(1)The acquisition,
construction, reconstruction, lease, improvement, or betterment of any airport or
airport facilities, or both, and the issuance of bonds in anticipation of the collection
of revenues of such facility to provide funds to pay the cost thereof may be
authorized by a vote of a majority of the members of the board of county
commissioners at a regular or special meeting thereof. The board shall establish a
maximum net effective interest rate for the issue of bonds.
(2)The board of county commissioners, in determining such cost, may
include all costs and estimated costs of the issuance of said bonds, all engineering,
inspection, fiscal, and legal expenses, all preliminary planning expenses and
interest which it is estimated will accrue during the construction or ot
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(1) The acquisition,
construction, reconstruction, lease, improvement, or betterment of any airport or
airport facilities, or both, and the issuance of bonds in anticipation of the collection
of revenues of such facility to provide funds to pay the cost thereof may be
authorized by a vote of a majority of the members of the board of county
commissioners at a regular or special meeting thereof. The board shall establish a
maximum net effective interest rate for the issue of bonds.
(2) The board of county commissioners, in determining such cost, may
include all costs and estimated costs of the issuance of said bonds, all engineering,
inspection, fiscal, and legal expenses, all preliminary planning expenses and
interest which it is estimated will accrue during the construction or other
acquisition period or a period not exceeding two years thereafter on money
borrowed or which it is estimated will be borrowed pursuant to this article; any
discount on the sale of the bonds; costs of financial, professional, and other
estimates and advice; contingencies; any administrative, operating, and other
expenses of the county prior to and during such acquisition period and for a period
not exceeding two years thereafter, as may be determined by the board of county
commissioners; and all such other expenses as may be necessary or incident to the
financing, acquisition, improvement, and completion of any airport facility, and the
placing of the same in operation, and also such provision or reserves for working
capital, operation, or maintenance, or for payment or security of principal of or
interest on any bonds during or after such an acquisition or improvement as the
board of county commissioners may determine, and also reimbursements to the
federal government, or any agency, instrumentality, or corporation thereof, of any
moneys theretofore expended for or in connection with any such airport facilities.
(3) All revenue bonds issued under the provisions of this article shall bear
interest at a rate such that the net effective interest rate for the issue of bonds
does not exceed the maximum net effective interest rate authorized, and shall be
executed in such a manner and be payable serially in annual installments beginning
not later than two years and extending not more than forty years from the date
thereof, and may be made payable at such place as the board of county
commissioners determines. Said bonds may be made callable for redemption prior
to maturity in such manner, at such time, and in such amounts, upon payment of a
premium not exceeding three percent of the principal, as may be determined by the
board of county commissioners.
(4) Said bonds may be sold at, above, or below their par values, but they may
not be sold at a price such that the net effective interest rate of the issue of bonds
exceeds the maximum net effective interest rate authorized.
(5) Said bonds may be sold at private sale to the United States or any
agency, instrumentality, or corporation thereof or to the state of Colorado or any
agency or instrumentality thereof. Unless sold to the United States or any agency,
instrumentality, or corporation thereof or to the state of Colorado or any agency or
instrumentality thereof, said bonds shall be sold at public sale after notice of such
sale published once at least five days prior to such sale in a newspaper of general
circulation in said county or in a financial newspaper.
(6) The revenue bonds issued under this article shall be serially numbered
and shall be paid off and retired in the order in which they were issued, but such
order of payment shall not apply to warrants or bonds made callable for redemption
prior to maturity in the inverse order of their numbers.
(7) Subject to the payment provisions in this article specifically provided,
said bonds and any interest coupons thereto attached shall be fully negotiable
within the meaning of and for all purposes of article 8 of title 4, C.R.S., pertaining to
investment securities, except as the governing body may otherwise provide; and
each holder of each such security, by accepting such security, shall be conclusively
deemed to have agreed that such security, except as otherwise provided, is fully
negotiable within the meaning and for all purposes of article 8 of title 4, C.R.S.,
pertaining to investment securities.
(8) If lost or completely destroyed, any security authorized by this article
may be reissued in the form and tenor of the lost or destroyed security upon the
owner's furnishing, to the satisfaction of the governing body, the following: Proof of
ownership; proof of loss or destruction; a surety bond in twice the face amount of
the security, including any unmatured coupons appertaining thereto; and payment
of the cost of preparing and issuing the new security.
(9) The resolution authorizing any bonds or other instrument appertaining
thereto may contain any agreement or provision customarily contained in
instruments securing revenue bonds.