2023 Colorado Revised Statutes › Title 30 - GOVERNMENT - COUNTY (§§ 30-1-101 — 30-35-906) › FLOOD CONTROL (§§ 30-30-101 — 30-31-118) › Article 31 - COUNTY REVITALIZATION (§§ 30-31-101 — 30-31-118) › Section 30-31-111 - [Effective 8/7/2024] Issuance of bonds by an authority

(1)
An authority has power to issue bonds of the authority from time to time in its discretion to finance its activities or operations pursuant to this article 31, including the repayment with interest of any advances or loans of funds made to the authority by the federal government or other source for any surveys or plans made or to be made by the authority in exercising its powers pursuant to this article 31 and also has power to issue refunding or other bonds of the authority in its discretion for the payment, retirement, renewal, or extension of any bonds previously issued pursuant to this section and to provide for the replacement of lost, destroyed, or mutilated bonds previously issued pursuant to this section.
(2)
(a)
Bonds issued pursuant to this section may be general obligation bonds of the authority the payment of which, as to principal and interest and premiums, if any, the full faith, credit, and assets, acquired and to be acquired, of the authority are irrevocably pledged.
(b)
Bonds issued pursuant to this section may be special obligations of the authority which, as to principal and interest and premiums, if any, are payable solely from and secured only by a pledge of any income, proceeds, revenues, or funds of the authority derived or to be derived by it from or held or to be held by it in connection with its undertaking of any project of the authority, including money to be paid to an authority pursuant to section 30-31-109 (13) and including any grants or contributions of money made or to be made by it with respect to any such project and any money derived or to be derived by it from or held or to be held by it in connection with its sale, lease, rental, transfer, retention, management, rehabilitation, clearance, development, redevelopment, preparation for development or redevelopment, or its operation or other utilization or disposition of any real or personal property acquired or to be acquired by it or held or to be held by it for any of the purposes of this article 31 and including any loans, grants, or contributions of funds made or to be made to it by the federal government in aid of any project of the authority or in aid of any of its other activities or operations.
(c)
Bonds issued pursuant to this section may be special obligations of the authority that, as to principal and interest and premiums, if any, are payable solely from and secured only by a pledge of any loans, grants, or contributions of money made or to be made to it by the federal government or other source in aid of any project of the authority or in aid of any of its other activities or operations.
(d)
Bonds issued pursuant to this section may be contingent special obligations of the authority which, as to principal and interest and premiums, if any, are payable solely from any money available or becoming available to the authority for its undertaking of the project involved in the particular activities or operations with respect to which the contingent special obligations are issued but payable only if money is or becomes available as provided in this subsection (2).
(3)
Notwithstanding any other provisions of this section, any bonds issued pursuant to this section, other than the contingent special obligations covered by subsection (2)(d) of this section, may be additionally secured as to the payment of the principal and interest and premiums, if any, by a mortgage of any county revitalization project, or any part thereof, title to which is then or thereafter in the authority or of any other real or personal property or interests therein then owned or thereafter acquired by the authority.
(4)
Notwithstanding any other provisions of this section, general obligation bonds issued pursuant to this section may be additionally secured as to payment of the principal and interest and premiums, if any, as provided in either subsection (2)(b) or subsection (2)(c) of this section, with or without being also additionally secured as to payment of the principal, interest, and premiums, if any, by a mortgage as provided in subsection (3) of this section or a trust agreement as provided in subsection (5) of this section.
(5)
Notwithstanding any other provision of this section, any bonds pursuant to this section may be additionally secured as to the payment of the principal, interest, and premiums, if any, by a trust agreement by and between the authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the state of Colorado.
(6)
Bonds issued pursuant to this section do not constitute an indebtedness of the state of Colorado or of any county, municipality, or public body of the state of Colorado other than the county revitalization authority issuing such bonds and are not subject to the provisions of any other law or of the charter of any county relating to the authorization, issuance, or sale of bonds.
(7)
Bonds issued pursuant to this section are issued for an essential public and governmental purpose and, together with interest thereon and income therefrom, are exempt from all taxes.
(8)
(a)
Bonds issued pursuant to this section must be authorized by a resolution of the authority and may be issued in one or more series and must bear such date, be payable upon demand or mature at such time, bear interest at such rate, be in such denomination, be in such form, either coupon or registered or otherwise, carry such conversion or registration privileges, have such rank or priority, be executed in the name of the authority in such manner, be payable in such medium of payment, be payable at such place, be subject to such callability provisions or terms of redemption, with or without premiums, be secured in such manner, be of such description, contain or be subject to such covenants, provisions, terms, conditions, and agreements including provisions concerning events of default, and have such other characteristics as may be provided by the resolution or by the trust agreement, indenture, or mortgage, if any, issued pursuant to the resolution.
(b)
The seal, or a facsimile thereof, of the authority must be affixed, imprinted, engraved, or otherwise reproduced upon each of its bonds issued pursuant to this section.
(c)
Bonds issued pursuant to this section must be executed in the name of the authority by the manual, or facsimile signatures of such of its officials as may be designated in the said resolution or trust agreement, indenture, or mortgage; except that at least one signature on each such bond must be a manual signature.
(d)
Coupons, if any, attached to bonds issued pursuant to this section must bear the facsimile signature of an official of the authority designated pursuant to this subsection (8).
(e)
A resolution or trust agreement, indenture, or mortgage may provide for the authentication of the pertinent bonds by the trustee.
(9)
Bonds issued pursuant to this section may be sold by the authority in such manner and for such price as the authority may determine, at par, below par, or above par, at private sale or at public sale after notice published before sale in a newspaper having general circulation in the county or in another medium of publication that the authority may deem appropriate.
(10)
Bonds issued pursuant to this section may be exchanged by the authority for other bonds issued by it pursuant to this section.
(11)
Bonds issued pursuant to this section may be sold by an authority to the federal government if the authority sells less than all of the authorized principal amount of the bonds to the federal government, the authority may sell the balance or any portion of the balance at private sale at par, below par, or above par, at an interest cost to the authority not to exceed the interest cost to the authority of the portion of the bonds sold by the authority to the federal government.
Added by 2024 Ch. 387,§ 1, eff. 8/7/2024.
2024 Ch. 387, was passed without a safety clause. See Colo. Const. art. V, § 1(3).