reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 40 - Tax Levies and Revenues (§§ 22-40-101 — 22-40-110) › Section 22-40-107 - Short-term loans

(1)
The board of education of any school district may negotiate or contract with any person, corporation, association, or company for a loan not to exceed the difference between the anticipated revenues for the current fiscal year for the general fund and the amount credited to date to said general fund in order to eliminate the necessity of issuing registered warrants upon said general fund. Such loan shall be liquidated within six months of the close of the fiscal year from moneys subsequently credited to said general fund.
(2)
Repealed.
L. 64: R&RE, p. 543, § 1. C.R.S. 1963: § 123-3-7. L. 65: p. 973, § 1. L. 75: (2) amended, p. 786, § 7, effective July 1. L. 80: (1) amended, p. 556, § 1, effective April 13. L. 81: (2) repealed, p. 2026, § 22, effective July 14. L. 90: (1) amended, p. 1082, § 38, effective May 31.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 40 - Tax Levies and Revenues (§§ 22-40-101 — 22-40-110) › Section 22-40-108 - Revenues - reorganization

(1)
If the corporate status of a school district is dissolved as a result of school district organization and all the bonded indebtedness of such school district has not been assumed by one or more school districts, the board of education of the successor district as designated in the plan of organization shall perform the duties and exercise the powers delegated to the board of education of the former school district relative to the certification of tax revenues needed to satisfy the obligations of bonded indebtedness incurred by said former district, receipt of such revenues, deposit or investment thereof, and satisfaction of such obligations which thereafter become due and payable; but the revenues from a tax levy, and the proportionate share of specific ownership taxes allocated thereto, to satisfy the bonded indebtedness of said former school district shall be held in a trust account in the bond redemption fund of the designated successor district for the purpose only of payment or redemption of bonds issued by said former school district. Any moneys remaining after all of the bonded indebtedness obligations of said former school district have been satisfied may be transferred to another account within the redemption fund of said designated successor school district or, in the absence of any outstanding bonded indebtedness obligations, to the capital reserve fund of said school district.
(2)
If the corporate status of a school district is not dissolved as a result of school district organization, the board of education of the school district which incurred said bonded indebtedness shall continue to perform the duties and exercise the powers delegated thereto relative to the certification of tax revenues needed to satisfy the obligations of bonded indebtedness incurred by said school district, receipt of such revenues, deposit or investment thereof, and satisfaction of such obligations which thereafter become due and payable even though a portion of the territory of said school district shall be thereafter included in another school district; but if the annexing school district is located in another county, such powers and duties shall be performed by the annexing school district with proper remittance to the school district from which said territory was detached.
L. 64: R&RE, p. 543, § 1. C.R.S. 1963: § 123-3-8.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 40 - Tax Levies and Revenues (§§ 22-40-101 — 22-40-110) › Section 22-40-109 - [Repealed]

L. 92: Entire section added, p. 540, § 14, effective May 28.
Subsection (3) provided for the repeal of this section, effective July 1, 1996. (See L. 92, p. 540.)
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 40 - Tax Levies and Revenues (§§ 22-40-101 — 22-40-110) › Section 22-40-110 - Additional property tax for capital improvements in growth school districts

(1)
The board of education of any growth district, as defined in section
22-2-125(1)(b)
, at any regular biennial school election or special election, may submit to the eligible electors of the growth district the question of the imposition of an additional property tax levy in accordance with the provisions of this section for:
(a)
One or more of the purposes specified in section
22-42-102(2)(a)(I) to (2)(a)(V)
;
(b)
The payment of any loan received by the growth district pursuant to section
22-2-125
and the payment of any interest due on such loan; or
(c)
The payment of any loan received by the growth district pursuant to article
15
of title
23
, C.R.S., and the payment of any interest due on such loan.
(2)
(a)
Except as otherwise provided in paragraph (b) of this subsection (2), a growth district may impose an additional property tax levy of no more than five mills or a number of mills as determined by dividing the latest statewide valuation for assessment of the taxable property in all school districts by the pupil enrollment of all school districts, and dividing said amount by the latest valuation for assessment of the taxable property in the growth district divided by the pupil enrollment of the growth district, whichever is the lesser amount.
(b)
If the amount as determined by dividing the latest valuation for assessment of the taxable property in a growth district by the pupil enrollment of the growth district is greater than the amount as determined by dividing the latest statewide valuation for assessment of the taxable property in all school districts by the pupil enrollment of all school districts, the growth district may impose an additional property tax levy of no more than one mill.
(3)
Moneys collected from such tax levy shall be credited to the capital reserve fund pursuant to section
22-45-103(1)(c)(IV)
.
(4)
Any special election called pursuant to this section shall be held on the general election day in each even-numbered year or on the first Tuesday in November of each odd-numbered year and shall be conducted pursuant to the provisions of articles
1
to
13
of title
1
, C.R.S.
L. 2002: Entire section added, p. 1745, § 18, effective June 7.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 41 - Public School Fund (§§ 22-41-101 — 22-41-110) › Section 22-41-101 - Composition of fund

