reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › SECURITIES (§§ 11-51-101 — 11-54-119) › Article 53 - COLORADO COMMODITY CODE (§§ 11-53-101 — 11-53-211) › Part 2 - ENFORCEMENT OF COMMODITY CODE - PENALTIES (§§ 11-53-201 — 11-53-211) › Section 11-53-202 - Enforcement - cease-and-desist orders

(1)
Whenever it appears to the commissioner that any person has engaged in any act or practice constituting a violation of any provision of this article or any rule or order under this article, the commissioner may apply to the district court for the city and county of Denver, or to the appropriate courts of another state, for the appropriate legal or equitable relief, including but not limited to:
(a)
A declaratory judgment;
(b)
A temporary restraining order or preliminary or permanent prohibitory or mandatory injunction enjoining the act or practice in question and to enforce compliance with this article or any rule or order under this article;
(c)
An order for restitution and disgorgement, or either of them; and
(d)
An order for appointment of a receiver or conservator for the defendant or the defendant's assets.
(2)
Whenever it appears to the commissioner that any person has engaged in any act or practice constituting a violation of any provision of this article or any rule or order under this article, then, in addition to the powers granted in subsection (1) of this section, the commissioner may enter an order to show cause directed to such person and shall follow substantially the procedure set forth in section
11-51-606
(1.5).
L. 89: Entire article R&RE, p. 638, § 1, effective July 1. L. 2001: (2) added, p. 803, § 3, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › SECURITIES (§§ 11-51-101 — 11-54-119) › Article 53 - COLORADO COMMODITY CODE (§§ 11-53-101 — 11-53-211) › Part 2 - ENFORCEMENT OF COMMODITY CODE - PENALTIES (§§ 11-53-201 — 11-53-211) › Section 11-53-203 - Power of court to grant relief

(1)
Upon a proper showing by the commissioner that a person has violated any provision of this article or any rule or order under this article, the court may grant appropriate legal or equitable remedies including a temporary restraining order, a preliminary and permanent prohibitory or mandatory injunction, and writ or prohibition or mandamus. In addition, the court may grant the following special remedies:
(a)
Imposition of a civil penalty in an amount which may not exceed ten thousand dollars for any single violation or one hundred thousand dollars for multiple violations in a single proceeding or a series of related proceedings;
(b)
Disgorgement;
(c)
Declaratory judgment;
(d)
Restitution to investors wishing restitution; and
(e)
Appointment of a receiver or conservator for the defendant or the defendant's assets.
(2)
In any such action, the commissioner shall not be required to plead or prove irreparable injury or the inadequacy of the remedy at law. Under no circumstances shall the court require the commissioner to post a bond.
L. 89: Entire article R&RE, p. 638, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › SECURITIES (§§ 11-51-101 — 11-54-119) › Article 53 - COLORADO COMMODITY CODE (§§ 11-53-101 — 11-53-211) › Part 2 - ENFORCEMENT OF COMMODITY CODE - PENALTIES (§§ 11-53-201 — 11-53-211) › Section 11-53-204 - Criminal penalties - statute of limitations

(1)
Any person who willfully violates any provision of this article, except section
11-53-108
, or who willfully violates section
11-53-108
when the person knows or should know that the statement the person makes in violation of section
11-53-108
is false or misleading in any material respect commits a class 3 felony and shall be punished as provided in section
18-1.3-401
, C.R.S.
(2)
The commissioner may refer such evidence as is available concerning violations of this article to the attorney general, the proper district attorney or other criminal prosecutor, who may, with or without such a reference from the commissioner, prosecute the appropriate criminal proceedings.
(3)
Nothing in this article limits the power of the state to punish any person for any conduct which constitutes a crime by statute.
(4)
No person shall be prosecuted, tried, or punished for any criminal violation of this article unless the indictment, information, complaint, or action for the same is found or instituted within five years after the commission of the offense.
L. 89: Entire article R&RE, p. 638, § 1, effective July 1. L. 2002: (1) amended, p. 1472, § 43, effective October 1.
For the legislative declaration contained in the 2002 act amending subsection (1), see section 1 of chapter 318, Session Laws of Colorado 2002.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › SECURITIES (§§ 11-51-101 — 11-54-119) › Article 53 - COLORADO COMMODITY CODE (§§ 11-53-101 — 11-53-211) › Part 2 - ENFORCEMENT OF COMMODITY CODE - PENALTIES (§§ 11-53-201 — 11-53-211) › Section 11-53-205 - Administration of article

