§ 37-50-134 — Covenants and other provisions in bonds

Colorado § 37-50-134

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

Text

(1) A resolution
providing for the issuance of bonds under this article, payable from pledged
revenues and an indenture or other related instrument or proceedings, may at the
discretion of the board contain covenants or other provisions, notwithstanding that
such covenants and provisions may limit the exercise of powers conferred by this
article, in order to secure the payment of such bonds, in agreement with the holders
of such bonds, including, without limitation, covenants or other provisions as to any
one or more of the following:

(a) The pledged revenues and, in the case of general obligations, the taxes to
be fixed, charged, or levied and their collection, use, and disposition, including,
without limitation, the foreclosure of liens for delinquencies; the discontinuance of
services, facilities, or use of any properties or facilities; prohibition against free
service; the collection of penalties and collection costs; and the use and disposition
of any moneys of the district, derived or to be derived, from any source designated;

(b) The acquisition, improvement, or equipment of all or any part of
properties pertaining to any project or any facilities;

(c) The creation and maintenance of reserves or sinking funds to secure the
payment of the principal and interest on any bonds or of the operation and
maintenance expenses of any facilities, or part thereof, and the source, custody,
security, regulation, use, and disposition of any such reserves or funds, including,
without limitation, the related powers and duties of any trustee;

(d) Limitations on the powers of the district to acquire or operate, or permit
the acquisition or operation of, structures, facilities, or properties that may compete
or tend to compete with any facilities;

(e) The vesting in a corporate or other trustee or trustees of such property,
rights, powers, and duties in trust as the board may determine, which may include
any or all of the rights, powers, and duties of the trustee appointed by the holders
of bonds, and limiting or abrogating the rights of such holders to appoint a trustee,
or limiting the rights, duties, and powers of such trustee;

(f) Events of default, rights, and liabilities arising from events of default and
the rights, liabilities, powers, and duties arising upon the breach by the district of
any covenants, conditions, or obligations;

(g) The terms and conditions upon which the holders of the bonds or of a
specified portion, percentage, or amount of the bonds, or any trustee for the
holders, shall be entitled to the appointment of a receiver, which receiver may
enter, take possession of, operate, and maintain any facilities or service; prescribe
fees, rates, and other charges; and collect, receive, and apply all resulting revenues
in the same manner as the district itself might do;

(h) A procedure by which the terms of any resolution authorizing bonds or
any other contract with any holders of district bonds, including, without limitation,
an indenture of trust or similar instrument, may be amended or abrogated, and as to
the proportion, percentage, or amount of bonds the holders of which must consent
thereto, and the manner in which such consent may be given;

(i) The terms and conditions upon which any or all of the bonds shall become
or may be declared due before maturity and as to the terms and conditions upon
which such declaration and its consequences may be waived; and

(j) All such acts and things as may be necessary, convenient, or desirable in
order to secure the bonds or, in the discretion of the board, tend to make the bonds
more marketable, notwithstanding that such covenant, act, or thing may not be
enumerated in this article, it being the intention of this article to give to the board
power to do in the name and on behalf of the district all things in the issuance of
district bonds and for their security, except as expressly limited in this article.

Legislative History

Source: L. 2004: Entire article added, p. 1924, � 1, effective August 4.