reglab/statecodes huggingface dataset:
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 11-56-109 - Proceeds of refunding bonds in escrow - investment - security - amounts

(1)
Moneys placed in any escrow or trust shall not necessarily be limited to proceeds of refunding bonds but may include other moneys legally available for the purpose.
(2)
Any moneys in escrow or trust, pending use for their intended purpose, may be invested or reinvested only in securities meeting the investment requirements established in part 6 of article
75
of title
24
, C.R.S.
(3)
The escrow agent shall continuously secure any moneys placed in escrow or trust and not so invested or reinvested in securities by a pledge of such securities in a principal amount at all times at least equal to the total uninvested moneys held in such escrow or trust in strict accordance with the provisions of the escrow agreement. The requirements of this subsection (3) shall not apply with regard to any such uninvested moneys to the extent and during any time the same are fully insured by the federal deposit insurance corporation.
(4)
Such moneys and investments in the escrow or trust account, together with the interest or other gain to be derived from any such investments, shall at all times be at least sufficient to make all of the payments required to be made pursuant to the escrow agreement in the manner and at the times specified in said agreement.
(5)
The computations made in determining such sufficiency shall be verified by a certified public accountant licensed to practice in this state.
(6)
No purchaser of any refunding bond issued under this article shall be responsible in any manner for the application of the bond proceeds or other moneys by the public body, the governing body, or any of the officers, agents, or employees of the public body.
L. 77: Entire article added, p. 590, § 1, effective July 1. L. 89: (2) and (3) amended, p. 1106, § 7, 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 11-56-110 - Sources of payment - limitations

Refunding bonds, other than special obligation refunding bonds, may be made payable from, and the governing body may pledge to the payment of such refunding bonds, any tax, or any income or revenue of the public body from any source, or both such taxes and such income or revenue, which could have been legally pledged to and used for the payment of the obligations being refunded at the time such obligations being refunded were issued or which could legally be pledged to and used for the payment of the obligations being refunded if the same were to be issued at the time of the refunding, as the governing body may determine, notwithstanding the pledge of such taxes, income or revenue for the payment of the outstanding obligations being refunded is thereby modified. In no event, however, shall any taxes, income, or revenues be pledged for the payment of any refunding bonds which could not have been lawfully pledged for the payment of the obligations being refunded because of the lack of the required approval of such pledge by the electors qualified to vote on the issuance of the obligations being refunded, or because of limitations in the election question authorizing their issuance, unless the refunding bonds and such pledge are similarly authorized by the electors at an election in substantially the manner required by law for the issuance of the obligations being refunded.
L. 77: Entire article added, p. 591, § 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 11-56-111 - Combination of refunding bonds and other bonds - limitations

Any refunding bonds and bonds for any other purpose authorized by any other law may, in the discretion of the governing body, be issued separately or in combination in one or more series by the public body, subject, however, to the same limitations provided in section
11-56-105(3)
for combined refunding of two or more outstanding obligations.
L. 77: Entire article added, p. 591, § 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 11-56-112 - Special obligation refunding bonds

(1)
In addition to and in combination with the refunding bonds authorized by this article, the public body may concurrently issue special obligation refunding bonds, for the purpose of providing additional funds with which to accomplish the refunding of outstanding general obligations or outstanding revenue obligations. Such special obligation refunding bonds shall be payable solely from amounts pledged under the escrow or trust agreement derived from certain specified interest or principal, or both interest and principal, payments on the investments in said escrow or trust account.
(2)
The total principal amount of special obligation refunding bonds shall not exceed the sum of the following items reduced by the total principal amount of refunding bonds, other than special obligation refunding bonds, to be issued as a part of such refunding transaction:
(a)
The total outstanding principal amount of the obligations being refunded;
(b)
The prior redemption premium, if any, payable on that portion of the obligations being refunded which are to be called for redemption prior to maturity, as set forth in the ordinance or resolution authorizing the refunding bonds;
(c)
The total accrued and unaccrued interest payable on the obligations refunded to stated maturity dates or to the dates at which all or specified portions of the refunded obligations are to be called for redemption prior to maturity, as set forth in the ordinance or resolution authorizing the refunding bonds, less the amount of any such accrued interest deposited into the escrow account by the issuer; and
(d)
All costs incurred in the authorization, sale, issuance, and delivery of the refunding bonds and the special obligation refunding bonds.
(3)
The public body shall have no authority or power, at any time or in any manner, to pledge its credit, or its taxing power or any other funds, moneys, income, or revenues of such public body other than as specified in this section, to the payment of the principal of or interest on the special obligation refunding bonds issued pursuant to this section, nor shall such special obligation refunding bonds be deemed to be a debt or indebtedness of the public body or the state of Colorado, and such condition shall be set forth on the face of the bonds; except that such public body may pledge any other taxing power, funds, moneys, income, or revenues of such public body as additional security for the special obligation refunding bonds.
(4)
The general provisions of this article relating to refunding obligations shall equally apply to special obligation refunding bonds, except as otherwise provided in this article.
L. 77: Entire article added, p. 591, § 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 11-56-113 - Tax exemption - exceptions

