reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-508 - Additional securities details

(1)
As the board may determine, any bonds and other district securities issued under this article, except as otherwise provided in this article or in any law supplemental thereto, may:
(a)
Be of a convenient denomination or denominations;
(b)
Be fully negotiable within the meaning of and for all the purposes of the "Uniform Commercial Code - Investment Securities", being article
8
of title
4
, C.R.S.;
(c)
Mature at such time or serially at such times in regular numerical order at annual or other designated intervals in amounts designated and fixed by the board;
(d)
Bear interest payable annually, semiannually, or at other designated intervals, but the first interest payment date may be for interest accruing for any other period;
(e)
Be made payable in lawful money of the United States, at the office of the treasurer, any county treasurer, or any commercial bank within or without or both within and without the state as may be provided by the board; and
(f)
Be printed at such place within or without this state, as the board may determine.
L. 69: p. 768, § 50. C.R.S. 1963: § 89-21-50.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-509 - Payment without further order

The principal of, the interest on, and any prior redemption premium due in connection with any district securities shall be paid as the same become due in accordance with the terms of the securities and any resolutions and other proceedings pertaining to their issuance, without any warrant or further order or other preliminaries.
L. 69: p. 768, § 51. C.R.S. 1963: § 89-21-51.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-510 - Interest coupons

Any bonds issued under this article (except temporary bonds) shall have one or two sets of interest coupons, bearing the number of the bond to which they are respectively attached, numbered consecutively in regular numerical order, and attached in such manner that they may be removed upon the payment of the installments of interest without injury to the bonds, except as otherwise provided in this article.
L. 69: p. 768, § 52. C.R.S. 1963: § 89-21-52.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-511 - Execution of securities

Bonds and other district securities issued under this article shall be executed in the name of the district, shall be signed by the chairman of the board, shall be countersigned by the treasurer, and shall be attested by the secretary. All bonds or other securities shall be authenticated by the seal of the district affixed thereto. All coupons shall be signed by the treasurer. Facsimile signatures may be used on any coupons.
L. 69: p. 768, § 53. C.R.S. 1963: § 89-21-53.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-512 - Use of facsimiles

Any bonds or other securities, including without limitation any certificates endorsed thereon and any coupons attached thereto, may be executed with facsimile signatures and seals as provided in sections
11-55-103
and
11-55-104
, C.R.S., as from time to time amended.
L. 69: p. 769, § 54. C.R.S. 1963: § 89-21-54. L. 77: Entire section amended, p. 288, § 64, effective June 29.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-513 - Execution by incumbents

The bonds, any coupons pertaining thereto, and other securities bearing the signatures of the officers in office at the time of the signing thereof shall be the valid and binding obligations of the district, notwithstanding that before the delivery thereof and payment therefor all of the persons whose signatures appear thereon have ceased to fill their respective offices.
L. 69: p. 769, § 55. C.R.S. 1963: § 89-21-55.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-514 - Execution with predecessor's facsimile

Any officer authorized or permitted to sign any bonds, any coupons, or any other securities, at the time of their execution and of a signature certificate pertaining thereto, may adopt for his own facsimile signature the facsimile signature of his predecessor in office in the event that such facsimile signature appears upon the bonds, coupons, and other securities pertaining thereto, or any combination thereof.
L. 69: p. 769, § 56. C.R.S. 1963: § 89-21-56.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-515 - Repurchase of securities

Any bonds or other district securities may be repurchased by the board out of any funds available for such purpose at a price of not more than the principal amount thereof and accrued interest, plus the amount of the premium, if any, which might on the next prior redemption date of such securities be paid to the holders thereof if such securities should be called for redemption on such date pursuant to their terms. All securities so repurchased shall be canceled; but if the securities are not called for prior redemption at the district's option within one year from the date of their purchase, they may be repurchased without limitation as to price.
L. 69: p. 769, § 57. C.R.S. 1963: § 89-21-57.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-516 - Use of securities proceeds