(1)
(Deleted by amendment, L. 2006, p. 608, § 29, effective August 7, 2006.)
(2)
The public school fund of the state shall consist of the proceeds of such lands as have been, or may be, granted to the state by the federal government for educational purposes; all estates that may escheat to the state; all other grants, gifts, or devises that may be made to the state for educational purposes; and such other moneys as the general assembly may appropriate or transfer.
(3)
Notwithstanding the provisions of subsection (2) of this section, the proceeds from the sale or other disposition of state land pursuant to a nonsimultaneous exchange pursuant to section
36-1-124.5
, C.R.S., shall not be deemed a part of the designated trust fund except as provided in section
36-1-124.5 (4)
, C.R.S.
L. 73: R&RE, p. 1240, § 1. C.R.S. 1963: § 123-4-1. L. 95: Entire section amended, p. 607, § 3, effective May 22. L. 96: Entire section amended, p. 1795, § 11, effective June 4. L. 97: (3) added, p. 852, § 38, effective May 21. L. 2006: (1) and (2) amended, p. 608, § 29, effective August 7.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 41 - Public School Fund (§§ 22-41-101 — 22-41-110) › Section 22-41-103 - Certain lands considered to be investments of fund

(1)
All lands, title to which has or may become vested in the state as the result of foreclosure proceedings, shall be designated as "public school fund lands" and shall be considered an investment of the public school fund.
(2)
Such lands shall be under the control and direction of the state board of land commissioners and may be disposed of by the board in the same manner as public school lands; except that any mineral rights acquired under said foreclosure proceedings may be sold with the land. The board shall keep a separate list of all such lands in its office.
L. 73: R&RE, p. 1240, § 1. C.R.S. 1963: § 123-4-3.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 41 - Public School Fund (§§ 22-41-101 — 22-41-110) › Section 22-41-104 - Lawful investments

(1)
The state treasurer, as directed by the public school fund investment board, may invest and reinvest moneys accrued or accruing to the public school fund in the types of deposits and investments authorized in sections
24-36-109
,
24-36-112
, and
24-36-113
, C.R.S., and bonds issued by school districts. The moneys may also be invested in stocks and other financial assets as specified in the public school fund investment board investment policy established as required in section
22-41-102.5 (4)(b)
; except that investment includes only mutual funds, index funds, and any other instrument that is not a direct investment in a corporation.
(2)
The state treasurer has authority, to be exercised at the state treasurer's discretion, to effect exchanges or sales whenever such exchanges or sales will not result in an aggregate loss of principal to the public school fund. An aggregate loss of principal to the public school fund occurs only when an exchange or sale that resulted in an initial loss of principal is not offset by a gain on an exchange or sale in the fund within eighteen months. The calculation of an aggregate loss must also include any gains that were realized in the twelve months prior to the loss of principal.
(3)
(Deleted by amendment, L. 97, p. 375, § 6, effective August 6, 1997.)
Amended by 2022 Ch. 252, § 2, eff. 5/26/2022.
Amended by 2016 Ch. 250, § 4, eff. 8/10/2016.
Amended by 2013 Ch. 141, § 1, eff. 8/7/2013.
L. 73: R&RE, p. 1241, § 1. C.R.S. 1963: § 123-4-4. L. 77: (2) amended and (3) added, p. 1055, § 2, effective July 15. L. 78: (2) amended, p. 264, § 56, effective 5/23/1979. L. 81: (1)(a) amended, p. 1069, § 1, effective May 21. L. 88: (1)(f) and (1)(g) added, p. 950, § 2, effective March 24. L. 92: (1)(f) amended and (1)(h) to (1)(j) added, p. 1112, § 2, effective July 1. L. 97: IP (1) amended and (1)(c.3) added, p. 852, § 39, effective May 21; entire section amended, p. 375, § 6, effective August 6. L. 2002: (2) amended, p. 1793, § 56, effective June 7. L. 2013: (2) amended, (HB 13-1205), ch. 141, p. 457, § 1, effective August 7. L. 2016: (1) amended, (SB 16-035), ch. 250, p. 1026, § 4, effective August 10.
Amendments to subsection (1) by Senate Bill 97-206 and Senate Bill 97-150 were harmonized.
(1) For provisions for legal investments for governmental units, see § 24-75-601.1 . (2) For the legislative declaration in SB 16-035, see section 1 of chapter 250, Session Laws of Colorado 2016.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 41 - Public School Fund (§§ 22-41-101 — 22-41-110) › Section 22-41-104.5 - Other financial transactions

