C.R.S.
Section 30-20-619
Issuing bonds
- property specially benefited
(1)
For the purpose of paying all or such portion of the cost of any improvement constructed or acquired under the provisions of this part 6 as may be assessed against the property specially benefited and not paid by the sales tax authorized by section 30-20-604.5 or by the county, special assessment bonds of the county may be issued, of such date, in such form, and on such terms, including, without limitation, provisions for their sale, payment, and redemption, as may be prescribed by the board, bearing the name of the street or district improved and payable in a sufficient period of years after such date to cover the period of payment provided, and in convenient denominations. All such bonds shall be issued upon estimates approved by the board, and the county treasurer shall preserve a record of the same in a suitable book kept for that purpose. All such bonds shall be subscribed by the chair of the board, countersigned by the county treasurer, with the county seal affixed, and attested by the county clerk and recorder; except that the county treasurer need not countersign a bond issued by a district formed for the purposes authorized in section 30-20-603 (11.5). Such bonds shall be payable out of the moneys collected on account of the assessments made for said improvements, from reserve accounts, if any, established to secure the payment of such bonds, and from any other legally available moneys. All moneys collected from such assessments for any improvement shall be applied to the payment of the bonds issued, until payment in full is made of all the bonds, both principal and interest, or to fund or replenish reserve accounts, if any, established to secure the payment of such bonds. The bonds may be sold, under such terms and conditions as are established by the board, in such amounts as will be sufficient to pay for the cost of the improvements.(2)
Whenever three-fourths of the bonds issued pursuant to subsection (1) of this section for an improvement constructed under this part 6 have been paid and canceled and for any reason any remaining assessments are not paid in time to pay the remaining bonds for the district and the interest due thereon, the county may pay, from legally available moneys, the bonds when due and the interest due thereon and may reimburse itself by collecting the unpaid assessments due the district.(3)
When all bonds of an improvement district have been paid, any moneys remaining to the credit of such district may be transferred to a special surplus and deficiency fund, and whenever there is a deficiency in any improvement district bond fund to meet the payment of outstanding bonds for other improvement districts and interest due thereon, or to redeem such outstanding bonds in accordance with any estimated redemption schedule used in connection with the sale of such bonds, the deficiency may be paid from the moneys available therefor in the surplus and deficiency fund.(4)
For the purpose of paying all or such portion of the costs of any improvement constructed pursuant to section 30-20-603 (1)(a) and (1)(c) to which the revenues from any sales tax imposed pursuant to section 30-20-604.5 have been pledged, revenue bonds may be issued, which shall be payable solely from such sales tax. Such bonds shall be issued on the terms set forth in section 29-2-112, C.R.S.(5)
In connection with the issuance of bonds payable solely from special assessments as provided in subsection (1) of this section, the board may provide by resolution for the submission of the question of issuing such bonds to the electors eligible to vote on the question. In that case, the board may provide by resolution that all registered electors of the county shall be eligible to vote on the question or that only electors of the district shall be eligible to vote on the question.(6)
In connection with the issuance of bonds payable from special assessments which are additionally secured as provided in subsection (2), (3), or (4) of this section, the board may provide by resolution for the submission of the question of issuing the bonds to all registered electors of the county.(7)
Notwithstanding any other provision of this part 6, bonds issued in accordance with the requirements of this section may be payable from the assessments levied in one or more improvement districts.(8)
Notwithstanding any other provision of this part 6, any district formed for the purpose of encouraging, accommodating, and financing improvements as authorized in section 30-20-603 (11.5) may be authorized to:(a)
Issue one or more series of bonds, and bonds of any such district may be payable from the assessments levied pursuant to one or more assessment resolutions; and(b)
Jointly finance the improvements of multiple such districts located in one or more counties by intergovernmental agreement of the organizing counties or through other legally available means. Such intergovernmental agreement may include provisions for, among other things, the transfer of revenues collected pursuant to this part 6, including assessment payments, penalty payments pursuant to section 30-20-615, and property sale proceeds pursuant to section 30-20-617, from the county treasurer of the county in which a property is located to the county treasurer for the county issuing bonds pursuant to this section.
Source:
Section 30-20-619 — Issuing bonds - property specially benefited, https://leg.colorado.gov/sites/default/files/images/olls/crs2023-title-30.pdf (accessed Oct. 20, 2023).
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