(1)
All moneys received from the issuance of any securities authorized in this article shall be used solely for the purpose for which issued and to defray wholly or in part the cost of the project thereby delineated, except for any funding or refunding securities.
(2)
Any accrued interest and any premium shall be applied to the cost of the project or to the payment of the interest on or the principal of the securities, or both interest and principal, or shall be deposited in a reserve therefor, or any combination thereof, as the board may determine.
L. 69: p. 769, § 58. C.R.S. 1963: § 89-21-58.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-517 - Use of surplus proceeds

Any unexpended balance of the proceeds of such securities remaining after the completion of the acquisition or improvement of properties pertaining to the project or otherwise to the completion of the purpose for which such securities were issued shall be credited immediately to the fund or account created for the payment of the interest on or the principal of the securities, or both principal and interest, and shall be used therefor, subject to the provisions as to the times and methods for their payment as stated in the securities and the proceedings authorizing or otherwise pertaining to their issuance, or so paid into a reserve therefor, or any combination thereof, as the board may determine.
L. 69: p. 769, § 59. C.R.S. 1963: § 89-21-59.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-518 - Validity of securities unaffected by project

(1)
The validity of any securities shall not be dependent on or affected by the validity or regularity of any proceedings relating to a project or the proper completion of any purpose for which the securities are issued.
(2)
The purchaser of the securities shall in no manner be responsible for the application of the proceeds of the securities by the district or any of its officers, agents, and employees.
L. 69: p. 770, § 60. C.R.S. 1963: § 89-21-60.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-519 - Employment of experts

(1)
The board on behalf of the district may employ legal, fiscal, engineering, and other expert services in connection with any project or the facilities, or both such project and facilities, and the authorization, sale, and issuance of bonds and other securities under this article.
(2)
The board on behalf of the district is authorized to enter into any contracts or arrangements, not inconsistent with the provisions of this article, with respect to the sale of bonds or other securities under this article, the employment of engineers, architects, financial consultants, and bond counsel, and other matters as the board may determine to be necessary or desirable in accomplishing the purposes of this article.
L. 69: p. 770, § 61. C.R.S. 1963: § 89-21-61.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-520 - Investments and reinvestments

(1)
The board, subject to any contractual limitations from time to time imposed upon the district by any resolution authorizing the issuance of the district's outstanding securities or by any trust indenture or other proceedings pertaining thereto, may cause to be invested and reinvested any proceeds of taxes, any proceeds of assessments, any pledged revenues, and any proceeds of bonds or other district securities issued under this article in securities meeting the investment requirements established in part 6 of article
75
of title
24
, C.R.S., and may cause such proceeds of taxes, assessments, revenues, district securities, and other securities to be deposited in any trust bank within or without or both within and without this state and secured in such manner and subject to such terms and conditions as the board may determine, with or without the payment of any interest on such deposit, including without limitation time deposits evidenced by certificates of deposit.
(2)
Any such securities and any certificates of deposit thus held may from time to time be sold, and the proceeds may be so reinvested or redeposited as provided in this section.
(3)
Sales and redemptions of any such securities and certificates of deposit thus held shall from time to time be made in season so that the proceeds may be applied to the purposes for which the money with which such securities and certificates of deposit were originally acquired was placed in the district treasury.
(4)
Any gain from any such investments or reinvestments may be credited to any fund or account pledged for the payment of any securities issued under this article, including any reserve therefor, or any other fund or account pertaining to a project or the facilities or the district's general fund, subject to any contractual limitations in any proceedings pertaining to outstanding district securities.
(5)
Any commercial bank incorporated under the laws of this state which may act as depository of the proceeds of any securities issued under this article, any other securities owned by the district, any proceeds of taxes, any proceeds of assessments, any pledged revenues, and any moneys otherwise pertaining to a project or the facilities, or any combination thereof, may furnish such indemnifying bonds or may pledge such securities as may be required by the board.
L. 69: p. 770, § 62. C.R.S. 1963: § 89-21-62. L. 89: (1) to (3) and (5) amended, p. 1121, § 45, effective July 1.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-521 - Rights and remedies cumulative