(1)
Except as otherwise provided in this article, all general obligation refunding bonds, refunding revenue bonds, and special obligation refunding bonds and the income therefrom shall be exempt from taxation, except inheritance, estate, and transfer taxes.
(2)
Bonds issued pursuant to this article for the purpose of refunding outstanding obligations which were neither exempt from such taxation at the time issued or at the time of the refunding nor which would have been exempt from such taxation if originally issued at the time of the refunding, shall be subject to taxation to the same extent and in the same manner as the outstanding obligations for the refunding of which they are issued.
L. 77: Entire article added, p. 592, § 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 11-56-114 - Conclusive determination of governing body that statutory limitations have been met

The determination of the governing body that the provisions and limitations, in this article and any other applicable law, imposed upon the issuance of any bonds under this article, have been met shall be conclusive in the absence of fraud or arbitrary and gross abuse of discretion.
L. 77: Entire article added, p. 592, § 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 11-56-115 - Prior obligations not impaired

Nothing in this article shall be construed in any manner so as to impair the obligations of any refunding bonds issued or any refunding transaction, consummated by a public body prior to the enactment of this article, or otherwise to invalidate any such bond, obligation, or refunding transaction.
L. 77: Entire article added, p. 592, § 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 11-56-116 - Construction of this article

The powers conferred by this article are in addition and supplemental to and not in substitution for, and the limitations imposed by this article shall not directly or indirectly modify, limit, or affect, the powers conferred by any other law. Bonds may be issued under this article without regard to the provisions of any other law, and if so issued, 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. 77: Entire article added, p. 592, § 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 11-56-117 - Liberal construction

This article shall be liberally construed so that the legislative intent may be fulfilled.
L. 77: Entire article added, p. 593, § 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 57 - PUBLIC SECURITIES (§§ 11-57-101 — 11-57-214) › Part 1 - GENERAL (§§ 11-57-101 — 11-57-105) › Section 11-57-101 - Applicability

This article applies to bonds, notes, warrants, certificates, or other securities evidencing loans or the advancement of moneys, to be issued by or on behalf of the state or any political subdivision thereof or any district, public board, commission, authority, or other public body corporate in the state pursuant to any general or special act or pursuant to any legislative or home rule charter.
L. 83: Entire article added, p. 510, § 1, effective April 21.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 57 - PUBLIC SECURITIES (§§ 11-57-101 — 11-57-214) › Part 1 - GENERAL (§§ 11-57-101 — 11-57-105) › Section 11-57-102 - Form - payment and transfer of securities

The securities described in section
11-57-101
shall be in such registered or bearer form, with or without interest coupons; be subject to such conditions for transfer; be subject to such provisions for conversion as to denomination or to bearer or registered form; be made registerable or payable, or both, by the treasurer or other officer of the issuing entity, or by such trustee, registrar, paying agent, or transfer agent within or without this state; be issued, transferred, and registered by such book entry; be in such denomination or denominations; bear such dates, signatures, and authentications; and be held in custody by such depository within or without this state, all as may be determined by the entity or the governing body of the entity authorized or empowered to issue such securities. Payment at designated due dates or in installments may be required by the authorizing proceedings to be by check, draft, or other medium of payment and need not be conditioned upon presentation of any security or coupon. Signatures on any printed securities issued under this article or any other statute may be manually subscribed or by facsimile, but any such printed security, other than an interest coupon, shall bear at least one manual signature, which, notwithstanding the provisions of section
11-55-103(1)
or any other law, may be that of an official of the issuing entity or of the trustee, registrar, or transfer agent.
L. 83: Entire article added, p. 510, § 1, effective April 21.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 57 - PUBLIC SECURITIES (§§ 11-57-101 — 11-57-214) › Part 1 - GENERAL (§§ 11-57-101 — 11-57-105) › Section 11-57-103 - Determination by resolution or ordinance

