When approved at an election held pursuant to section 22-42-102, the board of education, from time to time, as the proceeds thereof shall be needed for the purposes specified in the notice of said bond election, shall issue bonds of the district in denominations of one thousand dollars or any multiple of one thousand dollars, in its discretion, bearing interest at a rate such that the annual and total repayment costs do not exceed the limits set forth in the notice of the bond election and payable at such time determined in the discretion of the board, which bonds shall mature serially, commencing not later than five years and extending not more than twenty-five years after the date thereof. Principal and interest thereon shall be payable at such place as shall be determined by said board and designated in said bonds. Said bonds shall be made callable for redemption, commencing no later than eleven years after their date, in such manner, with or without premium, as may be determined by the board. Interest on bonds issued on or after July 1, 1973, pursuant to this article shall be exempt from Colorado income tax.
Source: L. 64: R&RE, p. 553, § 1. C.R.S. 1963: § 123-11-15. L. 70: p. 336, § 10. L. 71: p. 1149, § 4. L. 73: p. 1250, § 1. L. 74: Entire section amended, p. 419, § 66, effective April 11. L. 2010: Entire section amended, (HB 10-1013), ch. 399, p. 1898, § 5, effective June 10.
ANNOTATION
Board not required to determine bond issue date at election time. The board of education, in arranging for bond election and the time thereof, is not required to determine the date on which the bonds are to be issued. Hebel v. Sch. Dist. R-1, 131 Colo. 105, 279 P.2d 673 (1955).
The adopted authorization is only for a reasonable, necessary, or prudent time. The authorization for the issuance of school district bonds when once adopted by the electors is not to be considered as an authorization for all future time, but only for such time as is reasonable, necessary or prudent. Hebel v. Sch. Dist. R-1, 131 Colo. 105, 279 P.2d 673 (1955).