(1)
This article shall be administered by the commissioner as the head of the division of securities within the department of regulatory agencies.
(2)
Neither the commissioner nor any employees of the commissioner shall use any information which is filed with or obtained by the commissioner or the designee of the commissioner which is not public information for personal gain or benefit, nor shall the commissioner or employees of the commissioner conduct any securities or commodity dealings whatsoever based upon any such information, even though public, if there has not been a sufficient period of time for the securities or commodity markets to assimilate such information.
(3)
Any information obtained by the commissioner or any designee of the commissioner under this article shall be nonpublic and confidential unless made public by the commissioner or the designee of the commissioner in connection with an investigation or proceeding under this article or under section
11-53-206
. No provision of this article either creates or derogates from any privilege which exists at common law or otherwise when documentary or other evidence is sought under a subpoena directed to the commissioner or any designee of the commissioner.
L. 89: Entire article R&RE, p. 639, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › SECURITIES (§§ 11-51-101 — 11-54-119) › Article 53 - COLORADO COMMODITY CODE (§§ 11-53-101 — 11-53-211) › Part 2 - ENFORCEMENT OF COMMODITY CODE - PENALTIES (§§ 11-53-201 — 11-53-211) › Section 11-53-206 - Cooperation with other agencies

(1)
To encourage uniform application and interpretation of this article and commodities regulation and enforcement in general, the commissioner and the employees of the commissioner may cooperate, including bearing the expense of such cooperation, with law enforcement and other regulatory agencies of this state or other jurisdictions.
(2)
The cooperation authorized by subsection (1) of this section shall include, but need not be limited to, the following:
(a)
Making joint examinations or investigations;
(b)
Holding joint administrative hearings;
(c)
Filing and prosecuting joint litigation;
(d)
Sharing and exchanging personnel;
(e)
Sharing and exchanging information and documents; except that any information or documents shared by the commissioner with other agencies shall remain nonpublic and confidential as provided in section
11-53-205(3)
unless made public in connection with an investigation or proceeding brought by agencies with whom said information or documents was shared; and
(f)
Formulating and adopting mutual regulations, statements of policy, guidelines, proposed statutory changes, and releases.
L. 89: Entire article R&RE, p. 639, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › SECURITIES (§§ 11-51-101 — 11-54-119) › Article 53 - COLORADO COMMODITY CODE (§§ 11-53-101 — 11-53-211) › Part 2 - ENFORCEMENT OF COMMODITY CODE - PENALTIES (§§ 11-53-201 — 11-53-211) › Section 11-53-207 - General authority to adopt rules, forms, and orders

(1)
In addition to specific authority granted elsewhere in this article, the commissioner may make, amend, and rescind such rules, forms, and orders as are necessary to carry out the provisions of this article. Such rules or forms shall include, but need not be limited to, rules defining any terms, whether or not used in this article, insofar as the definitions are not inconsistent with the provisions of this article. For the purpose of rules or forms, the commissioner may classify commodities, commodity contracts, commodity options, persons, and matters within the commissioner's jurisdiction.
(2)
Unless specifically provided in this article, no rule, form, or order may be adopted, amended, or rescinded unless the commissioner finds that the action is:
(a)
Necessary or appropriate in the public interest or for the protection of investors; and
(b)
Consistent with the purposes fairly intended by the policy and provisions of this article.
(3)
All rules and forms of the commissioner shall be published.
(4)
No provision of this article imposing any liability applies to any act done or omitted in good faith in conformity with a rule, order, or form adopted by the commissioner, notwithstanding that the rule, order, or form may later be amended, or rescinded, or be determined by judicial or other authority to be invalid for any reason.
L. 89: Entire article R&RE, p. 639, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › SECURITIES (§§ 11-51-101 — 11-54-119) › Article 53 - COLORADO COMMODITY CODE (§§ 11-53-101 — 11-53-211) › Part 2 - ENFORCEMENT OF COMMODITY CODE - PENALTIES (§§ 11-53-201 — 11-53-211) › Section 11-53-208 - Scope of article

(1)
Sections
11-53-103
,
11-53-106
, and
11-53-107
apply to persons who sell or offer to sell when an offer to sell is made in this state or when an offer to buy is made and accepted in this state.
(2)
Sections
11-53-103
,
11-53-106
, and
11-53-107
apply to persons who buy or offer to buy when an offer to buy is made in this state or when an offer to sell is made and accepted in this state.
L. 89: Entire article R&RE, p. 640, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › SECURITIES (§§ 11-51-101 — 11-54-119) › Article 53 - COLORADO COMMODITY CODE (§§ 11-53-101 — 11-53-211) › Part 2 - ENFORCEMENT OF COMMODITY CODE - PENALTIES (§§ 11-53-201 — 11-53-211) › Section 11-53-209 - Pleading exemptions

