§ 37-50-141 — Refunding

(1) Any revenue bonds issued under this article and
at any time outstanding may, at any time and from time to time, be refunded by the
district by the issuance of its refunding bonds in such amount as the board may
deem necessary to refund the principal of the bonds to be refunded, unpaid
interest, premiums, and necessary incidental expenses.

(2) Any such refunding may be effected, whether the bonds to be refunded
have matured or shall mature later, either by sale of the refunding bonds and the
application of the proceeds, directly or indirectly, to the payment of the bonds to be
refunded or by exchange of the refunding bonds for the bonds to be refunded, but
the holders of bonds to be so refunded shall not be compelled, without their
consent, to surrender their bonds for payment or exchange before the date on
which they are payable by maturity date, option to redeem, or otherwise or if they
are called for redemption before the date on which they are, by their terms, subject
to redemption by option or otherwise. Except to the extent expressly or by
implication inconsistent with the terms of this article, article 54 of title 11, C.R.S.,
shall govern the issuance of such refunding bonds and the establishment of any
related escrow.

(3) Refunding bonds issued under authority of this article shall be payable
solely from revenues out of which bonds to be refunded are payable or from
revenues out of which bonds of the same character may be made payable under
this article or other law in effect at the time of the refunding.

Legislative History

Source: L. 2004: Entire article added, p. 1930, � 1, effective August 4.