(1)
The state treasurer may engage in financial transactions whereby:
(a)
Obligations are purchased with moneys accrued or accruing to the public school fund under an agreement providing for the resale of such obligations to the original seller at a stated price together with a payment to the fund of interest for the period the fund holds the obligations, but the market value of such obligations shall at all times be at least equal to the total purchase price;
(b)
Obligations owned by the fund are sold under an agreement providing for the repurchase of such obligations by the fund at a stated price together with the payment to the buyer of interest for the period the buyer holds the obligations;
(b.5)
Loans are made to school districts under the provisions of section 3 of article IX of the state constitution;
(c)
Obligations owned by the fund are delivered to reputable and financially responsible dealers in such obligations under an agreement which provides:
(I)
For the replacement thereof with obligations of the same kind and amount upon demand therefor by the state treasurer; and
(II)
For the payment to the state treasury by said dealer of a commission or other compensation, based upon the amount of such obligations, for the period of time between the delivery of such obligations to such dealer and the replacement thereof; and
(III)
For the pledge and delivery by said dealer to the state treasury of other obligations which are lawful investments having a market value at all times equal to at least the market value of the obligations so delivered to guarantee the replacement of such obligations.
(d)
(Repeal provision deleted by revision.)
(2)
The state treasurer may make such arrangements for the custody, safekeeping, and registration of obligations as will enable him to make prompt delivery thereof upon maturity or in the event of sale.
L. 77: Entire section added, p. 1058, § 1, effective June 1; (1)(b) and (1)(c) repealed, p. 1059, § 1, effective July 1. L. 81: (1)(b) and (1)(c) RC&RE, p. 1069, § 2, effective May 21. L. 97: (1)(b.5) added, p. 852, § 40, effective May 21.
Subsection (1)(d) provided for the repeal of subsections (1)(b) and (1)(c), effective July 1, 1979. (See L. 77, p. 1058.) Subsections (1)(b) and (1)(c) were recreated and reenacted, and subsection (1)(d) was therefore deleted by revision as obsolete.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 41 - Public School Fund (§§ 22-41-101 — 22-41-110) › Section 22-41-105 - Income distinguished from principal

(1)
Any amount paid as a premium for an interest-bearing obligation in excess of the amount realized upon disposition of said obligation must be recovered as a return of principal out of interest thereafter derived from the public school fund. Such recovery must be made and recorded on a systematic basis applied consistently from year to year.
(2)
Interest and income that is not distributed as specified in section
22-41-102(3)
on June 30 of any fiscal year becomes part of the principal of the public school fund.
Amended by 2016 Ch. 250,§ 5, eff. 8/10/2016.
L. 73: R&RE, p. 1241, § 1. C.R.S. 1963: § 123-4-5. L. 77: Entire section amended, p. 1056, § 3, effective July 15. L. 2016: Entire section amended, (SB 16-035), ch. 250, p. 1026, § 5, effective August 10.
For the legislative declaration in SB 16-035, see section 1 of chapter 250, Session Laws of Colorado 2016.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 41 - Public School Fund (§§ 22-41-101 — 22-41-110) › Section 22-41-106 - [Repealed]

L. 73: R&RE, p. 1241, § 1. C.R.S. 1963: § 123-4-6. L. 96: Entire section amended, p. 1008, § 1, effective 7/1/1997. L. 97: Entire section amended, p. 589, § 23, effective April 30. L. 2008: Entire section repealed, p. 1063, § 4, effective July 1.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 41 - Public School Fund (§§ 22-41-101 — 22-41-110) › Section 22-41-107 - Reports

Notwithstanding section
24-1-136(11)(a)(I)
, the public school fund investment board shall submit financial statements on November 1 of each fiscal year to the state treasurer, the state board of land commissioners, the office of state planning and budgeting, the joint budget committee, and the education and finance committees of the senate and house of representatives, or any successor committees.
Amended by 2017 Ch. 242,§ 16, eff. 8/9/2017.
Amended by 2016 Ch. 250,§ 6, eff. 8/10/2016.
L. 73: R&RE, p. 1241, § 1. C.R.S. 1963: § 123-4-7. L. 75: (2) amended, p. 802, § 2, effective June 20. L. 77: (2) amended, p. 1056, § 4, effective June 15. L. 98: (2) repealed, p. 1076, § 7, effective June 1. L. 2016: Entire section amended, (SB 16-035), ch. 250, p. 1026, § 6, effective August 10. L. 2017: Entire section amended, (HB 17-1267), ch. 242, p. 997, § 16, effective August 9.
For the legislative declaration in SB 16-035, see section 1 of chapter 250, Session Laws of Colorado 2016.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 41 - Public School Fund (§§ 22-41-101 — 22-41-110) › Section 22-41-108 - Transfer of records

