§ 41-5-103 — Sinking fund - indebtedness

Colorado § 41-5-103

• Jurisdiction: Colorado
• Title 41: Aeronautics:
• Art.: Airport Revenue Bonds - County

Text

(1) The board of county
commissioners of any county is authorized to set aside a special sinking fund in the
office of the county treasurer for the payment of revenue bonds authorized by and
issued under the provisions of this article and for the payment of interest due on
such bonds, but the general income of the county shall not be pledged for the
payment of the principal of the bonds and interest thereon. The county treasurer
shall deposit in said sinking fund all rents, royalties, fees, rates, and charges
derived from or rendered by the airport or airport facilities, and the board of county
commissioners of any county may pledge any or all moneys in said sinking fund to
the payment of bonds authorized under this article and the interest thereon.

(2) Revenue bonds issued under this article shall not constitute an
indebtedness of the county within the meaning of any constitutional or statutory
limitations. Each bond issued under this article shall recite in substance that said
bond, including interest thereon, is payable solely from the revenues pledged to the
payment thereof and that said bond does not constitute a debt of the county within
the meaning of any constitutional or statutory limitations.

Legislative History

Source: L. 65: p. 469, � 1. C.R.S. 1963: � 36-21-3.