§ 43-4-609 — Bonds

Colorado § 43-4-609

• Jurisdiction: Colorado
• Title 43: Transportation
• Art.: Financing

Text

(1) The authority may, from time to time, issue bonds for
any of its corporate purposes. The authority shall issue the bonds pursuant to
resolution of the board, and the bonds shall be payable solely out of all or a
specified portion of the revenues as designated by the board.

(2) As provided in the resolution of the board under which the bonds are
authorized to be issued or as provided in a trust indenture between the authority
and any commercial bank or trust company having full trust powers, the bonds may:

(a) Be executed and delivered by the authority at such times;

(b) Be in such form and denominations and include such terms and
maturities;

(c) Be subject to optional or mandatory redemption prior to maturity with or
without a premium;

(d) Be in fully registered form or bearer form registrable as to principal or
interest or both;

(e) Bear such conversion privileges;

(f) Be payable in such installments and at such times not exceeding forty
years from the date thereof;

(g) Be payable at such place or places whether within or without the state;

(h) Bear interest at such rate or rates per annum, which may be fixed or vary
according to index, procedure, or formula or as determined by the authority or its
agents, without regard to any interest rate limitation appearing in any other law of
the state;

(i) Be subject to purchase at the option of the holder or the authority and be
evidenced in such manner;

(j) Be executed by the officers of the authority, including the use of one or
more facsimile signatures so long as at least one manual signature appears on the
bonds, which signatures may be either of an officer of the authority or of an agent
authenticating the same;

(k) Be in the form of coupon bonds that have attached interest coupons
bearing a manual or facsimile signature of an officer of the authority; and

(l) Contain such provisions not inconsistent with this part 6.

(3) The bonds may be sold at public or private sale at such price or prices, in
such manner, and at such times as determined by the board, and the board may pay
all fees, expenses, and commissions that it deems necessary or advantageous in
connection with the sale of the bonds. The power to fix the date of sale of the
bonds, to receive bids or proposals, to award and sell bonds, to fix interest rates,
and to take all other action necessary to sell and deliver the bonds may be
delegated to an officer or agent of the authority. Any outstanding bonds may be
refunded by the authority pursuant to article 56 of title 11, C.R.S. All bonds and any
interest coupons applicable thereto are declared to be negotiable instruments.

(4) The resolution or trust indenture authorizing the issuance of the bonds
may pledge all or a portion of the revenues of the authority, may contain such
provisions for protecting and enforcing the rights and remedies of holders of any of
the bonds as the authority deems appropriate, may set forth the rights and
remedies of the holders of any of the bonds, and may contain provisions that the
authority deems appropriate for the security of the holders of the bonds, including,
but not limited to, provisions for letters of credit, insurance, standby credit
agreements, or other forms of credit ensuring timely payment of the bonds,
including the redemption price or the purchase price.

(5) Any pledge of revenues or property made by the authority or by any
person or governmental unit with which the authority contracts shall be valid and
binding from the time the pledge is made. The revenues or property so pledged
shall immediately be subject to the lien of the pledge without any physical delivery
or further act, and the lien of the pledge shall be valid and binding against all
parties having claims of any kind in tort, contract, or otherwise against the pledging
party, irrespective of whether such claiming party has notice of such lien. The
instrument by which the pledge is created need not be recorded or filed.

(6) Neither the directors of the board, employees of the authority, or any
person executing the bonds shall be liable personally on the bonds or subject to
any personal liability or accountability by reason of the issuance thereof.

(7) The authority may purchase its bonds out of any available funds and may
hold, pledge, cancel, or resell the bonds subject to and in accordance with
agreements with the holders thereof.

Legislative History

Source: L. 97: Entire part added, p. 492, � 1, effective August 6.