Title 32, Special Districts
0 chapters · 777 sections in this title.
Colo. Rev. Stat. § 32-11-516 Use of securities proceeds
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(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…
Colo. Rev. Stat. § 32-11-517 Use of surplus proceeds
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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 …
Colo. Rev. Stat. § 32-11-518 Validity of securities unaffected by project
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(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 r…
Colo. Rev. Stat. § 32-11-519 Employment of experts
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(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 artic…
Colo. Rev. Stat. § 32-11-520 Investments and reinvestments
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(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 re…
Colo. Rev. Stat. § 32-11-521 Rights and remedies cumulative
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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…
Colo. Rev. Stat. § 32-11-522 Continuation of liabilities
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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 failu…
Colo. Rev. Stat. § 32-11-523 Temporary bonds
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(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 …
Colo. Rev. Stat. § 32-11-524 Statement of purpose
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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. Source: L. 69: p. 771, � 66. C.R.S. 1963: � 89-2…
Colo. Rev. Stat. § 32-11-525 Prior redemption calls
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(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 securiti…
Colo. Rev. Stat. § 32-11-526 Surrender of district securities by state
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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 …
Colo. Rev. Stat. § 32-11-527 Notes and warrants
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(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…
Colo. Rev. Stat. § 32-11-528 General obligation securities
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(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) Wa…
Colo. Rev. Stat. § 32-11-529 Special obligation securities
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(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 anticipa…
Colo. Rev. Stat. § 32-11-530 Covenant to pay operation and maintenance expenses
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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 op…
Colo. Rev. Stat. § 32-11-531 Securities constituting indebtedness
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(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 u…
Colo. Rev. Stat. § 32-11-532 Securities not constituting indebtedness
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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 fro…
Colo. Rev. Stat. § 32-11-533 Election to authorize debt
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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 …
Colo. Rev. Stat. § 32-11-534 Limitations upon incurring debt
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(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 wit…
Colo. Rev. Stat. § 32-11-535 Interest and prior redemption charges
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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, a…
Colo. Rev. Stat. § 32-11-536 Recitals in securities
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(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) Dis…
Colo. Rev. Stat. § 32-11-537 Consolidated bond fund
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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. Sourc…
Colo. Rev. Stat. § 32-11-538 Securities tax levies
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(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 ge…
Colo. Rev. Stat. § 32-11-539 Initial levies
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(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 …
Colo. Rev. Stat. § 32-11-540 Payments from general fund
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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 f…
Colo. Rev. Stat. § 32-11-541 Use of other moneys
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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 obligat…
Colo. Rev. Stat. § 32-11-542 Appropriation of taxes
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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…
Colo. Rev. Stat. § 32-11-543 Special obligation limitations
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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…
Colo. Rev. Stat. § 32-11-544 Purchase price and interest
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(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,…
Colo. Rev. Stat. § 32-11-545 Public and private sales
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(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…
Colo. Rev. Stat. § 32-11-546 Notice of public sale
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(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 th…
Colo. Rev. Stat. § 32-11-547 Contents of sale notice
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(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 securiti…
Colo. Rev. Stat. § 32-11-548 Bid requirements
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(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 cashi…
Colo. Rev. Stat. § 32-11-549 Acceptance of best bid
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(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 …
Colo. Rev. Stat. § 32-11-550 Rejection of bids
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(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 …
Colo. Rev. Stat. § 32-11-551 Bond maturities
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(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 matu…
Colo. Rev. Stat. § 32-11-552 Prior redemption provisions
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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…
Colo. Rev. Stat. § 32-11-553 Special funds and accounts
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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 ma…
Colo. Rev. Stat. § 32-11-554 Covenants and other provisions
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(1) Any resolution providing for the issuance of any bonds or other district securities under this article payable from pledged revenues, and any indenture or other instrument or proceedings pertaining thereto, may at the discretion of the board contain covenants or other provisi…
Colo. Rev. Stat. § 32-11-555 Liens on pledged revenues
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(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 o…
Colo. Rev. Stat. § 32-11-556 Rights and powers of securities holders
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(1) Subject to any contractual limitations binding upon the holders of any issue or series of district securities, or trustee therefor, including but not limited to the restriction of the exercise of any remedy to a specified proportion, percentage, or number of such holders, and…
Colo. Rev. Stat. § 32-11-557 Receivers
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(1) If a resolution of the board authorizing or providing for the issuance of any securities of any series or any other proceedings pertaining thereto contains a provision authorized by section 32-11-554 (1)(s) and further provides in substance that any trustee appointed pursuant…
Colo. Rev. Stat. § 32-11-558 Issuance of interim debentures
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(1) Notwithstanding any limitation or other provision in this article, whenever the issuance of general obligation bonds by a district for any project has been approved at an election held in accordance with this article, the district is authorized to borrow money without any oth…
Colo. Rev. Stat. § 32-11-559 Limitations upon funding and refunding securities
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(1) Subject to the provisions of subsections (2) to (4) of this section, nothing in this article authorizes the district to issue any district securities constituting a debt for the purpose of funding or refunding district securities constituting special obligations and not const…
Colo. Rev. Stat. § 32-11-560 Interim debenture details
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(1) Any interim debentures may mature at such time not exceeding a period of time equal to the estimated time needed to effect the purpose for which they are issued or for which the bonds are authorized to be issued, but not exceeding three years from the date or respective dates…
Colo. Rev. Stat. § 32-11-561 Payment of interim debentures
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(1) Except as otherwise provided in section 32-11-559, the proceeds of taxes, pledged revenues, and other moneys, including without limitation proceeds of bonds to be issued or reissued after the issuance of interim debentures, and bonds issued for the purpose of securing the pay…
Colo. Rev. Stat. § 32-11-562 Funding interim debentures
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No interim debentures issued pursuant to the provisions of sections 32-11-558 to 32-11-561 shall be extended or funded except by the issuance or reissuance of bonds in compliance with section 32-11-563. Source: L. 69: p. 782, � 104. C.R.S. 1963: � 89-21-104.
Colo. Rev. Stat. § 32-11-563 Funding bonds
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(1) For the purpose of funding any interim debentures, any bonds pledged as collateral security to secure the payment of such interim debentures, upon their surrender as pledged property, may be reissued without an election, and any bonds not previously issued but authorized to b…
Colo. Rev. Stat. § 32-11-564 Refunding bonds
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(1) Subject to the provisions of section 32-11-559, any general obligation bonds or special obligation bonds of the district issued in accordance with the provisions of this article or any other law, and payable from any pledged revenues and any general obligation bonds of the di…
Colo. Rev. Stat. § 32-11-565 Method of issuing refunding bonds
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(1) Subject to the provisions of sections 32-11-525 and 32-11-526, any such bonds issued for refunding purposes may either be delivered in exchange for the outstanding bonds being refunded or may be publicly or privately sold. (2) The refunding bonds, or any part thereof, except …