C.R.S. Section 24-90-112.5
Issuance of bonds


(1)

Intentionally left blank —Ed.

(a)

Whenever the board of trustees of a library district determines that the interest of the library district and the public interest or necessity requires the creation of a general obligation indebtedness of the county on behalf of and in the name of the library district to finance the acquisition, construction, expansion, or remodeling of any real or personal property for library purposes of such district, including, without limitation, acquisition of books and equipment for such purposes, the board of trustees shall adopt a resolution requesting the board of county commissioners of the county in which the library district is located to submit the question of creating such indebtedness at the next general election or on the election held on the first Tuesday in November of odd-numbered years. The resolution of the board of trustees, in addition to the declaration of public interest or necessity, shall recite:

(I)

The objects and purposes for which the indebtedness is proposed to be incurred;

(II)

The amount of indebtedness to be incurred therefor;

(III)

The maximum net effective interest rate to be paid on such indebtedness; and

(IV)

The question to be submitted by the county to the registered electors.

(b)

In the event that territory within a library district is located within more than one county, the resolution shall also specify the principal amount of indebtedness proposed to be incurred by each county in which territory within the district is located. Such principal amount of indebtedness for each county shall bear approximately the same ratio to the total principal amount of indebtedness proposed to be incurred as the valuation for assessment of that portion of the property within the library district which is located within such county bears to the valuation for assessment of all property located within the library district. The board of trustees shall deliver such resolution to the board of county commissioners of each county in which territory within the library district is located.

(2)

Within twenty days after receipt of a resolution adopted pursuant to paragraph (a) of subsection (1) of this section, the board of county commissioners shall either adopt the resolution subject to mutually agreed upon changes in the resolution or reject the resolution. Where the board adopts the resolution, it shall order the question of incurring such indebtedness to be submitted, on the date specified in the resolution of the board of trustees, to the registered electors residing in territory within the county which is included in the library district. Such order shall be adopted and the election shall be held and conducted in accordance with section 30-26-301, C.R.S. In its order the board shall specify polling places and precincts for such election, which may be the same as or different than the polling places and precincts established pursuant to the provisions of section 1-5-101, C.R.S. If, upon canvassing the vote, it appears that a majority of the registered electors voting at such election vote in favor of the proposition to contract said indebtedness, the board on behalf of and in the name of the library district is authorized to and shall contract for said indebtedness.

(2.5)

Intentionally left blank —Ed.

(a)

Whenever the board of trustees of a library district determines that the interest of such district and the public interest or necessity requires the creation of a general obligation indebtedness of such district to finance the acquisition, construction, expansion, or remodeling of any real or personal property for library purposes of such district, including, without limitation, acquisition of books and equipment for such purposes, the board of trustees shall adopt a resolution to submit the question of creating such indebtedness on their own authority at the next general election or on the election held on the first Tuesday in November of odd-numbered years. In addition, at such election the board of trustees may also submit such question to the electors in the event the board of county commissioners of a county rejects the resolution of the board of trustees under subsection (2) of this section. In addition to reciting the declaration of public interest or necessity, the resolution of the board of trustees shall also recite:

(I)

The objects and purposes for which the indebtedness is proposed to be incurred;

(II)

The amount of indebtedness to be incurred therefor;

(III)

The maximum net effective interest rate to be paid on such indebtedness; and

(IV)

The question to be submitted by the board to the electors.

(b)

The board of trustees of the district shall deliver a copy of the resolution to the board of county commissioners of each county within which the district is located.

(c)

Within twenty days after adoption of the resolution, the board of trustees shall order the question of whether the library district shall incur such indebtedness to be submitted, on the date specified in the resolution, to the registered electors residing in such district. The order shall be adopted, and the election shall be held and conducted as provided in articles 1 to 13 of title 1, C.R.S. In its resolution, the board of trustees shall specify polling places and precincts for such election, which may be the same as or different than polling places and precincts established pursuant to the provisions of section 1-5-101, C.R.S. If, upon canvassing the vote, it appears that a majority of the registered electors voting at such election vote in favor of the question, the library district is authorized to and shall contract for said indebtedness.

(3)

Intentionally left blank —Ed.

(a)

When authorized pursuant to subsection (2) of this section and upon the request of the board of trustees of the library district, the board of county commissioners shall issue bonds of the county in the manner provided in section 30-26-302, C.R.S., but such bonds may be redeemable prior to maturity at such time, in such manner, and upon payment of such premium as the board of county commissioners may determine. Such bonds shall not be subject to the limitation on county indebtedness set forth in section 30-26-301 (3) or 30-35-201 (6)(b), C.R.S. In the event that territory within a library district is located within more than one county, each board of county commissioners may issue its bonds for the authorized purposes of the library district regardless of whether any or all of the other counties in which the library district is located issue bonds for such purposes, but the bonds of a county issued pursuant to this section shall be payable from ad valorem taxes levied only on that property within such county that is located in the library district.

(b)

When authorized pursuant to subsection (2.5) of this section, the library district shall issue its bonds in the manner provided in section 32-1-1101, C.R.S., but the bonds may be redeemable prior to maturity at such time, in such manner, and upon payment of such premium as the board of trustees may determine.