On July 1, 1973, the state board of land commissioners shall deliver to the state treasurer all records relating to investments of the public school fund made by the board.
L. 73: R&RE, p. 1241, § 1. C.R.S. 1963: § 123-4-8.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 41.5 - VOTER APPROVAL FOR WEAKENING OF DEBT LIMITATIONS ON SCHOOL DISTRICTS (§§ 22-41.5-101 — 22-41.5-102) › Section 22-41.5-101 - Legislative declaration

(1)
The general assembly hereby finds and declares that:
(a)
In performing its duties under sections 2 and 15 of article IX, section 20 of article X, and section 6 of article XI of the state constitution, the general assembly must balance the interests of achieving a thorough and uniform public school system, controlling public debt, preserving a limited degree of local control, and reasonably restraining most the growth of government;
(b)
In balancing these constitutional interests through the exercise of its legislative authority, the general assembly has enacted limitations on the ability of school districts to incur indebtedness;
(c)
A statutory restriction has been imposed on the amount of bonded indebtedness that school districts can incur with voter approval for capital improvements;
(d)
From time to time, changes to such limitations imposed on school districts are necessary in order to keep these constitutional interests properly balanced in light of changing circumstances;
(e)
Section 20 (1) of article X of the state constitution prohibits the weakening of "other limits on district revenue, spending, and debt" without future voter approval;
(f)
No change in school district debt occurs by virtue of statutory changes that increase a limit when the debt would not actually increase without school district voter approval and any actual weakening occurs only when school district voter approval is obtained under an increased limit; and
(g)
By requiring voters to give approval at the school district level for any weakening of a school district limit on debt, the voter approval requirement of section 20 (1) of article X is satisfied in a manner achieving a reasonable result through legislative harmonization of constitutional provisions.
L. 95: Entire article added, p. 1017, § 1, effective May 25.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 41.5 - VOTER APPROVAL FOR WEAKENING OF DEBT LIMITATIONS ON SCHOOL DISTRICTS (§§ 22-41.5-101 — 22-41.5-102) › Section 22-41.5-102 - Voter approval - weakening of limits on school district debt

(1)
Whenever any provision of this title imposes a limitation on the debt of school districts and the voters of a school district are required by law to approve any change in debt subject to the limitation, the general assembly shall not be required to seek statewide voter approval to amend the statutory provision that imposes the limitation.
(2)
For purposes of section 20 (1) of article X of the state constitution, any weakening of a limitation on a school district's debt shall occur only when voter approval at the school district level is obtained, and voter approval of the measure at the school district level shall satisfy any voter approval requirement of section 20 (1) of article X.
(3)
Any ballot question seeking voter approval of a weakening of any limitation on school district debt may be submitted to the eligible electors of a school district as a separate ballot question or as part of a ballot question including other ballot issues, such as the authorization of bonded indebtedness.
L. 95: Entire article added, p. 1018, § 1, effective May 25.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 42 - Bonded Indebtedness (§§ 22-42-101 — 22-42-129) › Section 22-42-101 - Definitions

As used in this article, unless the context otherwise requires:
(1)
"Board of education" or "board" means the governing body authorized by law to administer the affairs of any school district.
(1.5)
Repealed.
(2)
"Eligible elector" means a person who has complied with the registration provisions of article
2
of title
1
, C.R.S., and who resides within the jurisdiction of the political subdivision calling the election.
(3)
"Net effective interest rate" of a proposed issue of bonds means the net interest cost of the issue divided by the sum of the products derived by multiplying the principal amount of such issue maturing on each maturity date by the number of years from the date of said proposed bonds to their respective maturities. In all cases the net effective interest rate shall be computed without regard to any option of redemption prior to the designated maturity dates of the bonds.
(4)
"Net interest cost" of a proposed issue of bonds means the total amount of interest to accrue on said bonds from their date to their respective maturities, plus the amount of any discount below par, or less the amount of any premium above par at which said bonds are being or have been sold. In all cases the net interest cost shall be computed without regard to any option of redemption prior to the designated maturity dates of the bonds.
(4.5)
"Pupil enrollment count day" has the same meaning as set forth in section
22-54-103
(10.5).
(5)
"Registered elector" means an elector who has complied with the registration provisions of this article.
(6)
"School district" or "district" means a school district organized and existing pursuant to law or a joint taxation district organized and existing pursuant to part 2 of article
30
of this title.
L. 64: R&RE, p. 545, § 1. C.R.S. 1963: § 123-11-1. L. 70: p. 330, § 1. L. 71: pp. 1148, 1151, §§ 1, 9. L. 75: (6) amended, p. 787, § 8, effective July 1. L. 87: (2) and (5) amended, p. 316, § 52, effective July 1. L. 92: (2) amended, p. 839, § 34, effective 1/1/1993. L. 94: (1.5) added, p. 1790, § 3, effective 1/1/1995. L. 96: (6) amended, p. 65, § 23, effective July 1. L. 2008: (1.5) repealed, p. 1900, § 78, effective August 5. L. 2012: (4.5) added, (HB 12-1090), ch. 44, p. 153, § 16, effective March 22.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 42 - Bonded Indebtedness (§§ 22-42-101 — 22-42-129) › Section 22-42-103 - Limitations on elections