The determination of the body authorized or empowered to issue such securities required by section
11-57-102
shall be made in the resolution or ordinance authorizing the issuance of such securities or in any ordinance, resolution, or other instrument supplemental thereto.
L. 83: Entire article added, p. 511, § 1, effective April 21.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 57 - PUBLIC SECURITIES (§§ 11-57-101 — 11-57-214) › Part 1 - GENERAL (§§ 11-57-101 — 11-57-105) › Section 11-57-104 - No restriction on other acts

This article shall constitute an additional and separate grant of powers which may be exercised without regard to any other act which contains the same subject matter; except that this article shall not be deemed to be a restriction or limitation on the exercise of powers by an issuing entity under any other act or home rule legislation.
L. 83: Entire article added, p. 511, § 1, effective April 21.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 57 - PUBLIC SECURITIES (§§ 11-57-101 — 11-57-214) › Part 1 - GENERAL (§§ 11-57-101 — 11-57-105) › Section 11-57-105 - Records - registered public obligations

Records, with regard to the ownership of or security interests in registered public obligations, shall not be subject to inspection or copying under any law of this state relating to the right of the public to inspect or copy public records, notwithstanding any law to the contrary.
L. 84: Entire section added, p. 399, § 1, effective March 26.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 57 - PUBLIC SECURITIES (§§ 11-57-101 — 11-57-214) › Part 2 - SUPPLEMENTAL PUBLIC SECURITIES ACT (§§ 11-57-201 — 11-57-214) › Section 11-57-201 - Short title

This part 2 shall be known and may be cited as the "Supplemental Public Securities Act".
L. 2000: Entire part added, p. 133, § 1, effective August 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 57 - PUBLIC SECURITIES (§§ 11-57-101 — 11-57-214) › Part 2 - SUPPLEMENTAL PUBLIC SECURITIES ACT (§§ 11-57-201 — 11-57-214) › Section 11-57-202 - Legislative declaration

The general assembly hereby finds, determines, and declares that, due to the changes in the public securities market and recent technological developments, it is important to provide public entities with the option to elect to apply the provisions of this part 2 when issuing securities. This part 2 will serve a public use and will promote the health, safety, security, and general welfare of the people of the state of Colorado. The general assembly intends for this part 2 to provide supplemental procedures for the issuance of securities otherwise authorized by law. However, nothing in this part 2 authorizes an issuing authority to waive an election otherwise required under section 20 of article X or article XI of the Colorado constitution or to hold an election inconsistent with the election requirements in section 20 of article X.
L. 2000: Entire part added, p. 133, § 1, effective August 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 57 - PUBLIC SECURITIES (§§ 11-57-101 — 11-57-214) › Part 2 - SUPPLEMENTAL PUBLIC SECURITIES ACT (§§ 11-57-201 — 11-57-214) › Section 11-57-203 - Definitions

As used in this part 2, unless the context otherwise requires:
(1)
"Act of issuance" means an ordinance, resolution, or decision to issue a security pursuant to delegated authority adopted by the issuing authority or officer of a public entity for the purpose of issuing a security or an amendment to such ordinance, resolution, or decision adopted by the issuing authority after the issuance of a security.
(2)
"Issuing authority" means the governing body of any public entity in which the laws of this state vest the authority to issue securities through an act of issuance.
(3)
"Public entity" means any state agency, state department, political subdivision, quasi-governmental entity, or any entity that is created by the constitution or statute of this state that is authorized to issue securities. Such entities include the following:
(a)
The state treasurer;
(b)
Any state educational institution, or other state institution, its governing board, or other issuing authority of such institution constituting a body corporate;
(c)
Any county or city and county;
(d)
Any municipality;
(e)
Any school district;
(f)
Any district organized or acting pursuant to the provisions of title 32, C.R.S.;
(g)
Any district or authority organized or acting pursuant to the provisions of title 29, 30, or 31, C.R.S.;
(h)
Any water conservancy district;
(i)
Any other political subdivision or governmental or quasi-governmental entity of this state;
(j)
Any other public entity as defined in section
24-75-601(1)
, C.R.S.; or
(k)
A nonprofit corporation organized under the law of this state and created solely for the purpose of issuing securities on behalf of an entity listed in paragraphs (a) to (i) of this subsection (3).
(4)
"Revenues" means all or any portion of any taxes, tolls, fees, rates, charges, assessments, grants, contributions, or other income and revenues received by the public entity.
(5)
"Securities" means any financial contract, note, warrant, bond, certificate, or debenture authorized to be issued by a public entity under other laws of this state.
L. 2000: Entire part added, p. 133, § 1, effective August 2. L. 2004: (1) and (3) amended, p. 948, § 1, effective May 21.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 57 - PUBLIC SECURITIES (§§ 11-57-101 — 11-57-214) › Part 2 - SUPPLEMENTAL PUBLIC SECURITIES ACT (§§ 11-57-201 — 11-57-214) › Section 11-57-204 - Election of applicability

