C.R.S. Section 29-4-1109
Bonds


(1)

Intentionally left blank —Ed.

(a)

The authority may issue bonds to finance its affordable rental housing projects, to finance the affordable rental housing component in a public-private partnership, or to accomplish or further any of its powers or duties relating to affordable rental housing projects.

(b)

Bonds must be issued pursuant to resolution of the board, are payable solely from all or a specified portion of the revenues or assets of the authority or the revenues and assets of the affordable rental housing component of a public-private partnership, and may be secured by a mortgage, deed of trust, pledge, other security interest in or encumbrance on any of the revenue, property, or assets of the authority or the revenue, property, or assets of the affordable rental housing component of a public-private partnership.

(c)

Bonds may be executed and delivered by the authority at such times; may be in such form and denominations and include such terms and maturities; may be subject to optional or mandatory redemption prior to maturity with or without a premium; may be in fully registered form or bearer form registrable as to principal or interest or both; may bear such conversion privileges; may be payable in such installments and at such times not exceeding forty-five years from the date thereof; may be payable at such place or places whether within or without the state; may bear interest at such rate or rates per annum, which may be fixed or vary according to index, procedure, or formula or as determined by the authority or its agents, without regard to any interest rate limitation appearing in any other law of the state; may be subject to purchase at the option of the holder or the authority; may be evidenced in such manner; may be executed by such officers of the authority, including the use of one or more facsimile signatures so long as at least one manual signature appears on the bonds, which may be either of an officer of the authority or of an agent authenticating the same; may be in the form of coupon bonds that have attached interest coupons bearing a manual or facsimile signature of an officer of the authority; and may contain such provisions not inconsistent with this part 11, all as provided in the resolution of the board under which the bonds are authorized to be issued or as provided in a trust indenture between the authority and any commercial bank or trust company having full trust powers.

(d)

Bonds may be sold at public or private sale at such price or prices, in such manner, and at such times as determined by the board, and the authority may pay all fees, expenses, and commissions that it deems necessary or advantageous in connection with the sale of the bonds. The power to fix the date of sale of the bonds, to receive bids or proposals, to award and sell bonds, to fix interest rates, and to take all other action necessary to sell and deliver the bonds may be delegated to an officer or agent of the authority.

(e)

Any outstanding bonds may be refunded by the authority pursuant to article 56 of title 11.

(f)

All bonds and any interest coupons applicable to the bonds are declared to be negotiable instruments.

(g)

The resolution or trust indenture authorizing the issuance of the bonds may pledge all or a portion of the revenues and assets of the authority; may grant or provide for a mortgage, deed of trust, pledge, other security interest in or encumbrance on any of the revenues, property, or assets of the authority; may pledge all or a portion of the rights of the authority to impose and receive rent or other charges in accordance with the provisions of this part 11; may contain such provisions for protecting and enforcing the rights and remedies of holders of any of the bonds as the authority deems appropriate; may set forth the rights and remedies of the holders of any of the bonds; and may contain provisions that the authority deems appropriate for the security of the holders of the bonds, including, but not limited to, provisions for letters of credit, insurance, standby credit agreements, or other forms of credit ensuring timely payment of the bonds, including the redemption price or the purchase price.

(h)

Any pledge of revenue, assets, or other property made by the authority or by any person or governmental unit with which the authority contracts is valid and binding from the time the pledge is made. The pledged revenues, assets, or property are immediately subject to the lien of the pledge without any physical delivery or further act, and the lien of the pledge is valid and binding against all parties having claims of any kind in tort, contract, or otherwise against the pledging party. The instrument by which the pledge is created shall be recorded or filed. Such lien of the pledge is superior only to any other lien on the same revenue, assets, or property that is filed later in time other than a lien for property taxes.

(i)

Neither the members of the board of the authority, employees of the authority, nor any person executing the bonds are liable personally on the bonds or subject to any personal liability by reason of the issuance of the bonds.

(j)

The authority may purchase its bonds out of any available money and may hold, pledge, cancel, or resell such bonds subject to and in accordance with agreements with the holders of the bonds.