No right or remedy conferred upon any holder of any securities or any coupon pertaining thereto or any trustee for such holder by this article or by any proceedings pertaining to the issuance of such securities or coupon is exclusive of any right or remedy, but each such right or remedy is cumulative and in addition to every other right or remedy and may be exercised without exhausting and without regard to any other remedy conferred by this article or by any other law.
L. 69: p. 771, § 63. C.R.S. 1963: § 89-21-63.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-522 - Continuation of liabilities

The failure of any holder of any district securities or any coupons pertaining thereto to proceed as provided in this article or in such proceedings shall not relieve the district, the board, or any of the officers, agents, and employees of the district of any liability for failure to perform any duty, obligation, or other commitment.
L. 69: p. 771, § 64. C.R.S. 1963: § 89-21-64.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-523 - Temporary bonds

(1)
Each temporary bond issued under this article shall set forth substantially the same conditions, terms, and provisions as the definitive bond for which it is exchanged.
(2)
Each holder of a temporary bond has all the rights and remedies which he would have as a holder of the definitive bond for which the temporary bond is to be exchanged.
L. 69: p. 771, § 65. C.R.S. 1963: § 89-21-65.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-524 - Statement of purpose

The resolution authorizing the issuance of any district securities or any indenture pertaining thereto shall describe the purpose for which the securities are issued at least in general terms and may describe any purpose in detail.
L. 69: p. 771, § 66. C.R.S. 1963: § 89-21-66.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-525 - Prior redemption calls

(1)
Nothing in this article or in any other law of this state shall be construed to permit the board to call, on behalf of the district, bonds or other securities outstanding any time after the adoption of this article for prior redemption in order to fund or refund such securities or in order otherwise to pay them prior to their stated maturities, unless the right to call such securities for prior redemption was specifically reserved and stated in such bonds at the time of their issuance, and all conditions with respect to the manner, price, and time applicable to such prior redemption, as set forth in the proceedings authorizing the outstanding securities, are strictly observed.
(2)
It is the intention of the general assembly in this section to make certain that the holder of no outstanding bond or other security may be compelled to surrender such security for funding or refunding or other payment prior to its stated maturity or optional date of prior redemption expressly reserved therein, even though such funding or refunding or other payment might result in financial benefit to the district.
L. 69: p. 771, § 67. C.R.S. 1963: § 89-21-67.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-526 - Surrender of district securities by state

Notwithstanding the provisions of section
32-11-525
or of any other law, this state, acting by and through the state agency authorizing the acquisition of district bonds or other district securities, may agree with the board to exchange any outstanding securities of the district held by the state or any agency, corporation, department, or other instrumentality of the state, for funding or refunding bonds or other funding securities of the district, or otherwise to surrender at such price and time and otherwise upon such conditions and other terms and in such manner as may be mutually agreeable, such outstanding securities to the state for funding or refunding or other payment at any time prior to their respective maturities or to any date as of which the district has the right and option to call on its behalf such outstanding securities for prior redemption as expressly provided in the outstanding securities and any resolution, trust indenture, or other proceedings authorizing their issuance.
L. 69: p. 771, § 68. C.R.S. 1963: § 89-21-68.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-527 - Notes and warrants

(1)
Notes and warrants designated in section
32-11-501(2)
may mature at such time, not exceeding one year from the date of their issuance, as the board may determine.
(2)
The notes and warrants shall not be extended or funded except by the issuance of bonds or interim debentures in compliance with sections
32-11-558
to
32-11-563
and other provisions in this article supplemental thereto.
L. 69: p. 772, § 69. C.R.S. 1963: § 89-21-69.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-528 - General obligation securities