(1)
This part 2 is applicable to securities issued by any public entity if the issuing authority of such public entity elects in an act of issuance to apply all or any of the provisions of this part 2 to the issuance of such securities. If a public entity elects to apply a provision of this part 2 and such provision conflicts with a provision of another statutory law, the provision of this part 2 shall control. No provision of this part 2 shall be interpreted to modify or limit the rights and powers conferred on such public entity by any other provision of state law, unless the public entity elects to use such provisions in the issuance of its securities. This part 2 shall not modify or limit any provisions of articles
51
and 59 of this title.
(2)
Nothing in this part 2 authorizes an issuing authority to waive an election otherwise required under section 20 of article X or article XI of the Colorado constitution or to hold an election inconsistent with the election requirements in section 20 of article X.
L. 2000: Entire part added, p. 134, § 1, effective August 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 57 - PUBLIC SECURITIES (§§ 11-57-101 — 11-57-214) › Part 2 - SUPPLEMENTAL PUBLIC SECURITIES ACT (§§ 11-57-201 — 11-57-214) › Section 11-57-205 - Delegation of authority

(1)
The issuing authority of a public entity may, in the act of issuance, at any time, delegate to any member of the issuing authority, chief executive officer, or chief financial officer of the public entity the authority to sign a contract for the purchase of the securities or to accept a binding bid for the securities. Such delegation shall be effective for one year after adoption of the act of issuance or such shorter period as specified in the act of issuance. In addition to any determinations that may be delegated in accordance with other provisions of state law, the following determinations may be delegated to such member or officer without any requirement that the issuing authority approve such determinations:
(a)
The rate of interest on the securities;
(b)
The conditions on which and the prices at which the securities may be redeemed before maturity;
(c)
The existence and amount of any capitalized interest or reserve funds;
(d)
The price at which the securities will be sold;
(e)
The principal amount and denominations of the securities;
(f)
The amount of principal maturing in any particular year;
(g)
The dates on which principal and interest shall be paid;
(h)
The securities to be refunded, if any; and
(i)
Whether the securities will be secured by an assurance of payment as described in section
11-57-207(2)
and the terms of any agreement with the third party providing the assurance of payment.
(2)
All terms of the securities other than the matters described in subsection (1) of this section shall be approved by the issuing authority of the public entity before the securities are delivered.
L. 2000: Entire part added, p. 135, § 1, effective August 2. L. 2004: (1)(h) and (1)(i) added, p. 949, § 2, effective May 21. L. 2008: IP(1) amended, p. 626, § 1, effective August 5.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 57 - PUBLIC SECURITIES (§§ 11-57-101 — 11-57-214) › Part 2 - SUPPLEMENTAL PUBLIC SECURITIES ACT (§§ 11-57-201 — 11-57-214) › Section 11-57-206 - Fixed and variable rates of interest for securities - agreement with third party for interest determinations

The act of issuance authorizing the issuance of any securities or any trust indenture or other instrument created by such act of issuance may fix a rate or rates of interest, or provide for the determination of the rate or rates from time to time, by a designated agent according to the procedure specified in that act of issuance or other instrument. An issuing authority of a public entity may contract with or select any person to make such determinations.
L. 2000: Entire part added, p. 135, § 1, effective August 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 57 - PUBLIC SECURITIES (§§ 11-57-101 — 11-57-214) › Part 2 - SUPPLEMENTAL PUBLIC SECURITIES ACT (§§ 11-57-201 — 11-57-214) › Section 11-57-207 - Denomination, maturity, interest, and negotiability of securities - rate of interest