(2)

The authority may invest or deposit any proceeds and any interest from the sale of bonds in the manner provided by part 6 of article 75 of title 24. In addition, the authority may direct a corporate trustee that holds such proceeds and any interest to invest or deposit such proceeds and any interest in investments or deposits other than those specified by said part 6 if the board determines, by resolution, that the investment or deposit meets the standard established in section 15-1-304, the income is at least comparable to income available on investments or deposits specified by part 6 of article 75 of title 24, and the investment will assist the authority in the completion of the affordable rental housing project or activities to be financed from proceeds of the bonds.

(3)

All banks, trust companies, savings and loan associations, insurance companies, executors, administrators, guardians, trustees, and other fiduciaries may legally invest any money within their control in bonds issued under this part 11. Public entities, as defined in section 24-75-601 (1), may invest public money in such bonds only if the bonds satisfy the investment requirements established in part 6 of article 75 of title 24.

(4)

Bonds issued under this part 11 are exempt from the provisions of article 51 of title 11.

(5)

The issuance of bonds by the authority pursuant to this part 11 need not comply with the requirements of any other state law applicable to the issuance of bonds and no proceedings, notice, or approval is required for the issuance of bonds by the authority except as provided in this part 11.

Source: Section 29-4-1109 — Bonds, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-29.­pdf (accessed Oct. 20, 2023).

