Colorado § 37-5-108 Power to borrow money for the maintenance fund

Colorado Statutes

§ 37-5-108 — Power to borrow money for the maintenance fund

Colorado·Title 37 Water and·Art. Financial Administration

In anticipation
of the collection of maintenance assessments, the board of directors may borrow
money at a net effective interest rate determined by said board and, as evidence of
the debt so contracted, may issue and sell or may issue to contractors or others
negotiable evidence of debt, in this article called warrants, and may pledge, after
it has been levied, the said maintenance assessments 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 

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In anticipation
of the collection of maintenance assessments, the board of directors may borrow
money at a net effective interest rate determined by said board and, as evidence of
the debt so contracted, may issue and sell or may issue to contractors or others
negotiable evidence of debt, in this article called warrants, and may pledge, after
it has been levied, the said maintenance assessments 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 § 37-5-108 (Power to borrow money for the maintenance fund) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 22: p. 56, � 48. C.L. � 9562. CSA: C. 138, � 173. CRS 53: � 30-5-8. C.R.S. 1963: � 29-5-8. L. 75: Entire section amended, p. 1364, � 3, effective June 29.