(1)
Any securities issued may:
(a)
Mature at such time or times as determined by the public entity or as provided in section
11-57-205
, not to exceed forty years;
(b)
Bear interest at a rate or rates payable or compoundable at such intervals as determined by the public entity or as provided in section
11-57-205
; and
(c)
Be made payable in lawful money of the United States, at the office of the treasurer or other appropriate officer or employee of the public entity or any commercial bank or commercial banks within or without the state as may be authorized by the public entity.
(2)
An issuing authority of a public entity may enter into an agreement with a third party for an assurance of payment of any principal, interest, or premiums due in connection with any securities issued by the issuing authority. The obligation of the issuing authority to reimburse that third party for any advances made pursuant to that agreement may be provided in that agreement, recited in those securities, or evidenced by another instrument. Such obligation shall be designated in the act of issuance as passed by such issuing authority that authorized the issuance of such securities or any other instrument. The issuing authority may assign its rights under that agreement.
L. 2000: Entire part added, p. 136, § 1, effective August 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 57 - PUBLIC SECURITIES (§§ 11-57-101 — 11-57-214) › Part 2 - SUPPLEMENTAL PUBLIC SECURITIES ACT (§§ 11-57-201 — 11-57-214) › Section 11-57-208 - Pledged revenues received or credited subject to immediate lien - priority and validity of lien

(1)
A public entity may pledge all or any portion of its revenues to the payment of its securities unless the use of any of such revenues is restricted by other laws of the state. In pledging the proceeds of an ad valorem property tax, an issuing authority may limit the rate of taxation or the amount of tax dollars that it is obligated to impose or collect to pay any securities as set forth in the act of issuance enacted by such body.
(2)
The creation, perfection, enforcement, and priority of a pledge of revenues to secure or pay securities shall be governed by this section and the act of issuance passed by the issuing authority authorizing such securities. Revenues pledged for the payment of any securities, as received by or otherwise credited to the public entity, shall immediately be subject to the lien of each such pledge without any physical delivery, filing, or further act. The lien of each such pledge and the obligation to perform the contractual provisions made in the act of issuance or other instrument shall have priority over any or all other obligations and liabilities of the public entity, except as may be otherwise provided in this part 2, in the act of issuance, or in any other instrument. However, such pledges and liens shall be subject to any prior pledges and liens. The lien of each such pledge shall be valid, binding, and enforceable as against all persons having claims of any kind in tort, contract, or otherwise against the public entity irrespective of whether such persons have notice of such liens.
L. 2000: Entire part added, p. 136, § 1, effective August 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 57 - PUBLIC SECURITIES (§§ 11-57-101 — 11-57-214) › Part 2 - SUPPLEMENTAL PUBLIC SECURITIES ACT (§§ 11-57-201 — 11-57-214) › Section 11-57-209 - Recourse against public entities officers and agents - acceptance of securities constitutes waiver and release

If a member of the issuing authority, or any officer or agent of the public entity acts in good faith, no civil recourse shall be available against such member, officer, or agent for payment of the principal, interest, or prior redemption premiums. Such recourse shall not be available either directly or indirectly through the issuing authority or the public entity, or otherwise, whether by virtue of any constitution, statute, rule of law, enforcement of penalty, or otherwise. By the acceptance of the securities and as a part of the consideration of their sale or purchase, any person purchasing or selling such public security specifically waives any such recourse.
L. 2000: Entire part added, p. 137, § 1, effective August 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 57 - PUBLIC SECURITIES (§§ 11-57-101 — 11-57-214) › Part 2 - SUPPLEMENTAL PUBLIC SECURITIES ACT (§§ 11-57-201 — 11-57-214) › Section 11-57-210 - Recital in securities conclusive evidence of validity and regularity of issuance

An act of issuance providing for the issuance of public securities or an indenture may provide that the securities shall contain a recital that they are issued pursuant to the supplemental public securities act. Such recital shall be conclusive evidence of the validity and the regularity of the issuance of such public securities after their delivery for value.
L. 2000: Entire part added, p. 137, § 1, effective August 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 57 - PUBLIC SECURITIES (§§ 11-57-101 — 11-57-214) › Part 2 - SUPPLEMENTAL PUBLIC SECURITIES ACT (§§ 11-57-201 — 11-57-214) › Section 11-57-211 - Meetings aided by telecommunications devices