(1)
The district may issue as general obligations any of the following types of district securities, payable from taxes, or payable from taxes and additionally secured as to their payment by a pledge of net revenues or gross revenues, as the board may determine:
(a)
Notes;
(b)
Warrants;
(c)
Interim debentures;
(d)
Bonds; and
(e)
Temporary bonds.
L. 69: p. 772, § 70. C.R.S. 1963: § 89-21-70.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-529 - Special obligation securities

(1)
The district may issue as special obligations any of the following types of district securities, in anticipation of net pledged revenues; but not under any circumstances under their terms and the proceedings authorizing their issuance, in anticipation of taxes nor in anticipation of gross pledged revenues:
(a)
Notes;
(b)
Warrants;
(c)
Interim debentures;
(d)
Bonds; and
(e)
Temporary bonds.
(2)
Such special obligation district securities may be payable from, secured by a pledge of, and constitute a lien on net pledged revenues.
L. 69: p. 772, § 71. C.R.S. 1963: § 89-21-71.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-530 - Covenant to pay operation and maintenance expenses

Any resolution authorizing the issuance of general obligation district securities payable from gross revenues or any indenture or other proceedings pertaining thereto may contain a covenant of the district that to the extent required, as provided therein, the district will pay operation and maintenance expenses by appropriation from its general fund and that to the extent the moneys accounted for therein are insufficient for that purpose the district shall levy taxes therefor, subject to the limitation pertaining to such expenses in section
32-11-217(1)(d)
.
L. 69: p. 772, § 72. C.R.S. 1963: § 89-21-72.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-531 - Securities constituting indebtedness

(1)
Any outstanding general obligation bonds, any temporary general obligation bonds to be exchanged for such definitive bonds, and any general obligation interim debentures constitute outstanding indebtedness of the district and exhaust the debt-incurring power of the district under the debt limitation pertaining thereto in section
32-11-534
.
(2)
Any general obligation notes and general obligation warrants shall be issued within budget limitations and unencumbered appropriations and shall not constitute indebtedness.
L. 69: p. 772, § 73. C.R.S. 1963: § 89-21-73.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-532 - Securities not constituting indebtedness

Any other district securities (except general obligation notes and general obligation warrants) constitute special obligations of the district, and all such other securities (including all notes and warrants, general obligations, or special obligations payable within one year from date) neither constitute outstanding indebtedness of the district nor exhaust its debt-incurring power under any such debt limitation.
L. 69: p. 773, § 74. C.R.S. 1963: § 89-21-74. L. 84: Entire section amended, p. 847, § 2, effective July 1.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-533 - Election to authorize debt

Subject to the provisions of sections
32-11-564
and
32-11-566
, no indebtedness shall be incurred by the issuance of district securities or by any contract by which the district agrees to repay as general obligations of the district to the federal government or to any public body over a term not limited to the then current fiscal year any project costs advanced thereby under any contract for the acquisition of the project or any interest therein, advanced by the issuance of securities of such a public body to defray any cost of the project or of facilities thereby acquired and becoming a part of the district's facilities, or otherwise advanced, unless a proposal of issuing the district's general obligation bonds, including the maximum net effective interest rate at which such issue of bonds may be issued, or of incurring an indebtedness by the district by making such a contract is submitted and approved at an election held for that purpose in accordance with part 4 of this article and with all laws amendatory thereof and supplemental thereto.
L. 69: p. 773, § 75. C.R.S. 1963: § 89-21-75. L. 70: p. 301, § 124.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-534 - Limitations upon incurring debt

(1)
The aggregate amount of indebtedness of the district evidenced by district securities and otherwise by contract with the federal government or any public body, or otherwise, shall not at any time exceed three percent of the valuation for assessment of the taxable property within the district as shown by the last preceding assessment for the purposes of taxation, except as otherwise provided in this article.
(2)
No debt within such debt limitation at the time it is incurred by the issuance of district securities or by otherwise obligating the district under contract shall become invalid because of any reduction subsequently of the district's debt-incurring power for any reason.
(3)
Nothing in this article authorizes the creation of an indebtedness by any public body located wholly or in part within the district or elsewhere.
L. 69: p. 773, § 76. C.R.S. 1963: § 89-21-76.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-535 - Interest and prior redemption charges

