§ 43-3-216 — Additional powers

Colorado § 43-3-216

• Jurisdiction: Colorado
• Title 43: Transportation
• Art.: Special Highway Construction

Text

(1) In addition to the powers conferred upon it,
the transportation commission has the power:

(a) To establish escrow accounts in any bank within the state of Colorado
which is a member of the federal deposit insurance corporation under protective
agreements in amounts sufficient to ensure the payment of any bonds refunded
under the provisions of sections 43-3-201 to 43-3-214. Any or all of the accounts so
established may be invested in direct obligations of the United States with
appropriate maturities and yields to ensure such payment. The term of any such
escrow agreement shall not exceed five and one-half years.

(b) To prescribe the terms, conditions, and manner in which such refunding
bonds will be issued and sold and to provide for the payment of the costs of such
refunding, including the fees of fiscal agents and attorneys and the charges of
banks acting as escrow depositaries;

(c) To do and perform all other things and acts, whether or not specifically
enumerated in sections 43-3-201 to 43-3-214 or in sections 43-3-215 to 43-3-218,
to effect a refunding of said bonds in order to effect a saving in interest cost to the
state, but nothing in sections 43-3-215 to 43-3-218 shall be construed as
authorizing the impairment of the obligation of contract.

Legislative History

Source: L. 63: p. 796, � 2. C.R.S. 1963: � 120-8-16. L. 91: IP(1) amended, p. 1118, � 174, effective July 1.