The act of issuance authorizing the issuance of securities may be adopted by the issuing authority at a meeting where one or more members of the issuing authority may participate in such meeting and may vote on such act of issuance through the use of telecommunications devices. Such participation may include but not be limited to the use of a conference telephone or similar communications equipment. Such participation through telecommunications devices shall constitute presence in person at such meeting. However, all such public meetings shall have at least one person physically present at the designated meeting area to ensure that the public meeting is in fact accessible to the public.
L. 2000: Entire part added, p. 137, § 1, effective August 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 57 - PUBLIC SECURITIES (§§ 11-57-101 — 11-57-214) › Part 2 - SUPPLEMENTAL PUBLIC SECURITIES ACT (§§ 11-57-201 — 11-57-214) › Section 11-57-212 - Limitation of actions

No legal or equitable action brought with respect to any legislative acts or proceedings in connection with the authorization or issuance of securities by a public entity shall be commenced more than thirty days after the authorization of such securities.
L. 2000: Entire part added, p. 137, § 1, effective August 2. L. 2004: Entire section amended, p. 949, § 3, effective May 21.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 57 - PUBLIC SECURITIES (§§ 11-57-101 — 11-57-214) › Part 2 - SUPPLEMENTAL PUBLIC SECURITIES ACT (§§ 11-57-201 — 11-57-214) › Section 11-57-214 - Investments

Income received from any legal investment may be deposited by the public entity in any fund or account that the public entity maintains.
L. 2000: Entire part added, p. 139, § 1, effective August 2. L. 2004: Entire section amended, p. 949, § 4, effective May 21.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 58 - PUBLIC SECURITIES INFORMATION REPORTING ACT (§§ 11-58-101 — 11-58-108) › Section 11-58-101 - Short title

This article shall be known and may be cited as the "Public Securities Information Reporting Act".
L. 91: Entire article added, p. 667, § 1, effective June 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 58 - PUBLIC SECURITIES INFORMATION REPORTING ACT (§§ 11-58-101 — 11-58-108) › Section 11-58-102 - Legislative declaration

The general assembly hereby declares that the annual disclosure of financial and credit information for nonrated public securities will benefit both issuers and investors by expanding and stabilizing the market for nonrated public securities and thereby improve the marketability of such securities. The general assembly further declares that issuers of nonrated public securities are strongly encouraged to make such annual disclosure of financial and credit information and to make such disclosed information available to all of their investors.
L. 91: Entire article added, p. 667, § 1, effective June 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 58 - PUBLIC SECURITIES INFORMATION REPORTING ACT (§§ 11-58-101 — 11-58-108) › Section 11-58-103 - Definitions

As used in this article, unless the context otherwise requires:
(1)
"Annual information report" means a written report completed on forms prescribed by the director of the department of local affairs.
(2)
"Conduit financing" means an outstanding nonrated public security for which a private profit making or nonprofit making issuer constitutes the ultimate credit source for the security.
(3)
(Deleted by amendment, L. 2002, p. 541, § 1, effective October 1, 2002.)
(4)
"Issued to the public" means offers and sales of nonrated public securities by an issuer except to the extent such securities have been offered and sold in accordance with federal rule 15c 2-12 (d)(1) of the federal "Securities Exchange Act of 1934".
(5)
"Issuer" means the state, any political subdivision thereof, and any district, board, commission, authority, or other public corporate body issuing any nonrated public securities in Colorado.
(6)
"Make public" means to file the annual information report with the department of local affairs.
(7)
"National rating service" means Moody's Investors Service, Inc., Standard and Poor's Corporation, Fitch Investors Service, Inc., or any other nationally recognized organization which regularly rates public securities.
(8)
"Nonrated public securities" means bonds, notes, warrants, certificates, or other securities evidencing loans or the advancement of moneys which have been issued to the public by or on behalf of an issuer and have not been rated by a national rating service, but excluding conduit financing and any such obligation payable in full within one year after the date of its issuance; except that nothing in this article shall be construed to apply to any bond, note warrant, certificate, or other security issued for less than one million dollars.
(9)
"Outstanding" in connection with any nonrated public security, means any nonrated public security which at the time has been issued, authenticated, and delivered under a financing document, and which has not been paid in full, canceled, or deemed paid and which is otherwise outstanding in accordance with the terms of such financing document.
L. 91: Entire article added, p. 667, § 1, effective June 1. L. 2002: (1), (3), and (6) amended, p. 541, § 1, effective October 1. L. 2004: (4) amended, p. 950, § 5, effective May 21.
For the "Securities Exchange Act of 1934", see Pub.L. 73-291, codified at 15 U.S.C. §78a et seq.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 58 - PUBLIC SECURITIES INFORMATION REPORTING ACT (§§ 11-58-101 — 11-58-108) › Section 11-58-104 - Applicability of article