The question of contracting bonded indebtedness may be submitted or resubmitted after the same or any other such question has previously been rejected at an election held pursuant to this article; but no such question shall be submitted or resubmitted at any election held less than one hundred twenty days after a previous submission of such question, and the board of education of any school district shall not submit any question of contracting bonded indebtedness at more than two elections within any twelve-month period. The provisions of this section shall not apply to elections on assumption of existing bonded indebtedness held pursuant to law.
L. 64: R&RE, p. 547, § 1. C.R.S. 1963: § 123-11-4. L. 70: p. 332, § 3.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 42 - Bonded Indebtedness (§§ 22-42-101 — 22-42-129) › Section 22-42-104.5 - [Repealed]

L. 2001: Entire section added, p. 350, § 13, effective April 16; (1) amended, p. 639, § 2, effective May 30. L. 2002: Entire section repealed, p. 1752, § 29, effective June 7.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 42 - Bonded Indebtedness (§§ 22-42-101 — 22-42-129) › Section 22-42-105 - [Repealed]

L. 64: R&RE, p. 548, § 1. C.R.S. 1963: § 123-11-6. L. 92: Entire section repealed, p. 924, § 198, effective 1/1/1993.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 42 - Bonded Indebtedness (§§ 22-42-101 — 22-42-129) › Section 22-42-106 - [Repealed]

L. 64: R&RE, p. 548, § 1. C.R.S. 1963: § 123-11-7. L. 70: p. 333, § 4. L. 73: p. 1244, § 2. L. 92: Entire section repealed, p. 924, § 198, effective 1/1/1993.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 42 - Bonded Indebtedness (§§ 22-42-101 — 22-42-129) › Section 22-42-107 - [Repealed]

L. 64: R&RE, p. 549, § 1. C.R.S. 1963: § 123-11-8. L. 70: p. 333, § 5. L. 92: Entire section amended, p. 840, § 36, effective 1/1/1993. L. 93: Entire section repealed, p. 1437, § 129, effective July 1.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 42 - Bonded Indebtedness (§§ 22-42-101 — 22-42-129) › Section 22-42-108 - [Repealed]

L. 64: R&RE, p. 549, § 1. C.R.S. 1963: § 123-11-9. L. 92: Entire section repealed, p. 924, § 198, effective 1/1/1993.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 42 - Bonded Indebtedness (§§ 22-42-101 — 22-42-129) › Section 22-42-109 - [Repealed]

L. 64: R&RE, p. 550, § 1. C.R.S. 1963: § 123-11-10. L. 70: p. 333, § 6. L. 74: Entire section amended, p. 376, § 6, effective March 21. L. 92: Entire section repealed, p. 924, § 198, effective 1/1/1993.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 42 - Bonded Indebtedness (§§ 22-42-101 — 22-42-129) › Section 22-42-110 - [Repealed]

L. 64: R&RE, p. 550, § 1. C.R.S. 1963: § 123-11-11. L. 70: p. 333, § 7. L. 71: pp. 1149, 1151, §§ 3, 9. L. 72: p. 315, § 44. L. 74: (1) amended, p. 376, § 7, effective March 21; (5) amended, p. 418, § 65, effective April 11. L. 80: (4) amended, p. 409, § 8, effective 1/1/1981. L. 92: Entire section repealed, p. 924, § 198, effective 1/1/1993.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 42 - Bonded Indebtedness (§§ 22-42-101 — 22-42-129) › Section 22-42-111 - [Repealed]

L. 64: R&RE, p. 551, § 1. C.R.S. 1963: § 123-11-12. L. 70: p. 334, § 8. L. 87: (2) amended, p. 316, § 54, effective July 1. L. 92: Entire section repealed, p. 924, § 198, effective 1/1/1993.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 42 - Bonded Indebtedness (§§ 22-42-101 — 22-42-129) › Section 22-42-112 - [Repealed]

L. 64: R&RE, p. 552, § 1. C.R.S. 1963: § 123-11-13. L. 70: p. 335, § 9. L. 71: p. 1151, § 9. L. 74: Entire section amended, p. 376, § 8, effective March 21. L. 75: Entire section amended, p. 211, § 30, effective July 16. L. 80: Entire section amended, p. 409, § 9, effective 1/1/1981. L. 92: Entire section repealed, p. 924, § 198, effective 1/1/1993.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 42 - Bonded Indebtedness (§§ 22-42-101 — 22-42-129) › Section 22-42-113 - [Repealed]