29‑4‑101
Short title
29‑4‑102
Legislative declaration
29‑4‑103
Definitions
29‑4‑104
Powers of cities to undertake projects
29‑4‑105
Eminent domain
29‑4‑106
Acquisition of land for government
29‑4‑107
Management of housing projects
29‑4‑108
Moneys of city
29‑4‑109
Construction contracts and costs
29‑4‑110
Bonds secured by taxes - maturity
29‑4‑111
Bonds not secured by taxes authorized by resolution
29‑4‑112
Tax resolution - payment of bonds
29‑4‑113
Form of bonds - rate of interest
29‑4‑114
Provisions of bonds, mortgages, or trust indentures
29‑4‑115
Mortgage when financed by government
29‑4‑116
Remedies of an obligee of city
29‑4‑117
Additional remedies
29‑4‑118
Remedies cumulative
29‑4‑119
Limitations on remedies of obligee
29‑4‑120
Foreclosure sale subject to government agreement
29‑4‑121
Action by resolution
29‑4‑122
Tax exemptions
29‑4‑123
Supplemental nature of article
29‑4‑201
Short title
29‑4‑202
Legislative declaration
29‑4‑203
Definitions
29‑4‑204
Petition for creation of authority - notice - hearing
29‑4‑205
Appointment of commissioners
29‑4‑206
Duty of the authority and commissioners
29‑4‑207
Interested commissioners or employees
29‑4‑208
Removal of commissioners
29‑4‑209
Powers of authority
29‑4‑210
Rentals and tenant selection
29‑4‑211
Eminent domain
29‑4‑212
Acquisition of land for government
29‑4‑213
Zoning and building laws
29‑4‑214
Types of bonds
29‑4‑215
Form of bonds
29‑4‑216
Provisions of bond or mortgage
29‑4‑217
Power to mortgage - when
29‑4‑218
Remedies of an obligee of authority
29‑4‑219
Additional remedies
29‑4‑220
Remedies cumulative
29‑4‑221
Limitations on remedies of obligee
29‑4‑222
Sale subject to government agreement
29‑4‑223
Contracts with federal government
29‑4‑224
Wage and labor conditions
29‑4‑225
Insurance
29‑4‑226
Exemption from special assessments
29‑4‑227
Tax exemptions
29‑4‑228
Reports
29‑4‑229
Low rentals
29‑4‑230
Previous housing authorities validated
29‑4‑231
Contracts and undertakings validated
29‑4‑232
Notes and bonds validated
29‑4‑301
Short title
29‑4‑302
Legislative declaration
29‑4‑303
Definitions
29‑4‑304
Preparation of development plan
29‑4‑305
Assistance in preparation of plan
29‑4‑306
Action on setting up of authority
29‑4‑307
Additional powers of authority
29‑4‑308
Organization of authority
29‑4‑309
Condemnation for a superior use
29‑4‑310
Area not wholly in one municipality
29‑4‑311
Termination of an authority
29‑4‑312
Appropriations by municipality
29‑4‑313
Taxation
29‑4‑314
Supervision of reconstruction agency
29‑4‑401
Existing statutes no bar to creation of housing authority
29‑4‑402
Cities and towns empowered to create housing authorities
29‑4‑501
Legislative declaration
29‑4‑502
Definitions
29‑4‑503
Creation of housing authority
29‑4‑504
Appointment of commissioners
29‑4‑505
Powers of authority
29‑4‑506
Policy of authority
29‑4‑507
Exemption from special assessments - tax exemptions
29‑4‑508
Boundaries of authority
29‑4‑509
Conformity with building laws
29‑4‑601
Applicability of part 6
29‑4‑602
Posting and publication of notice - petition
29‑4‑603
Cooperative agreement - costs of election
29‑4‑604
Election - resolution
29‑4‑605
Notice of election
29‑4‑606
Conduct of election
29‑4‑607
Count of ballots - canvass - results of election
29‑4‑701
Short title
29‑4‑702
Legislative declaration
29‑4‑703
Definitions - rules
29‑4‑704
Colorado housing and finance authority
29‑4‑704.5
Reference in contracts and documents
29‑4‑705
Records of board
29‑4‑706
Meetings of board
29‑4‑707
Disclosure of interests required
29‑4‑708
General powers of the authority - repeal
29‑4‑709
Power of board - housing facility plans
29‑4‑710
Powers of the board - executive director - housing facility loans - assistance in housing facility development
29‑4‑710.5
Powers of the board - lease, sale, or financing of projects
29‑4‑710.6
Powers of the board - loans for capital
29‑4‑710.7
Powers of the board - issuance of bonds to maintain balances in the unemployment compensation fund
29‑4‑711
Power of board - housing facility plans - mortgage purchase - loans to lenders
29‑4‑712
Powers of the board - executive director - mortgage purchase - loans to lenders - assistance in providing housing facilities
29‑4‑713
Power of the board - home improvement loans
29‑4‑714
Powers of the board - home improvement loans - purchase of such loans - loans to lenders
29‑4‑716
Standards for approval of organizations
29‑4‑717
Findings - percentage of low-income families required
29‑4‑718
Bonds and notes
29‑4‑719.1
Economic development fund
29‑4‑720
Validity of any pledge
29‑4‑721
Remedies
29‑4‑722
Negotiable instruments
29‑4‑723
Bonds eligible for investment
29‑4‑724
Refunding bonds
29‑4‑725
Nonliability of state for bonds
29‑4‑726
Members of authority not personally liable on bonds
29‑4‑727
Property taxation - exemption of bonds from taxation
29‑4‑728
Revolving fund established
29‑4‑729
Reporting
29‑4‑730
Powers of the authority - investments
29‑4‑731
Agreement of this state
29‑4‑732
This part 7 not a limitation of powers
29‑4‑734
Termination of powers
29‑4‑735
Colorado strategic seed fund council - creation
29‑4‑1001
Short title
29‑4‑1002
Definitions
29‑4‑1003
Rent reporting for credit pilot program - created - third-party contractor - participant landlords and participant tenants - financial education courses required - compensation for participant landlords
29‑4‑1004
Rent reporting for credit pilot program - rules
29‑4‑1005
Rent reporting for credit pilot program - report
29‑4‑1006
Repeal of part
29‑4‑1101
Short title
29‑4‑1102
Legislative declaration
29‑4‑1103
Definitions
29‑4‑1104
Middle-income housing authority - creation - board of directors - meetings - records - tax exempt - audit - report
29‑4‑1105
General powers
29‑4‑1106
Additional powers - affordable workforce housing projects
29‑4‑1107
Powers of the board - selection of projects - ownership - report
29‑4‑1108
Relationship of authority and other jurisdictions
29‑4‑1109
Bonds
29‑4‑1110
Agreement of the state not to limit or alter rights of obligees
29‑4‑1111
Issuance of funds to the authority
29‑4‑1112
No action maintainable
29‑4‑1113
Judicial examination of powers, acts, proceedings, or contracts of the authority
29‑4‑1114
This part 11 not a limitation of powers
29‑4‑1115
Construction of this part 11
Green check means up to date. Up to date

Current through Fall 2024

§ 29-4-1109’s source at colorado​.gov