(4)

The board of county commissioners acting pursuant to subsection (1) of this section, and the board of trustees of a library district acting pursuant to subsection (2.5) of this section, are authorized to levy an ad valorem tax on all taxable property either within such county that is located in the library district, or within such district where the boundaries of said district cover more than one county, as applicable, to pay the principal of, redemption premium, if any, and interest on county or district indebtedness incurred pursuant to this section. The board of county commissioners and board of trustees, in certifying annual levies, shall take into account the maturing indebtedness of such county or such district incurred pursuant to this section for the ensuing year and deficiencies and defaults of prior years and shall make ample provision for the payment thereof. If the moneys produced from such levies, together with other revenues of the county or district available therefor, are not sufficient to pay punctually the annual installments on its contracts or bonds, and interest thereon, and to pay defaults and deficiencies, the board of county commissioners or board of trustees, as applicable, shall make such additional levies of taxes as may be necessary for such purposes, and such taxes shall be made and continue to be levied until the indebtedness is fully paid.

(5)

Moneys resulting from such indebtedness shall be deposited with and disbursed by the custodian of library district funds pursuant to section 24-90-112 (2). The real or personal property to be acquired, constructed, expanded, or remodeled with the proceeds of such indebtedness shall be held, operated, and maintained by the library district.

Source: Section 24-90-112.5 — Issuance of bonds, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-24.­pdf (accessed Oct. 20, 2023).

24‑90‑101
Short title
24‑90‑102
Legislative declaration
24‑90‑103
Definitions
24‑90‑103.5
Acts and elections conducted pursuant to provisions that refer to qualified electors or registered electors
24‑90‑104
State library created - administration
24‑90‑105
Powers and duties of state librarian
24‑90‑105.5
Radio reading services
24‑90‑106
Participation of existing libraries in the formation of new libraries
24‑90‑106.3
Inclusion of a governmental unit into an existing library district - procedure
24‑90‑106.5
Establishment or removal of a municipal library in an existing county library or library district
24‑90‑107
Method of establishment
24‑90‑108
Board of trustees of public libraries
24‑90‑109
Powers and duties of board of trustees
24‑90‑110.7
Regional library authorities
24‑90‑112
Tax support - elections
24‑90‑112.5
Issuance of bonds
24‑90‑113.3
Contract to receive library service
24‑90‑114
Abolishment of libraries
24‑90‑115
Regional library service system - governing board
24‑90‑116
Existing libraries to comply
24‑90‑118
Colorado libraries automated catalog project
24‑90‑119
Privacy of user records
24‑90‑120
Colorado imagination library program - creation - request for proposal - state librarian duties - report - legislative declaration - definitions
24‑90‑121
Public libraries - science of reading - training - report - definitions
24‑90‑201
Establishment of a state publications depository and distribution center
24‑90‑202
Definitions
24‑90‑203
Purposes - direction - rules
24‑90‑204
Deposits of state publications
24‑90‑205
Permanent public access to state publications
24‑90‑206
Depository library agreements - requirements
24‑90‑207
Online catalog of state publications
24‑90‑208
State publications distribution
24‑90‑301
Legislative declaration
24‑90‑302
Colorado virtual library - creation - components - access
24‑90‑401
Short title
24‑90‑402
Legislative declaration
24‑90‑403
Definitions
24‑90‑404
Qualifications
24‑90‑405
Administration of the grants program - powers and duties of the state librarian
24‑90‑406
Reporting
24‑90‑407
State grants to publicly supported libraries fund - creation - source of funds - appropriations - administrative costs
24‑90‑408
Additional sources of funding
24‑90‑501
Short title
24‑90‑502
Legislative declaration
24‑90‑503
Definitions
24‑90‑504
Authority of governing body
24‑90‑505
Organization - preliminary resolution
24‑90‑506
Notice of hearing - disqualification of member of governing body
24‑90‑507
Hearing - resolution - when action barred
24‑90‑508
Recording of resolution establishing area
24‑90‑509
Governing body - meetings
24‑90‑510
General powers of facilities district
24‑90‑511
Power to levy taxes
24‑90‑512
Determining and fixing rate of levy
24‑90‑513
Levies to cover deficiencies
24‑90‑514
County officers to levy and collect taxes - lien
24‑90‑515
Property sold for taxes
24‑90‑516
Governing body can issue bonds - form
24‑90‑517
Dissolution procedures
24‑90‑518
Exemption from taxation - securities laws
24‑90‑519
Limitation of actions
24‑90‑601
Legislative declaration
24‑90‑602
Definitions
24‑90‑603
Adoption and enforcement of policy of internet safety for minors including technology protection measures - public libraries
24‑90‑604
Temporary disabling of technology protection measure
24‑90‑605
No restrictions on blocking access to the internet of other material
24‑90‑606
No requirement of additional action for public libraries already in compliance - no additional action in special circumstances
Green check means up to date. Up to date

Current through Fall 2024

§ 24-90-112.5’s source at colorado​.gov