L. 64: R&RE, p. 553, § 1. C.R.S. 1963: § 123-11-14. L. 92: Entire section repealed, p. 924, § 198, effective 1/1/1993.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 42 - Bonded Indebtedness (§§ 22-42-101 — 22-42-129) › Section 22-42-114 - Board may issue bonds - exemption from Colorado income tax

When approved at an election held pursuant to section
22-42-102
, the board of education, from time to time, as the proceeds thereof shall be needed for the purposes specified in the notice of said bond election, shall issue bonds of the district in denominations of one thousand dollars or any multiple of one thousand dollars, in its discretion, bearing interest at a rate such that the annual and total repayment costs do not exceed the limits set forth in the notice of the bond election and payable at such time determined in the discretion of the board, which bonds shall mature serially, commencing not later than five years and extending not more than twenty-five years after the date thereof. Principal and interest thereon shall be payable at such place as shall be determined by said board and designated in said bonds. Said bonds shall be made callable for redemption, commencing no later than eleven years after their date, in such manner, with or without premium, as may be determined by the board. Interest on bonds issued on or after July 1, 1973, pursuant to this article shall be exempt from Colorado income tax.
L. 64: R&RE, p. 553, § 1. C.R.S. 1963: § 123-11-15. L. 70: p. 336, § 10. L. 71: p. 1149, § 4. L. 73: p. 1250, § 1. L. 74: Entire section amended, p. 419, § 66, effective April 11. L. 2010: Entire section amended, (HB 10-1013), ch. 399, p. 1898, §5, effective June 10.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 42 - Bonded Indebtedness (§§ 22-42-101 — 22-42-129) › Section 22-42-115 - Form of bonds

The bonds issued under the provisions of this article shall be numbered consecutively, beginning with number one. The board of education of the district is authorized to prescribe the form of such bonds. Said bonds shall recite that they are issued pursuant to this article, and said bonds shall be signed by the president of the district, bear an impression of the seal of the district, and be attested by signature of the secretary. Coupons, if any, evidencing the interest thereon shall bear the signature of the president of the district, which may be affixed by him in person, or it may be an engraved or lithographed facsimile thereof. At the discretion of the board of education, any school bonds may be issued with privileges for registration of such bonds for payment as to principal, interest, or both. In the execution of bonds authorized pursuant to this article, the board of education may provide for the use of facsimile signatures and facsimile seals in the manner set forth in article
55
of title
11
, C.R.S.
L. 64: R&RE, p. 553, § 1. C.R.S. 1963: § 123-11-16.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 42 - Bonded Indebtedness (§§ 22-42-101 — 22-42-129) › Section 22-42-116 - Sale at less than par - discount

If it is found to be in the best interest of the school district, the board of education of the school district may issue such bonds and accept therefor less than their face value.
L. 64: R&RE, p. 554, § 1. C.R.S. 1963: § 123-11-17. L. 70: p. 336, § 11. L. 2010: Entire section amended, (HB 10-1013), ch. 399, p. 1899, §6, effective June 10.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 42 - Bonded Indebtedness (§§ 22-42-101 — 22-42-129) › Section 22-42-117 - Board to certify needed revenues

(1)
If the board of education has issued any of said bonds, at the time of certifying to the board of county commissioners a statement showing the amount necessary to raise from the taxable property of said district for the general fund as required by law, it shall also certify to said board of county commissioners the amount needed for its bond redemption fund to pay all installments of principal and interest of said bonds, which, according to their terms, have already become due and payable or shall become due and payable during the next ensuing fiscal year, or both, together with such additional amount, if any, as in the judgment of the board of education it is desirable to raise from the taxable property of said district for the purpose of redeeming, during the said ensuing fiscal year, any of said bonds which are redeemable but not due. Separate amounts shall be certified for the bond redemption fund to satisfy the outstanding obligations of bonded indebtedness which involve separate tax levies on taxable property located within different territorial limits.
(2)
The board of education has authority to include in each amount certified for said bond redemption fund an amount to create a reserve for the redemption of bonds in future years prior to their maturities, for the payment of bonds in future years either prior to or at their maturities, or for purchasing at a discount and cancellation any bond on which the interest is being paid for the current district debt service mill levy; but said reserve shall be restricted to the subsidiary account in the bond redemption fund for which said tax levy was made.
L. 64: R&RE, p. 554, § 1. C.R.S. 1963: § 123-11-18. L. 81: (2) amended, p. 1072, § 1, effective July 1. L. 94: (2) amended, p. 808, § 12, effective April 27. L. 2003: (2) amended, p. 1299, § 7, effective April 22.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 42 - Bonded Indebtedness (§§ 22-42-101 — 22-42-129) › Section 22-42-118 - Tax levy to pay principal and interest