Interest on any district securities or on any moneys directly or indirectly advanced by the federal government or any public body and to be repaid by the district under any contract, and any prior redemption premiums due in connection with the prepayment of any such securities, and any other prepayment charges due from the district under any contract, do not constitute indebtedness under this article, except as otherwise provided in sections
32-11-564(1)(a)
and
32-11-566(3)
.
L. 69: p. 773, § 77. C.R.S. 1963: § 89-21-77.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-536 - Recitals in securities

(1)
The district securities issued under this article, designated in section
32-11-501(2)
, and constituting special obligations shall recite in substance that the securities and the interest thereon are payable solely from the net revenues pledged to the payment thereof.
(2)
District securities issued under this article and constituting general obligations shall pledge the full faith and credit of the district for their payment, shall so state, and shall state that they are payable from taxes.
(3)
General obligation district securities, the payment of which is additionally secured by a pledge of revenues, shall recite in substance, in addition to the statements required by subsection (2) of this section, that the payment of the securities and the interest thereon is additionally secured by a pledge of the net revenues or the gross revenues, as the case may be, designated in the securities.
L. 69: p. 774, § 78. C.R.S. 1963: § 89-21-78.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-537 - Consolidated bond fund

Payment of the principal of and the interest on general obligation bonds may be made from a consolidated bond interest and redemption fund of the district except as otherwise provided in any proceedings pertaining to outstanding district securities or in any other contract.
L. 69: p. 774, § 79. C.R.S. 1963: § 89-21-79.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-538 - Securities tax levies

(1)
There shall be levied annually a special tax on all taxable property, both real and personal, within the territorial limits of the district, fully sufficient, without regard to any statutory limitations existing, except for any notes or warrants, to pay the interest on the general obligation district securities and to pay and retire the same as provided in this article and any law supplemental to this article. The amount of money to be raised by such tax shall be included in the annual estimate or budget for the district for each year for which such tax is required to be levied by this article. Such tax shall be levied and collected in the same manner and at the same time as other taxes of the district are levied and collected.
(2)
Subject to the provisions of section
32-11-537
, the proceeds of any such tax levied to pay interest on such securities of any series shall be kept by the district treasurer in a special account separate and apart from all other funds, and the proceeds of the tax levied to pay the principal of such securities shall be kept by the treasurer in a special account separate and apart from all other funds, which two special accounts shall be used for no other purpose than the payment of the interest on the securities and the principal thereof, respectively, as the same falls due.
L. 69: p. 774, § 80. C.R.S. 1963: § 89-21-80.
For collection of taxes, see article 10 of title 39.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-539 - Initial levies

(1)
Such tax shall be levied immediately after the issuance of any general obligation securities issued in accordance with the provisions of this article, at the times and in the manner provided by law, and annually thereafter until all of the securities and the interest thereon have been fully discharged.
(2)
Such tax may be first levied after the district, acting by and through the board, has contracted to sell any securities but before their issuance.
L. 69: p. 774, § 81. C.R.S. 1963: § 89-21-81.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-540 - Payments from general fund

Any sums coming due on any general obligation district securities at any time when there are not on hand from such tax levy or levies sufficient funds to pay the same shall be promptly paid when due from the general fund of the district, reimbursement to be made to such general fund in the sums thus advanced when the taxes provided for in this article have been collected.
L. 69: p. 774, § 82. C.R.S. 1963: § 89-21-82.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-541 - Use of other moneys

The district may apply any funds (other than taxes) that may be available for that purpose to the payment of the interest on or the principal of any general obligation district securities as the same respectively mature, including without limitation the payment of general obligation bonds as provided in section
32-11-537
, and regardless of whether the payment of the general obligation district securities is additionally secured by a pledge of revenues and, upon such payments, the levy of taxes provided in this article may thereupon to that extent be diminished.
L. 69: p. 775, § 83. C.R.S. 1963: § 89-21-83.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-542 - Appropriation of taxes

