Colorado § 43-3-206 Payment of bonds - use and disposition of fund

Colorado Statutes

§ 43-3-206 — Payment of bonds - use and disposition of fund

Colorado § 43-3-206

Title 43Transportation

Art.Special Highway Construction

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Bluebook

Colo. Rev. Stat. § 43-3-206 (2026).

Text

(1)(a) At or before the issuance of any bonds under the provisions of this part 2, the department of transportation shall, by resolution of the transportation commission:

(I)Establish a schedule of fees, fares, and tolls to be charged for the use of the project; and

(II)Create a special sinking fund in the state treasury for the payment of the principal of and the interest on the bonds authorized to be issued promptly as the same, respectively, become due.

(b)Into the fund there shall be set aside and pledged by the department of transportation all the fees, fares, and tolls and all other income however derived resulting from the operation of the project and all moneys authorized to be set aside and pledged from the state highway fund not exceeding in any one year one hundr

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(1) (a) At or
before the issuance of any bonds under the provisions of this part 2, the department
of transportation shall, by resolution of the transportation commission:

(I) Establish a schedule of fees, fares, and tolls to be charged for the use of
the project; and

(II) Create a special sinking fund in the state treasury for the payment of the
principal of and the interest on the bonds authorized to be issued promptly as the
same, respectively, become due.

(b) Into the fund there shall be set aside and pledged by the department of
transportation all the fees, fares, and tolls and all other income however derived
resulting from the operation of the project and all moneys authorized to be set
aside and pledged from the state highway fund not exceeding in any one year one
hundred percent of the total of the following:

(I) The amount of principal and interest falling due during such year; and

(II) The amount required to be paid into the special sinking fund as a
reasonable reserve for the payment of the bonds authorized in this part 2 in
accordance with the resolution of the transportation commission authorizing their
issuance as approved by the joint resolution of the senate and house of
representatives.

(2) The department of transportation may, by resolution of the transportation
commission passed prior to the issuance of the bonds or in the trust indenture,
covenant to pay the cost of maintaining, repairing, and operating any turnpike
constructed under the provisions of this part 2, and, inasmuch as such turnpike will
at all times belong to the state, such resolution shall have the force of contract
between the state and the holders of the bonds issued for such turnpike.

(3) To the extent that the fund provided for in this section is not required for
the payment of bonds and the creation of a reserve fund and a sinking fund, the
same shall be used to pay the cost of maintaining, repairing, and operating the
turnpike project pursuant to section 43-3-212.5. Nothing in this section shall be
construed as impairing the obligation of the state to maintain and operate any such
turnpike project as a state highway.

(4) The bonds issued under this part 2 shall constitute an irrevocable charge
against the special sinking fund. Separate accounts shall be kept in the office of
the state treasury of the funds derived from each project against the revenues of
which bonds are issued under this part 2. The resolution of the transportation
commission may contain such other provisions or covenants not inconsistent with
the provisions of this part 2 as the department of transportation may consider
advisable to ensure the payment of the bonds.

Legislative History

Source: L. 49: p. 606, � 6. CSA: C. 143, � 125(6). CRS 53: � 120-8-6. L. 56, 1st Ex. Sess.: p. 39, � 6. C.R.S. 1963: � 120-8-6. L. 91: IP(1), (1)(b), (2), and (3) amended, p. 1115, � 166, effective July 1. L. 96: Entire section amended, p. 464, � 5, effective April 23.