The general assembly declares that this article is necessary by reason of general economic conditions now prevailing in the agricultural sections of this state. Said conditions make it impossible for the owners of land in many such districts to pay the general and special taxes and assessments levied against their property. As a result thereof the delinquencies seriously affect the ability of counties and other governmental agencies in which such districts are located to obtain the revenue necessary to conduct governmental functions. The relief afforded to such districts by this article is urgently necessary in order to permit the performance of local governmental functions of the state in those sections thereof in which such districts are located.
Source: L. 39: p. 446, � 7. CSA: C. 57, � 201. CRS 53: � 47-13-6. C.R.S. 1963: � 47-13-6.
37-32-102. Irrigation or drainage districts authorized to file petition and carry out plan of composition. Any irrigation or drainage district organized under the laws of the state of Colorado is authorized to take advantage of the provisions of an act of the congress of the United States entitled An Act to establish a uniform system of bankruptcy throughout the United States., approved July 1, 1898, and all acts amendatory thereof or supplementary thereto. Any such district is hereby specifically authorized to file the petition mentioned in chapter 9 of the federal bankruptcy code of 1978 (Title 11 of the United States Code). Any such district is authorized to take any necessary requisite or proper action to carry out the plan of composition filed with said petition, or any modification of such plan thereafter accepted in writing by such district, if such original or modified plan is also approved by the United States district court having jurisdiction of the matter.
Source: L. 39: p. 445, � 1. CSA: C. 57, � 195. CRS 53: � 47-13-1. C.R.S. 1963: � 47-13-1. L. 80: Entire section amended, p. 785, � 13, effective June 5.