It shall not be necessary to plead in the negative any of the exemptions of this article in any complaint, information, or indictment or any writ or proceeding brought under this article; and the burden of proof of any such exemption shall be upon the party claiming the same.
L. 89: Entire article R&RE, p. 640, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › SECURITIES (§§ 11-51-101 — 11-54-119) › Article 53 - COLORADO COMMODITY CODE (§§ 11-53-101 — 11-53-211) › Part 2 - ENFORCEMENT OF COMMODITY CODE - PENALTIES (§§ 11-53-201 — 11-53-211) › Section 11-53-210 - Affirmative defenses

(1)
It shall be an affirmative defense in any complaint, information, or indictment, or to any writ or proceeding brought under this article alleging a violation of section
11-53-103
based solely on the failure in an individual case to make physical delivery within the applicable time period under section
11-53-102(5)
or
11-53-105(1)(b)
if:
(a)
Failure to make physical delivery was due solely to factors beyond the control of the seller, the seller's officers, directors, partners, agents, servants, or employees, any person occupying a similar status or performing a similar function to the seller, or any person who directly or indirectly controls or is controlled by the seller, the seller's affiliates, subsidiaries, or successors; and
(b)
Physical delivery was completed within a reasonable time under the applicable circumstances.
L. 89: Entire article R&RE, p. 640, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › SECURITIES (§§ 11-51-101 — 11-54-119) › Article 53 - COLORADO COMMODITY CODE (§§ 11-53-101 — 11-53-211) › Part 2 - ENFORCEMENT OF COMMODITY CODE - PENALTIES (§§ 11-53-201 — 11-53-211) › Section 11-53-211 - Interpretive opinions

The securities commissioner may honor requests from interested persons for confirmation of the applicability of particular exclusions from the definitions set forth in section
11-53-102
, for the applicability of exemptions set forth in sections
11-53-104
and
11-53-105
, and for the applicability of any other provision of this article. Any person making such a request shall pay a nonrefundable fee which shall be set and collected pursuant to section
11-51-707
. In response to any request for a confirmation or other interpretive opinion received pursuant to this section, the securities commissioner may waive any condition imposed under this article as it applies to the person making the request.
L. 94: Entire section added, p. 1847, § 13, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › SECURITIES (§§ 11-51-101 — 11-54-119) › Article 54 - REFUNDING REVENUE SECURITIES LAW (§§ 11-54-101 — 11-54-119) › Section 11-54-101 - Short title

This article shall be known and may be cited as the "Refunding Revenue Securities Law".
L. 63: p. 886, § 7. C.R.S. 1963: § 125-8-1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › SECURITIES (§§ 11-51-101 — 11-54-119) › Article 54 - REFUNDING REVENUE SECURITIES LAW (§§ 11-54-101 — 11-54-119) › Section 11-54-103 - Refunding public securities

Any public securities issued by the state, or any public body thereof, may be refunded, without an election, by the state or public body issuing them, or any successor thereof, in the name of the state or public body issuing the public securities being refunded, but subject to provisions concerning their payment and to any other contractual limitations in the proceedings authorizing their issuance or otherwise appertaining thereto, pursuant to an ordinance to be adopted by the governing body of the issuer in the manner provided by law for the issuance of the public securities being refunded, to refund, pay, and discharge all or any part of such outstanding public securities, including any interest thereon in arrears or about to become due, or for the purpose of reducing interest costs or effecting other economies, or of modifying or eliminating restrictive contractual limitations appertaining to the issuance of additional public securities, or to any project appertaining thereto or any combination thereof.
L. 63: p. 888, § 3. C.R.S. 1963: § 125-8-3.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › SECURITIES (§§ 11-51-101 — 11-54-119) › Article 54 - REFUNDING REVENUE SECURITIES LAW (§§ 11-54-101 — 11-54-119) › Section 11-54-104 - Method of issuance

Any public securities issued for refunding purposes either may be delivered in exchange for the outstanding public securities being refunded or may be publicly or privately sold.
L. 63: p. 888, § 4. C.R.S. 1963: § 125-8-4.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › SECURITIES (§§ 11-51-101 — 11-54-119) › Article 54 - REFUNDING REVENUE SECURITIES LAW (§§ 11-54-101 — 11-54-119) › Section 11-54-105 - Limitations upon issuance

No public securities may be refunded under this article unless the holders thereof voluntarily surrender them for exchange or payment, or unless they either mature or are callable for prior redemption under their terms within ten years from the date of issuance of the refunding public securities. Provision shall be made for paying the public securities within said period of time. No maturity of any public security refunded may be extended over fifteen years, nor may the net effective interest rate of the issue of refunding securities be increased to any rate exceeding the maximum net effective interest rate authorized by the governing body. The principal amount of the refunding public securities may exceed the principal amount of the refunded public securities if the aggregate principal and interest costs of the refunding public securities do not exceed such unaccrued costs of the public securities refunded, except to the extent any interest on the public securities refunded in arrears or about to become due is capitalized with the proceeds of refunding public securities. The principal amount of the refunding public securities may also be less than or the same as the principal amount of the public securities being refunded so long as provision is duly and sufficiently made for their payment. The limitations of this section shall not apply to the refunding of public securities in order to avoid default.
L. 63: p. 888, § 5. C.R.S. 1963: § 125-8-5. L. 70: p. 109, § 4.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › SECURITIES (§§ 11-51-101 — 11-54-119) › Article 54 - REFUNDING REVENUE SECURITIES LAW (§§ 11-54-101 — 11-54-119) › Section 11-54-106 - Use of proceeds of refunding public securities

