assessment shall be deemed satisfied. The payment of such assessment shall not
relieve the landowner from the payment of a maintenance assessment nor from the
payment of any further assessments, not exceeding the total of benefits appraised
which may be necessary as provided in articles 1 to 8 of this title.

(2) Failure to pay the whole construction fund assessment within said period
of sixty days shall be conclusively considered an election on the part of all persons
interested, whether under disability or otherwise, to pay such assessment in
installments as provided in this section. All persons so electing to pay in
installments shall be conclusively considered as consenting to said official plan and
all work thereunder, the issuance of bonds provided for in articles 1 to 8 of this title,
and the payment of interest thereon, and such election shall be conclusively
considered as a waiver of all right to question the power or jurisdiction of the
conservancy district to construct the works set forth in said official plan, the
regularity or sufficiency of the proceedings, or the validity or the correctness of
such assessment; except that any public corporation may, within said sixty days,
elect to pay, in whole or in part, the amount assessed against such corporation in
not more than ten annual installments, beginning at the time of the next annual levy
of taxes by such corporation, but nothing in this section shall be construed to
relieve such corporation from liability for successive levies of assessments, not
exceeding the amount of benefits appraised.

(3) In case of such election to pay in installments, the construction fund
assessment shall be payable in not less than five nor more than thirty annual
installments of principal, the first of which installments shall be payable in not less
than one and not more than five years, and the last in not more than thirty years
after the filing of the construction fund assessment record in the office of the
district, with interest in all cases on the unpaid principal, computed semiannually, at
a rate not exceeding six percent per annum, all as may be determined by the board
of directors of the conservancy district by resolution.

(4) Subject to the foregoing requirements, all installments, both of principal
and interest, shall be payable at such times as may be determined by the board of
directors of the conservancy district by resolution as provided in articles 1 to 8 of
this title.

(5) Upon failure to pay any installment, whether of principal or interest, when
due, the whole amount of the unpaid principal of such installment and accrued
interest thereon shall draw interest at the rate of one percent per month or fraction
of a month until the day of sale, as provided in this article; but, at any time prior to
the day of sale, the owner may pay the amount of all unpaid and overdue
installments, with interest at one percent per month or fraction of a month, and all
penalties accrued.

(6) After the expiration of the period of sixty days within which the property
owners may pay their respective assessments, as limited in this article, the
treasurer of the district shall certify to the board of directors the aggregate of the
amount so paid, and thereupon the board of directors may pass and include in its
records a bonding resolution in which shall be stated the amount of the
construction fund assessment and the amount thereof paid as aforesaid, and in the
same resolution they shall apportion the uncollected assessment into installments
or levies for the collection of interest upon the unpaid installments, and they may
order the issuance of conservancy district bonds in an amount not exceeding ninety
percent of the levy in anticipation of the collection of said installments. The residue
of the tax so levied, not less than ten percent, shall constitute a contingent account
to protect the bonds from casual default, and, if not needed for this purpose, may
be transferred from time to time to the maintenance fund of the district.

Legislative History

Source: L. 22: p. 48, � 45. C.L. � 9559. CSA: C. 138, � 170. CRS 53: � 30-5-5. C.R.S. 1963: � 29-5-5.