This article applies to the state, any political subdivision thereof, and any district, board, commission, authority, or other public corporate body in the state if there are at the time outstanding nonrated public securities which such entity has issued to the public or on its behalf has caused to be issued to the public.
L. 91: Entire article added, p. 668, § 1, effective June 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 58 - PUBLIC SECURITIES INFORMATION REPORTING ACT (§§ 11-58-101 — 11-58-108) › Section 11-58-105 - [Effective Until 8/7/2024] Annual information report

Each issuer of nonrated public securities issued pursuant to sections
31-25-107 (9)
and
31-25-807 (3)
, C.R.S., and title 32, C.R.S., shall make public within sixty days following the end of each of such issuer's fiscal year ending on or after December 31, 1991, an annual information report or reports with respect to any of such issuer's nonrated public securities which are outstanding as of the end of each such fiscal year. Nothing shall preclude any issuer not so required by this article from filing a report pursuant to this article.
L. 91: Entire article added, p. 669, § 1, effective June 1. L. 2002: Entire section amended, p. 541, § 2, effective October 1.
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 58 - PUBLIC SECURITIES INFORMATION REPORTING ACT (§§ 11-58-101 — 11-58-108) › Section 11-58-105 - [Effective 8/7/2024] Annual information report

Each issuer of nonrated public securities issued pursuant to sections 30-31-109 (13), 31-25-107 (9), and 31-25-807 (3), shall make public within sixty days following the end of each of such issuer's fiscal year an annual information report or reports with respect to any of such issuer's nonrated public securities which are outstanding as of the end of each such fiscal year. Nothing precludes any issuer not so required by this article 58 from filing a report pursuant to this article 58.
Amended by 2024 Ch. 387,§ 3, eff. 8/7/2024.
L. 91: Entire article added, p. 669, § 1, effective June 1. L. 2002: Entire section amended, p. 541, § 2, effective October 1.
2024 Ch. 387, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 58 - PUBLIC SECURITIES INFORMATION REPORTING ACT (§§ 11-58-101 — 11-58-108) › Section 11-58-106 - [Repealed]

L. 91: Entire article added, p. 669, § 1, effective June 1. L. 96: (3) and (4) repealed, p. 1268, § 190, effective August 7. L. 2002: Entire section repealed, p. 542, § 4, effective October 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 58 - PUBLIC SECURITIES INFORMATION REPORTING ACT (§§ 11-58-101 — 11-58-108) › Section 11-58-107 - Immunity from liability

The issuer or any public employee thereof shall be immune from liability for information contained in or omitted from any annual information report concerning a nonrated public security unless the inclusion or omission of such information was willful and wanton for the purpose of materially misleading actual or potential holders of such nonrated public security.
L. 91: Entire article added, p. 670, § 1, effective June 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 58 - PUBLIC SECURITIES INFORMATION REPORTING ACT (§§ 11-58-101 — 11-58-108) › Section 11-58-108 - [Repealed]

L. 2002: Entire section added, p. 542, § 3, effective October 1.
Subsection (2) provided for the repeal of this section, effective July 1, 2003. (See L. 2002, p. 542.)
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 59 - COLORADO MUNICIPAL BOND SUPERVISION ACT (§§ 11-59-101 — 11-59-120) › Section 11-59-101 - Short title

This article shall be known and may be cited as the "Colorado Municipal Bond Supervision Act".
L. 91: Entire article added, p. 2404, § 1, effective 1/1/1992.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 59 - COLORADO MUNICIPAL BOND SUPERVISION ACT (§§ 11-59-101 — 11-59-120) › Section 11-59-102 - Legislative declaration