(1)
The proceeds of refunding public securities shall either be immediately applied to the retirement of the public securities to be refunded or be placed in escrow in any state or national bank within the state which is a member of the federal deposit insurance corporation to be applied to the payment of the public securities upon their presentation therefor; but, to the extent any incidental expenses have been capitalized, such security proceeds may be used to defray such expenses; and any accrued interest and any premium appertaining to a sale of refunding public securities may be applied to the payment of the interest thereon and the principal thereof, or both interest and principal, or may be deposited in a reserve therefor, as the governing body may determine.
(2)
No such escrow shall necessarily be limited to proceeds of refunding public securities but may include other moneys available for its purpose. Any escrowed proceeds, pending such use, may be invested or reinvested in securities meeting the investment requirements established in part 6 of article
75
of title
24
, C.R.S. Such escrowed proceeds and investments, together with any interest to be derived from any such investment, shall be in an amount at all times sufficient as to principal, interest, any prior redemption premium due, any charges of the escrow agent payable therefrom to pay the public securities being refunded as they become due at their respective maturities or due at designated prior redemption dates in connection with which the governing body of the issuer shall exercise a prior redemption option. No purchaser of any public security issued under this article shall in any manner be responsible for the application of the proceeds thereof by the issuer or any of its officers, agents, or employees.
L. 63: p. 888, § 6. C.R.S. 1963: § 125-8-6. L. 89: (2) amended, p. 1106, § 6, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › SECURITIES (§§ 11-51-101 — 11-54-119) › Article 54 - REFUNDING REVENUE SECURITIES LAW (§§ 11-54-101 — 11-54-119) › Section 11-54-107 - Payment of refunding public securities

Refunding public securities may be made payable from any revenues derived from any utility, system, project, or other source which might be legally pledged for the payment of the public securities being refunded at the time of the refunding or at the time of the issuance of the public securities being refunded, as the governing body of the issuer may determine, notwithstanding the pledge of such revenues for the payment of the outstanding public securities being refunded is thereby modified; but there shall not be pledged for the payment of the refunding public securities any revenues which might not have been lawfully pledged for the payment of the public securities being refunded because of limitations in any question authorizing their issuance, unless the refunding public securities are similarly authorized at an election by the majority required by law for the issuance of the public securities being refunded.
L. 63: p. 889, § 7. C.R.S. 1963: § 125-8-7.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › SECURITIES (§§ 11-51-101 — 11-54-119) › Article 54 - REFUNDING REVENUE SECURITIES LAW (§§ 11-54-101 — 11-54-119) › Section 11-54-108 - Combination of refunding and other public securities

Public securities for refunding and public securities for any other authorized purpose may be issued separately or issued in combination in one series or more by the same issuer.
L. 63: p. 889, § 8. C.R.S. 1963: § 125-8-8.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › SECURITIES (§§ 11-51-101 — 11-54-119) › Article 54 - REFUNDING REVENUE SECURITIES LAW (§§ 11-54-101 — 11-54-119) › Section 11-54-109 - Supplemental provisions

Except as specifically provided or necessarily implied in this article, the relevant provisions in this article appertaining generally to the public securities being refunded shall be equally applicable in the authorization and issuance of refunding public securities, including their terms and security, the public security ordinance, trust indenture, use and service charges, and other aspects of the public securities.
L. 63: p. 891, § 9. C.R.S. 1963: § 125-8-9.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › SECURITIES (§§ 11-51-101 — 11-54-119) › Article 54 - REFUNDING REVENUE SECURITIES LAW (§§ 11-54-101 — 11-54-119) › Section 11-54-110 - Governing body's determination final

The determination of the governing body of the issuer that the limitations under this article imposed upon the issuance of refunding public securities have been met shall be conclusive in the absence of fraud or arbitrary and gross abuse of discretion.
L. 63: p. 891, § 10. C.R.S. 1963: § 125-8-10.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › SECURITIES (§§ 11-51-101 — 11-54-119) › Article 54 - REFUNDING REVENUE SECURITIES LAW (§§ 11-54-101 — 11-54-119) › Section 11-54-112 - Signatures on public securities