There is by this article, and there shall be by resolution authorizing the issuance of any indebtedness contracted in accordance with the provisions of this article, specially appropriated the proceeds of such taxes to the payment of the principal thereof and any interest thereon; and such appropriations shall not be repealed nor the taxes postponed or diminished, except as otherwise expressly provided in this article, until the principal of and interest on the district securities evidencing such debt or other indebtedness evidenced by other contract have been wholly paid.
L. 69: p. 775, § 84. C.R.S. 1963: § 89-21-84.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-543 - Special obligation limitations

None of the covenants, agreements, representations, and warranties contained in any resolution authorizing the issuance of bonds or other district securities issued under the provisions of this article, designated in section
32-11-501(2)
, and constituting special obligations, or in any other instrument pertaining thereto, in the absence of any breach thereof, shall ever impose or be construed as imposing any liability, obligation, or charge against the district (except the special funds pledged therefor) or against the general credit of the district, payable out of the general fund of the district, or out of any funds derived from taxation.
L. 69: p. 775, § 85. C.R.S. 1963: § 89-21-85.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-544 - Purchase price and interest

(1)
Any district securities designated in section
32-11-501(2)
and otherwise issued under this article, as may be provided by the board in a resolution authorizing their issuance and in any indenture or other proceedings pertaining thereto, may be issued at, above, or below par, at a discount not exceeding seven percent of the principal amount of the securities; but they may not be issued at a price such that the net effective interest rate of the issue of securities exceeds the maximum net effective interest rate authorized.
(2)
Such district securities shall bear interest at a rate such that the net effective interest rate of the issue of securities does not exceed the maximum net effective interest rate authorized.
L. 69: p. 775, § 86. C.R.S. 1963: § 89-21-86. L. 70: p. 301, § 125.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-545 - Public and private sales

(1)
Notes may be issued at public or private sale.
(2)
Warrants may be issued to evidence the amount due to any person furnishing services or materials as provided in this article.
(3)
General obligation bonds shall be issued at public sale. Bonds constituting special obligations may be issued at public or private sale.
(4)
Temporary bonds shall be issued to a purchaser of the definitive bonds in anticipation of the exchange of the former for the latter.
(5)
Interim debentures may be issued at public or private sale.
L. 69: p. 775, § 87. C.R.S. 1963: § 89-21-87.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-546 - Notice of public sale

(1)
Before selling any district securities publicly, the board shall:
(a)
Cause a notice calling for bids for the purchase of the securities to be published once a week for four consecutive weeks by four weekly insertions a week apart, the first publication to be not more than thirty days nor less than twenty-two days next preceding the date of sale, in a newspaper published within the boundaries of the district and having general circulation therein;
(b)
Cause such other notice to be given as the board may direct.
L. 69: p. 775, § 88. C.R.S. 1963: § 89-21-88.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-547 - Contents of sale notice

(1)
The notice shall:
(a)
Specify a place and designate a day and the hour thereof subsequent to the date of the last publication when sealed bids for the purchase of the securities shall be received and opened publicly;
(b)
Specify the maximum rate of interest which the securities shall bear;
(c)
Require each bidder to submit a bid specifying the lowest rate or rates of interest and premium, if any, at which the bidder will purchase the securities, at or above par, or, if so permitted by the board, below par at a discount not exceeding the maximum discount fixed by the board.
L. 69: p. 776, § 89. C.R.S. 1963: § 89-21-89.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-548 - Bid requirements

(1)
All bids shall:
(a)
Be in writing and be sealed; and
(b)
Except any bid of the state or any board or department thereof, if one is received, be accompanied by a deposit of an amount of at least two percent of the principal amount of the securities, either in cash, or by cashier's check or treasurer's check of, or by certified check drawn on, a solvent commercial bank in the United States, which deposit shall be returned if the bid is not accepted.
L. 69: p. 776, § 90. C.R.S. 1963: § 89-21-90.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-549 - Acceptance of best bid