(1)
The general assembly finds that:
(a)
The financial reputation and integrity of all local governments and political subdivisions are a matter of statewide concern;
(b)
There is a growing concern statewide with special districts and municipal and county improvement districts that are either insolvent or threatened with insolvency and the attendant impairment of viability and of the ability to provide public services; and
(c)
The credit reputation of political subdivisions of the state of Colorado is of vital interest to citizens of the state.
(2)
The general assembly determines that it is necessary to empower the securities commissioner to regulate and monitor the issuance of municipal bonds of political subdivisions and to develop information and recommendations for appropriate action for the general assembly in connection therewith.
(3)
The general assembly declares that the annual disclosure of financial and credit information for public securities will benefit both issuers and investors by expanding and stabilizing the market for public securities and thereby improving the marketability of such securities.
(4)
Therefore, the general assembly declares that it is in the best interests of this state and its citizens that safeguards and full disclosure be made in connection with the issuance of bonds of special districts and municipal and county improvement districts and that this article is necessary to protect the continued provision of public services and the credit of political subdivisions. This article is remedial in nature and is to be broadly construed to effectuate its purposes.
L. 91: Entire article added, p. 2404, § 1, effective 1/1/1992.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › PUBLIC SECURITIES (§§ 11-55-101 — 11-59.5-101) › Article 59 - COLORADO MUNICIPAL BOND SUPERVISION ACT (§§ 11-59-101 — 11-59-120) › Section 11-59-105 - [Repealed]

Repealed by 2022 Ch. 102, §1, eff. 8/10/2022.
Amended by 2022 Ch. 2, §9, eff. 2/25/2022.
Amended by 2014 Ch. 390, §5, eff. 6/6/2014.
L. 91: Entire article added, p. 2410, § 1, effective 1/1/1992; except that this section is effective 7/1/1991. (See §
11-59-120
.) L. 97: (3) repealed, p. 102, § 2, effective March 24. L. 2004: (1) amended, p. 520, § 8, effective July 1. L. 2007: (1) amended, p. 176, § 5, effective March 22. L. 2014: (1) (a) amended, (SB 14-153), ch. 390, p. 1960, § 5, effective June 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 59 - COLORADO MUNICIPAL BOND SUPERVISION ACT (§§ 11-59-101 — 11-59-120) › Section 11-59-106 - Requirement for registration of district bonds

It is unlawful for any district to issue bonds or for any other person to make a distribution of such bonds unless they are first registered with the securities commissioner under section
11-59-108
or unless the issuance of bonds is exempted under section
11-59-110
.
L. 91: Entire article added, p. 2411, § 1, effective 1/1/1992. L. 94: Entire section amended, p. 1847, § 14, 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 59 - COLORADO MUNICIPAL BOND SUPERVISION ACT (§§ 11-59-101 — 11-59-120) › Section 11-59-107 - General registration provisions

(1)
An application for registration of bonds may be filed by the district proposing to issue the bonds or a broker-dealer licensed or exempt under article
51
of this title acting on behalf of such district.
(2)
Every application for registration shall be accompanied by a fee, which shall be determined and collected pursuant to section
11-59-119
.
(3)
Any document or portion thereof filed with the securities commissioner under this article within five years preceding the filing of an application for registration may be incorporated by reference in an application to the extent that such document or portion thereof is accurate at the time of such incorporation by reference.
(4)
The securities commissioner may, by rule or order, permit the omission of any item of information or document from any application.
(5)
The securities commissioner may, by rule or order, require as a condition of registration under section
11-59-108
that a district require that persons building or developing improvements in the district furnish security to the district for their undertakings relating to payments supporting the offering. The commissioner may, by rule or order, determine the manner and form of such security, which may include but need not be limited to:
(a)
Letters of credit or guarantees from depository institutions or such other persons, companies, or institutions approved by the securities commissioner;
(b)
Escrow deposits of cash or securities; or
(c)
First lien mortgages on land owned by developers or builders, together with recent appraisals.
(6)
An application for registration may be amended after its effective date so as to increase the quantity of bonds being offered. A district filing such an amendment shall pay a fee, which shall be determined and collected pursuant to section
11-59-119
, with respect to the additional bonds being registered.
L. 91: Entire article added, p. 2411, § 1, effective 1/1/1992.