(1)
The public securities and any coupons bearing the signatures of officers in office on the date of the signing thereof shall be valid and binding obligations of the issuer, notwithstanding that before the delivery thereof and payment therefor any of the persons whose signatures appear thereon shall have ceased to be officers of the issuer.
(2)
Any officer authorized or permitted to sign any public security or interest coupon, at the time of its execution and of the execution of a signature certificate, may adopt as and for his own facsimile signature the facsimile signature of his predecessor in office in the event that such facsimile signature appears upon the public security or coupons appertaining thereto, or upon both the public security and such coupons.
L. 63: p. 892, § 12. C.R.S. 1963: § 125-8-12.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › SECURITIES (§§ 11-51-101 — 11-54-119) › Article 54 - REFUNDING REVENUE SECURITIES LAW (§§ 11-54-101 — 11-54-119) › Section 11-54-114 - Incontestable recital in public securities

Any ordinance authorizing, or any trust indenture or other instrument appertaining to, any public securities under this article may provide that each authorized public security shall recite that it is issued under authority of this article. Such recital shall conclusively impart full compliance with all of the provisions of this article, and all public securities issued containing such recital shall be incontestable for any cause whatsoever after their delivery for value.
L. 63: p. 895, § 14. C.R.S. 1963: § 125-8-14.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › SECURITIES (§§ 11-51-101 — 11-54-119) › Article 54 - REFUNDING REVENUE SECURITIES LAW (§§ 11-54-101 — 11-54-119) › Section 11-54-115 - Cumulative and continuing rights of holders of public securities

(1)
No right or remedy conferred upon any holder of any public security or of any coupon appertaining thereto or any trustee for such holder by this article or by any other law or proceedings appertaining thereto is exclusive of any other right or remedy, but each such right or remedy is cumulative and in addition to every other right or remedy and may be exercised without exhausting and without regard to any other remedy conferred by this article or by any other law.
(2)
The failure of any holder of any public securities or coupon issued under this article to proceed as provided in any proceedings appertaining to the issuance of such public security or coupon shall not relieve the issuer, its governing body, or any of its officers, agents, and employees of any liability for failure to perform or carry out any duty, obligation, or other commitment.
L. 63: p. 895, § 15. C.R.S. 1963: § 125-8-15.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › SECURITIES (§§ 11-51-101 — 11-54-119) › Article 54 - REFUNDING REVENUE SECURITIES LAW (§§ 11-54-101 — 11-54-119) › Section 11-54-116 - Construction of article

The powers conferred by this article shall be in addition and supplemental to and not in substitution for, and the limitations imposed by this article shall not affect, the powers conferred by any other law. Public securities may be issued under this article without regard to the provisions of any other law, except as otherwise provided in this article expressly or by necessary implication. Insofar as the provisions of this article are inconsistent with the provisions of any other law, the provisions of this article shall be controlling.
L. 63: p. 895, § 16. C.R.S. 1963: § 125-8-16.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › SECURITIES (§§ 11-51-101 — 11-54-119) › Article 54 - REFUNDING REVENUE SECURITIES LAW (§§ 11-54-101 — 11-54-119) › Section 11-54-117 - Validation

All outstanding refunding public securities of the state and of all public bodies thereof, and all acts and proceedings had or taken, or purportedly had or taken prior to April 27, 1963, by or on behalf of the state or any public body thereof under law or under color of law preliminary to and in the authorization, execution, sale, issuance, and payment, or any combination thereof, of all such public securities are hereby validated, ratified, approved, and confirmed, including but not necessarily limited to the terms, provisions, conditions, and covenants of any ordinance appertaining thereto, the redemption of public securities before maturity and provisions therefor, the levy and collection of rates, tolls, and charges and other revenues appertaining to such public securities, and the acquisition and application of such other revenues, the pledge and use of the proceeds thereof, and the establishment of liens thereon and funds therefor, appertaining to such public securities, except as provided in this article, notwithstanding any lack of power, authority, or otherwise, other than constitutional, and notwithstanding any defects and irregularities, other than constitutional, in such public securities, acts, and proceedings, and in such authorization, execution, sale, issuance, and payment, including without limiting the generality of the foregoing such acts and proceedings appertaining to such public securities all or any part of which have not been issued nor purportedly issued prior to April 27, 1963. Such outstanding public securities are and shall be, and such public securities not issued nor purportedly issued prior to said date shall be, after their issuance, binding, legal, valid, and enforceable obligations of the state or the public body issuing them in accordance with their terms and their authorizing proceedings, subject to the taking or adoption of acts and proceedings not had nor taken nor purportedly had nor taken prior to April 27, 1963, but required by and in substantial and due compliance with laws appertaining to any such public securities not issued nor purportedly issued prior to said date.
L. 63: p. 896, § 17. C.R.S. 1963: § 125-8-17.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › SECURITIES (§§ 11-51-101 — 11-54-119) › Article 54 - REFUNDING REVENUE SECURITIES LAW (§§ 11-54-101 — 11-54-119) › Section 11-54-118 - Effect - limitations