(1)
If any school district has issued bonds under the provisions of this article, it is the duty of the board of county commissioners of the county in which said district is situated, at the time of levying other school district taxes, to levy a tax on all the taxable property of said district at a rate sufficient to produce such amount as has been certified by the board of education of said district, for the purpose of paying bonds not yet due, as provided in section
22-42-117
.
(2)
Except when said school district has sufficient moneys or securities in a refunding escrow account to satisfy the bonded indebtedness obligations which will be due and payable during said district's next ensuing calendar year, if the board of education fails to certify such an amount to the board of county commissioners as required by section
22-42-117
, the board of county commissioners, nevertheless, shall levy upon the appropriate taxable property of said district a tax in addition to the taxes levied for other purposes, in an amount sufficient to pay all installments of principal and interest of said bonds that shall become due during the next ensuing calendar year, or, if said bonds do not become due and payable in series at different times, in an amount sufficient to pay all installments of interest then to become due and the aforesaid portion of principal.
(3)
The amount certified pursuant to section
22-42-117
and the rate of the tax levy required by this section shall be sufficient to cover any deficiency which may occur by reason of delinquent payment of taxes.
(4)
The county treasurer shall not collect any fee on the moneys received by virtue of a tax levied pursuant to this section, nor shall he collect any fee on any moneys received from any other source to pay bonds or interest thereon. The county treasurer may collect a fee, as provided in section
30-1-102(1)(q)
, C.R.S., for services rendered by virtue of his office having been designated as the place of payment or optional place of payment for bonds issued under this article or under article
43
of this title, but this fee shall be collected only when the county treasurer has a financial institution perform such services regarding the bonds, and such fee shall be in an amount equal to the fee charged the county treasurer by the financial institution.
L. 64: R&RE, p. 554, § 1. C.R.S. 1963: § 123-11-19. L. 79: (4) amended, p. 792, § 1, effective July 1. L. 90: (2) amended, p. 1083, § 41, effective May 31.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 42 - Bonded Indebtedness (§§ 22-42-101 — 22-42-129) › Section 22-42-120 - Place of payment

(1)
The board of education of a school district is authorized to designate the office of the county treasurer of the county in which the headquarters of such school district is situated as the place of payment or optional place of payment of the principal of or interest on any bonds issued by any such school district, or to designate any commercial bank or trust company as the place of payment or optional place of payment of the principal of or interest on any bonds issued by any such school district, and the commercial bank or trust company so designated may be located either within or without this state.
(2)
It is the duty of the board of education of said school district to cause sufficient moneys from said tax levy or refunding escrow account to be placed from time to time at the place of payment, or optional place of payment, designated on said bonds in an amount to satisfy the principal and interest obligations of said bonds as the same may become due and payable from time to time. It is the duty of the treasurer of said school district to pay, or instruct the third-party custodian administering the school district's bond redemption fund pursuant to section
22-45-103(1)(b)(V)
to pay, the obligations of said bonds as the same may become due and payable, upon presentation of the bonds and coupons respectively evidencing such obligations, from any moneys to the credit of the appropriate account available for that purpose.
L. 64: R&RE, p. 556, § 1. C.R.S. 1963: § 123-11-21. L. 2003: (2) amended, p. 1296, § 4, effective April 22.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 42 - Bonded Indebtedness (§§ 22-42-101 — 22-42-129) › Section 22-42-121 - Registration of bonds

Whenever any school district issues bonds under the provisions of this article, the board of education may make and enter in its record a request that the county clerk and recorder of the county wherein the headquarters of such school district is situated register the bonds on a collective, not an individual, basis in a book to be kept by him or her for that purpose. When so registered, the legality thereof shall not be open to contest by such district, or any person whomsoever, for any reason whatsoever. A certified copy of the order of the board, so made and entered of record, shall be furnished to such county clerk and recorder by the board of education and thereupon it shall be his or her duty to register said bonds on a collective basis, noting the name of the district and the amount, the date of issuance and maturity, and the rate of interest of said bonds. The county clerk and recorder is not required to make a separate entry in said book or complete or process a registration form for each such bond of such issue, or otherwise register each such bond of such issue on an individual basis. He or she shall receive a fee pursuant to section
30-1-103(1)
, C.R.S.
Amended by 2014 Ch. 30,§ 1, eff. 7/1/2014.
L. 64: R&RE, p. 557, § 1. C.R.S. 1963: § 123-11-22. L. 91: Entire section amended, p. 708, § 3, effective July 1. L. 2014: Entire section amended, (HB 14-1073), ch. 30, p. 175, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 42 - Bonded Indebtedness (§§ 22-42-101 — 22-42-129) › Section 22-42-122 - Changes in boundaries - liability