(1)
Subject to the right of the board to reject any and all bids, the securities shall be sold to the responsible bidder making the best bid.
(2)
If there are two or more equal bids for the securities and such equal bids are the best bids received and not less than the principal amount of the securities and accrued interest, except for any permitted discount, the board shall determine which bid shall be accepted.
L. 69: p. 776, § 91. C.R.S. 1963: § 89-21-91.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-550 - Rejection of bids

(1)
If a bid is accepted, the deposits of all other bidders shall be thereupon returned. If all bids are rejected, all deposits shall be returned forthwith.
(2)
If the successful bidder fails or neglects to complete the purchase of the securities within thirty days following the acceptance of his bid, or within ten days after the bonds are made ready and are tendered by the district for delivery, whichever is later, the amount of his deposit shall be forfeited to the district (but no bidder shall forfeit such deposit whenever the securities are not ready and so tendered for delivery within sixty days from the date of the acceptance of his bid), and the board may accept the bid of the person making the next best bid.
(3)
If all bids are rejected, the board may readvertise the securities for sale in the same manner as provided for the original advertisement or may sell the securities privately.
L. 69: p. 776, § 92. C.R.S. 1963: § 89-21-92.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-551 - Bond maturities

(1)
General obligation bonds shall mature within not exceeding forty years from their date or respective dates and commencing not later than the third year thereafter, in such manner as the board may determine.
(2)
Special obligation bonds (other than assessment bonds) shall mature within not exceeding fifty years from their date or respective dates.
L. 69: p. 776, § 93. C.R.S. 1963: § 89-21-93.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-552 - Prior redemption provisions

The board may provide for the redemption prior to maturity at the option of the district of any or all of the bonds or other district securities designated in section
32-11-501(2)
, in such order, by lot or otherwise, at such time, with or without the payment of such premiums not exceeding seven percent of the principal amount of each bond or other security so redeemed, and otherwise upon such terms as may be provided by the board in the resolution authorizing the issuance of the securities or other instrument pertaining thereto.
L. 69: p. 777, § 94. C.R.S. 1963: § 89-21-94.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-553 - Special funds and accounts

The board, in any resolution authorizing the issuance of bonds or other securities designated in section
32-11-501(2)
or in any instrument or other proceedings pertaining thereto, may create special funds and accounts for the payment of the cost of a project, of operation and maintenance expenses, of the securities, including the accumulation and maintenance of reserves therefor, of improvements, including the accumulation and maintenance of reserves therefor, and of other obligations pertaining to the securities, any project, or the facilities.
L. 69: p. 777, § 95. C.R.S. 1963: § 89-21-95.
2023 Colorado Revised Statutes › Title 32 - SPECIAL DISTRICTS (§§ 32-1-101 — 32-22-117) › SPECIAL STATUTORY DISTRICTS (§§ 32-8-101 — 32-22-117) › Article 11 - URBAN DRAINAGE AND FLOOD CONTROL ACT (§§ 32-11-101 — 32-11-817) › Part 5 - INDEBTEDNESS AND FINANCIAL PROVISIONS (§§ 32-11-501 — 32-11-571) › Section 32-11-555 - Liens on pledged revenues

(1)
Revenues pledged for the payment of any securities, as received by or otherwise credited to the district, shall immediately be subject to the lien of each such pledge without any physical delivery thereof, any filing, or further act.
(2)
The lien of each such pledge and the obligation to perform the contractual provisions made in the authorizing resolution or other instrument pertaining thereto has priority over any other obligations and liabilities of the district, except as may be otherwise provided in this article or in the resolution or other instrument, and subject to any prior pledges and liens theretofore created.
(3)
The lien of each such pledge shall be valid and binding as against all persons having claims of any kind in tort, contract, or otherwise against the district irrespective of whether such persons have notice thereof.
L. 69: p. 779, § 97. C.R.S. 1963: § 89-21-97.