This article shall operate to supply such legislative authority as may be necessary to validate any refunding public security issued and any such acts and proceedings taken prior to April 27, 1963, which the general assembly could have supplied or provided for in the law under which such public securities were issued and such acts or proceedings were taken. This article shall be limited to the validation of public securities, acts, and proceedings to the extent to which the same can be effectuated under the state and federal constitutions. Also this article shall not operate to validate, ratify, approve, confirm, or legalize any public security, act, proceeding, or other matter the legality of which is being contested or inquired into in any legal proceeding now pending and undetermined, and shall not operate to confirm, validate, or legalize any public security, act, proceeding, or other matter which has been determined prior to April 27, 1963, in any legal proceedings to be illegal, void, or ineffective.
L. 63: p. 896, § 18. C.R.S. 1963: § 125-8-18.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › SECURITIES (§§ 11-51-101 — 11-54-119) › Article 54 - REFUNDING REVENUE SECURITIES LAW (§§ 11-54-101 — 11-54-119) › Section 11-54-119 - Liberal construction

This article being necessary to secure the public health, safety, convenience, and welfare, it shall be liberally construed to effect its purposes.
L. 63: p. 897, § 19. C.R.S. 1963: § 125-8-19.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 55 - UNIFORM FACSIMILE SIGNATURE OF PUBLIC OFFICIALS ACT (§§ 11-55-101 — 11-55-110) › Section 11-55-101 - Short title

Sections 11-55-101 to 11-55-106 shall be known and may be cited as the "Uniform Facsimile Signature of Public Officials Act".
L. 69: R&RE, p. 1082, § 1. C.R.S. 1963: § 125-6-1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 55 - UNIFORM FACSIMILE SIGNATURE OF PUBLIC OFFICIALS ACT (§§ 11-55-101 — 11-55-110) › Section 11-55-102 - Definitions

As used in this article, unless the context otherwise requires:
(1)
"Authorized officer" means any official of this state or any of its departments, agencies, institutions, or other instrumentalities, or any of its political subdivisions, whose signature to a public security or instrument of payment is required or permitted.
(2)
"Facsimile signature" means a reproduction by engraving, imprinting, stamping, or other means of the manual signature of an authorized officer.
(3)
"Instrument of payment" means a check, draft, warrant, or order for the payment, delivery, or transfer of funds.
(4)
"Public security" means a bond, note, or other obligation for the payment of money, issued by this state or by any of its departments, agencies, institutions, or other instrumentalities, or by any of its political subdivisions.
L. 69: R&RE, p. 1082, § 1. C.R.S. 1963: § 125-6-2.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 55 - UNIFORM FACSIMILE SIGNATURE OF PUBLIC OFFICIALS ACT (§§ 11-55-101 — 11-55-110) › Section 11-55-103 - Facsimile signature

(1)
Any authorized officer, after filing with the secretary of state his manual signature certified by him under oath, may execute or cause to be executed with a facsimile signature in lieu of his manual signature:
(a)
Any public security, but at least one signature required or permitted to be placed thereon shall be manually subscribed; and
(b)
Any instrument of payment.
(2)
Upon compliance with this article by the authorized officer, his facsimile signature has the same legal effect as his manual signature.
L. 69: R&RE, p. 1082, § 1. C.R.S. 1963: § 125-6-3.
For effect of facsimile signatures on sewer system revenue bonds, see § 31-35-404(7).
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 55 - UNIFORM FACSIMILE SIGNATURE OF PUBLIC OFFICIALS ACT (§§ 11-55-101 — 11-55-110) › Section 11-55-104 - Use of facsimile seal

When the seal of this state or of any of its departments, agencies, institutions, or other instrumentalities, or of any of its political subdivisions, is required in the execution of a public security or instrument of payment, the authorized officer may cause the seal to be printed, engraved, stamped, or otherwise placed in facsimile thereon. The facsimile seal has the same legal effect as the impression of the seal.
L. 69: R&RE, p. 1083, § 1. C.R.S. 1963: § 125-6-4.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 55 - UNIFORM FACSIMILE SIGNATURE OF PUBLIC OFFICIALS ACT (§§ 11-55-101 — 11-55-110) › Section 11-55-105 - Violation - penalty

