§ 37-50-120 — Issuance of general obligation bonds

Colorado § 37-50-120

• Jurisdiction: Colorado
• Title 37: Water and
• Art.: Republican River Water Conservation District

Text

(1) In the name of the
district, the district may issue general obligations or bonds that shall constitute a
lien against the real property in the district. Obligations shall bear interest at a rate
such that the net effective interest rate of the issue does not exceed the maximum
net effective interest rate authorized. Interest shall be payable semiannually, and
obligations may be made payable in series becoming due not less than five years
and not more than fifty years after the date of issue. The bonds may be sold in one
or more series at par, or below or above par, at public or private sale, in such
manner and for such price as the district, in its discretion, shall determine. As an
incidental expense of the issuance, the district may employ financial and legal
consultants in regard to the financing of the official plan. The district may
exchange all or a part of its bonds for all or an equivalent part of property or
services included in the official plan for which the bonds are issued, if the exchange
is preceded by determination of the fair value of the property or services
exchanged for the bonds. Such determination shall be by resolution of the board
and shall be conclusive.

(2) Such bonds are to be paid from assessments levied from time to time, as
the bonds and interest thereon become due, against the taxable property in the
district and not otherwise. Such levies shall not be limited as to rate or amount;
except that they shall not exceed a rate reasonably required to yield revenues
needed to pay bonds and interest as they mature, plus any other amounts required
for debt service, less the amount of any other revenues available to the district for
payment of bonds and debt service. The board shall certify, to the boards of county
commissioners of the several counties in which the district or any part thereof is
located, the amount of the levy necessary to be made upon the taxable property in
the district to yield the required revenues becoming due on all outstanding bonds at
the same time that certifications of the district's mill levy assessment for general
district purposes are made. The procedure for the assessment and collection of ad
valorem taxes of the county is, except as may be otherwise provided in this article,
made applicable and is to be followed in the levy of assessments for payment of
taxes and collection of principal and debt service on such general obligations or
bonds.

Legislative History

Source: L. 2004: Entire article added, p. 1917, � 1, effective August 4.