(1)
Nothing in this article or in any other provision of law shall be construed so as to release the taxable property within a school district which incurred bonded indebtedness from liability for its proportionate share of the outstanding obligations thereof.
(2)
The outstanding bonded indebtedness, or proportionate share thereof, incurred by a school district which is dissolved as a result of the formation of a new school district may be assumed by said new school district in the manner provided by article
30
of this title.
(3)
The taxable property located within the territory of a school district which is dissolved and the resultant unorganized territory annexed to an adjacent school district shall be liable for its proportionate share of the bonded indebtedness previously incurred by the annexing school district.
(4)
The taxable property located within the territory of a school district which is detached and annexed to an adjacent school district shall be liable for its proportionate share of the bonded indebtedness previously incurred by the annexing school district.
(5)
The taxable property located within a capital improvement zone of a school district shall be liable for bonded indebtedness incurred by the school district pursuant to this article.
L. 64: R&RE, p. 557, § 1. C.R.S. 1963: § 123-11-23. L. 94: (5) added, p. 1791, § 5, effective 1/1/1995. L. 2008: (5) amended, p. 1900, § 80, effective August 5.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 42 - Bonded Indebtedness (§§ 22-42-101 — 22-42-129) › Section 22-42-123 - [Repealed]

L. 64: p. 566, § 6. C.R.S. 1963: § 123-11-24. L. 2006: Entire section repealed, p. 609, § 30, effective August 7.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 42 - Bonded Indebtedness (§§ 22-42-101 — 22-42-129) › Section 22-42-124 - [Repealed]

L. 64: p. 567, § 7. C.R.S. 1963: § 123-11-25. L. 2006: Entire section repealed, p. 609, § 31, effective August 7.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 42 - Bonded Indebtedness (§§ 22-42-101 — 22-42-129) › Section 22-42-125 - Public disclosure of terms of sale

(1)
Whenever school bonds are sold, the board of the district selling the same shall cause to be prepared and filed with the department of education, within ten days after said sale, a report setting forth a description of the bond issue, the applicable interest rate, including the net effective interest rate, other terms of the sale, and applicable statistical, comparative bond market data, ratings, and indices relative to prevailing market conditions prior to and at the time of said sale, and explaining the reasons why it was necessary, if it was, that the bonds be sold at a negotiated sale instead of by public competitive bidding. The department of education may request additional information from the school district or from the purchaser of the bonds regarding terms of the sale.
(2)
One or more copies of said report shall be retained on file at the administrative headquarters of the district, and a copy thereof shall be made available upon written request to any officer or representative of any organization of Colorado school districts.
L. 70: p. 336, § 12. C.R.S. 1963: § 123-11-26.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 42 - Bonded Indebtedness (§§ 22-42-101 — 22-42-129) › Section 22-42-126 - Validation

All school elections and all acts and proceedings had or taken, or purportedly had or taken, prior to June 2, 1971, by or on behalf of any school district, under law or under color of law, preliminary to and in the holding and canvass of all school elections are validated, ratified, approved, and confirmed, notwithstanding any lack of power, authority, or otherwise, and notwithstanding any defects or irregularities in such elections, acts, and proceedings.
L. 71: p. 1151, § 10. C.R.S. 1963: § 123-11-27.
2023 Colorado Revised Statutes › Title 22 - EDUCATION (§§ 22-1-101 — 22-108-109) › FINANCIAL POLICIES AND PROCEDURES (§§ 22-40-101 — 22-45-113) › Article 42 - Bonded Indebtedness (§§ 22-42-101 — 22-42-129) › Section 22-42-127 - Validation - effect - limitations

(1)
All bonds issued and other contracts, leases, or agreements executed by school districts, all district bond elections held and carried, and all acts and proceedings had or taken prior to July 1, 1973, by or on behalf of such districts, preliminary to and in the authorization, execution, sale, and issuance of all bonds, the authorization and execution of all other contracts, leases, or agreements, and the exercise of other powers in section
22-42-104
are hereby validated, ratified, approved, and confirmed, notwithstanding any defects and irregularities, other than constitutional, in such bonds, acts, and proceedings, in such authorization, execution, sale, and issuance, and in such exercise of powers; and such bonds and other contracts, leases, or agreements are and shall be binding, legal, valid, and enforceable obligations of the district to which they appertain in accordance with their terms and their authorization proceedings.
(2)
This section shall operate to supply legislative authority as may be necessary to accomplish the validations provided and authorized in this section but shall be limited to validations consistent with all provisions of applicable law in effect at the time of such action or other matter. This article shall not operate to validate any action or other matter the legality of which is being contested or inquired into in any legal proceedings pending and undetermined prior to July 1, 1973, nor to validate any action or other matter which has been determined in any legal proceedings prior to July 1, 1973, to be illegal, void, or ineffective.
L. 73: p. 1277, § 6. C.R.S. 1963: § 123-11-28.