Any person who with intent to defraud uses on a public security or an instrument of payment: A facsimile signature, or any reproduction of it, of any authorized officer; or any facsimile seal, or any reproduction of it, of this state or any of its departments, agencies, institutions, or other instrumentalities, or of any of its political subdivisions, commits a class 6 felony and shall be punished as provided in section
18-1.3-401
, C.R.S.
L. 69: R&RE, p. 1083, § 1. C.R.S. 1963: § 125-6-5. L. 77: Entire section amended, p. 871, § 28, effective 7/1/1979. L. 89: Entire section amended, p. 823, § 15, effective July 1. L. 2002: Entire section amended, p. 1472, § 44, effective October 1.
The effective date for amendments made to this section by chapter 216, L. 77, was changed from July 1, 1978, to April 1, 1979, by chapter 1, First Extraordinary Session, L. 78, and was subsequently changed to July 1, 1979, by chapter 157, § 23, L. 79. See People v. McKenna, 199 Colo. 452 , 611 P.2d 574 (1980).
For the legislative declaration contained in the 2002 act amending this section, see section 1 of chapter 318, Session Laws of Colorado 2002.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 55 - UNIFORM FACSIMILE SIGNATURE OF PUBLIC OFFICIALS ACT (§§ 11-55-101 — 11-55-110) › Section 11-55-106 - Uniformity of interpretation

This article shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it.
L. 69: R&RE, p. 1083, § 1. C.R.S. 1963: § 125-6-6.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 55 - UNIFORM FACSIMILE SIGNATURE OF PUBLIC OFFICIALS ACT (§§ 11-55-101 — 11-55-110) › Section 11-55-107 - Limitations on actions brought

(1)
No action based upon any public security authorized and issued on or after July 1, 1969, shall be commenced more than eighteen years after the final maturity date of the issue of which such public security is one.
(2)
No action based upon any public security issued prior to July 1, 1969, shall be commenced more than eighteen years after the final maturity date of the issue of which such public security is one.
(3)
No action based upon any claim for interest accrued on any public security, whether said claim is evidenced by interest coupons or not, shall be commenced after action based upon said public security has been barred.
(4)
The provisions of this section shall be inoperative as to any public security unless the treasurer of the issuing political subdivision at least six months and not more than twelve months prior has sent to the holder of record of such public security, at his last known address as shown on the books of such treasurer, a notice of the provisions of this section. A copy of such letter of notice held in such treasurer's records shall be conclusive proof that the requirements of this subsection (4) have been complied with.
L. 69: R&RE, p. 1083, § 1. C.R.S. 1963: § 125-6-7.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 55 - UNIFORM FACSIMILE SIGNATURE OF PUBLIC OFFICIALS ACT (§§ 11-55-101 — 11-55-110) › Section 11-55-108 - Trust or fiduciary relationship between issuer and holder

Any trust or fiduciary relationship between the issuer of any public security and the holder thereof, regarding the principal of or interest on such security, shall be conclusively presumed to have been repudiated on the maturity date of such security unless the same is presented for payment before the expiration of the applicable limitation period set forth in sections
11-55-107
to
11-55-110
.
L. 69: R&RE, p. 1083, § 1. C.R.S. 1963: § 125-6-8.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 55 - UNIFORM FACSIMILE SIGNATURE OF PUBLIC OFFICIALS ACT (§§ 11-55-101 — 11-55-110) › Section 11-55-109 - Moneys to revert to general or other fund

Any public moneys from whatever source derived remaining in any fund or account reserved, pledged, or otherwise held for payment of the principal of or interest on any public security on which action for collection has been barred shall revert to the general fund of the issuing authority.
L. 69: R&RE, p. 1083, § 1. C.R.S. 1963: § 125-6-9.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 55 - UNIFORM FACSIMILE SIGNATURE OF PUBLIC OFFICIALS ACT (§§ 11-55-101 — 11-55-110) › Section 11-55-110 - Payment authorized although suit for recovery barred

Nothing contained in sections
11-55-107
to
11-55-110
shall be so construed as to prevent the payment of any public security, or the interest having accrued thereon prior to or at its maturity, after the period specified in section
11-55-107
has passed, and the issuing body of such public security is authorized by sections
11-55-107
to
11-55-110
to make such payment if it deems it in its best interests so to do.
L. 69: R&RE, p. 1084, § 1. C.R.S. 1963: § 125-6-10.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 56 - PUBLIC SECURITIES REFUNDING ACT (§§ 11-56-101 — 11-56-117) › Section 11-56-101 - Short title

This article shall be known and may be cited as the "Public Securities Refunding Act".
L. 77: Entire article added, p. 582, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 56 - PUBLIC SECURITIES REFUNDING ACT (§§ 11-56-101 — 11-56-117) › Section 11-56-102 - Legislative declaration - applicability

The general assembly hereby declares that the orderly refunding of any revenue obligation or any general obligation bond and any other lawful general obligation indebtedness by any public body of the state, as defined in section
11-56-103(7)
, when advantageous to the public body or persons within the public body, will serve a public use and will promote the health, safety, security, and general welfare of the inhabitants thereof and of the people of the state of Colorado. It is the intent of this article to provide a consistent mechanism for refunding for such public bodies of the state.
L. 77: Entire article added, p. 582, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 56 - PUBLIC SECURITIES REFUNDING ACT (§§ 11-56-101 — 11-56-117) › Section 11-56-104 - Purpose of refunding

(1)
A refunding of outstanding obligations of a public body may be accomplished pursuant to this article by the issuance of bonds for refunding, paying, and discharging all or any part of such outstanding obligations, including a portion of one or more issues of such obligations and including any interest thereon in arrears or about to become due, and for one or more of the following purposes:
(a)
Avoiding or terminating any default in the payment of interest on or principal of, or both interest on and principal of, said obligations;
(b)
Reducing the net effective interest rate of said obligations;
(c)
Reducing total interest payable over the life of the obligations, by issuing bonds of a shorter term, or at a lower net interest cost, or having a lower net effective interest rate;
(d)
Reducing the total principal and interest payable on such obligations or the principal and interest payable thereon in any particular year or years, or affecting other economies;
(e)
Modifying or eliminating restrictive contractual limitations appertaining to such obligations, to the incurring of additional indebtedness or obligations, or to any system, facility, or improvement appertaining thereto;
(f)
Postponing the maturity of all or any part or portion of said obligations to a later date, subject to the limitations in section
11-56-107
;
(g)
Substituting an issue of bonds for a note or notes, or other obligations, including but not limited to any obligation issued in anticipation of the later issuance of bonds;
(h)
Any combination of the foregoing purposes specified in this subsection (1).
(2)
In making the computations necessary or appropriate pursuant to subsection (1) of this section for a refunding transaction in which all or any portion of the principal of or interest on the refunding bonds is to be paid from the proceeds of such refunding bonds or the interest or other income to be derived from the investment of such proceeds, including any refunding transaction as a part of which special obligation refunding bonds are to be issued, only those amounts with regard to bonds issued for refunding purposes which are to be payable by the public body from sources other than refunding bond proceeds and the interest and other income derived from the investment of such proceeds need to be considered.
L. 77: Entire article added, p. 584, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 56 - PUBLIC SECURITIES REFUNDING ACT (§§ 11-56-101 — 11-56-117) › Section 11-56-104.5 - Disclosures by underwriters of financial matters related to refunding

(1)
(a)
Whenever an underwriter proposes to refund the bonds of any public body, and competitive proposals have not been requested, the underwriter shall, simultaneously with the submission of the proposal, disclose, in writing, to the governing body of the public body, the entire income, from all sources, which he anticipates receiving if his proposal is accepted, specifying all such sources and amounts, as well as disclosing all expenses which he anticipates the public body will incur as a part of such refunding transaction. Any governing body may require such disclosure whenever any refunding proposals are to be considered.
(b)
The underwriter shall also provide the governing body of the public body with a comparison of annual debt service requirements before and after refunding, by year and amount, including funds which are required in addition to bond proceeds. Such comparison shall also show the present value of all annual differences in debt service requirements, using as a discount factor the net effective interest rate of the refunding bonds. All such figures shall be computed from the date on which the transaction is closed and shall include funds provided by the issuer as a reduction of, or an addition to, debt service requirements. Funds provided by the issuer in excess of accrued principal and interest, and earnings on the funds, over the life of, and compounded at the net effective interest rate of, the refunding bonds, shall also be disclosed.
(2)
The information specified in subsection (1) of this section shall be updated to the date of closing at the time of closing. Any governing body may require an additional disclosure at such time as final figures are available.
L. 78: Entire section added, p. 304, § 1, effective March 29.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 56 - PUBLIC SECURITIES REFUNDING ACT (§§ 11-56-101 — 11-56-117) › Section 11-56-106 - Refunding with bonds of another type

(1)
Subject to the provisions of subsections (2), (3), and (4) of this section, nothing contained in this article shall be construed as authorizing a public body to issue any obligations constituting a debt or indebtedness for the purpose of refunding obligations which do not constitute debt or indebtedness.
(2)
Any revenue obligations of a public body may be refunded by the issuance of general obligation refunding bonds only if the public body would be authorized by law to issue general obligations for the purposes for which such revenue obligations were originally issued at the time of the issuance of said refunding bonds, whether or not the public body was so authorized at the time of the issuance of such revenue obligations.
(3)
If the issuance of general obligations for a particular purpose would be conditioned upon their approval by the qualified electors of the public body at an election, any general obligation refunding bonds proposed to be issued to refund revenue obligations originally issued for such purpose may be issued only if issuance of the refunding bonds has been approved at an election in the same manner.
(4)
If a debt limitation pertains to general obligation bonds or other general obligations of a public body issued for a particular purpose, then no general obligation bonds shall be issued to refund any revenue obligations issued for such purpose in any principal amount which would cause such debt limitation to be exceeded.
L. 77: Entire article added, p. 587, § 1, effective July 1.