C.R.S. Section 32-11-629
Permissive additional security

(1)

In addition to the additional security provided for in section 32-11-628, and not in limitation thereof, the urban district may further additionally secure the payment of assessment debentures and assessment bonds pertaining to any improvement district, both as to principal and interest, as may be provided in accordance with this section.

(2)

In consideration of general benefits conferred on the urban district at large from the acquisition by construction, or otherwise, of local improvements, the urban district, prior to the issuance of any assessment debentures or assessment bonds pertaining to any improvement district in this article, may contract by resolution with the holders thereof that the payment of such securities pertaining to the improvement district, both as to principal and interest, as the same become due, is additionally secured by a pledge of moneys in a special fund or special account created therefor into which the urban district covenants to deposit the proceeds of general (ad valorem) property taxes to be levied not earlier than the date of the debentures or bonds of any such series nor later than two years after the maturity date thereof or last maturity date of any serial bonds of any issue, not exceeding in any one year in the aggregate for all improvement districts the limitation pertaining to assessment bonds in section 32-11-217 (1)(d). After the issuance of any such securities, the urban district shall levy such general (ad valorem) taxes pursuant to such contract; but any such levy shall be diminished to the extent other funds of the urban district available therefor are appropriated to and deposited in such fund or account.

(3)

Prior to the redemption of all such securities, including both principal and interest, the proceeds of such taxes and any moneys deposited in such fund or account in lieu of such taxes shall be disbursed from the fund or account only for the payment of the principal of and interest on the securities, and any prior redemption premium pertaining thereto. After the securities have been redeemed in full, any moneys remaining in the fund or account and pertaining only to the improvement district shall be deposited in the surplus and deficiency fund.

(4)

Securities of the urban district pertaining to any improvement district payable from assessments, which payment shall be additionally secured as provided in section 32-11-628, or in both that section and this section, as the board may determine, shall not be subject to the debt limitation nor exhaust the debt incurring power of the urban district, nor shall such securities be required to be authorized at any election. Such securities shall not be held to constitute a prohibited lending of credit or donation nor to contravene any constitutional or statutory limitation or restriction.

Source: Section 32-11-629 — Permissive additional security, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-32.­pdf (accessed Oct. 20, 2023).

32‑11‑101
Short title 32‑11‑102
Legislative declaration 32‑11‑103
Public purpose 32‑11‑104
Definitions 32‑11‑105
Construction 32‑11‑106
Liberal construction 32‑11‑107
Sufficiency of article 32‑11‑201
Creation of district 32‑11‑202
Boundaries of district 32‑11‑203
Board of directors 32‑11‑204
Regular appointments 32‑11‑205
Filling vacancies 32‑11‑207
Fidelity bonds 32‑11‑208
Board’s administrative powers 32‑11‑209
Additional administrative powers 32‑11‑210
Records of board 32‑11‑211
Meetings of board 32‑11‑212
Compensation of directors 32‑11‑213
Conflicts in interest prohibited 32‑11‑214
Authorization of facilities 32‑11‑215
Implementing powers 32‑11‑216
Additional powers of district 32‑11‑217
Financial powers of district 32‑11‑218
Miscellaneous powers 32‑11‑219
Cooperative powers 32‑11‑220
Other supplemental powers 32‑11‑221
Approval of other facilities 32‑11‑222
Powers of public bodies 32‑11‑301
Levy and collection of taxes 32‑11‑302
Levies to cover deficiencies 32‑11‑303
Sinking funds 32‑11‑304
Levying and collecting taxes 32‑11‑305
Delinquent taxes 32‑11‑306
Service charges 32‑11‑401
Elections 32‑11‑402
Election resolution 32‑11‑501
Forms of borrowing 32‑11‑502
Limitations upon security 32‑11‑503
Recourse against district personnel 32‑11‑504
Repeal of article 32‑11‑505
Registration of securities 32‑11‑506
Details of securities 32‑11‑507
Recital of issuance under article 32‑11‑508
Additional securities details 32‑11‑509
Payment without further order 32‑11‑510
Interest coupons 32‑11‑511
Execution of securities 32‑11‑512
Use of facsimiles 32‑11‑513
Execution by incumbents 32‑11‑514
Execution with predecessor’s facsimile 32‑11‑515
Repurchase of securities 32‑11‑516
Use of securities proceeds 32‑11‑517
Use of surplus proceeds 32‑11‑518
Validity of securities unaffected by project 32‑11‑519
Employment of experts 32‑11‑520
Investments and reinvestments 32‑11‑521
Rights and remedies cumulative 32‑11‑522
Continuation of liabilities 32‑11‑523
Temporary bonds 32‑11‑524
Statement of purpose 32‑11‑525
Prior redemption calls 32‑11‑526
Surrender of district securities by state 32‑11‑527
Notes and warrants 32‑11‑528
General obligation securities 32‑11‑529
Special obligation securities 32‑11‑530
Covenant to pay operation and maintenance expenses 32‑11‑531
Securities constituting indebtedness 32‑11‑532
Securities not constituting indebtedness 32‑11‑533
Election to authorize debt 32‑11‑534
Limitations upon incurring debt 32‑11‑535
Interest and prior redemption charges 32‑11‑536
Recitals in securities 32‑11‑537
Consolidated bond fund 32‑11‑538
Securities tax levies 32‑11‑539
Initial levies 32‑11‑540
Payments from general fund 32‑11‑541
Use of other moneys 32‑11‑542
Appropriation of taxes 32‑11‑543
Special obligation limitations 32‑11‑544
Purchase price and interest 32‑11‑545
Public and private sales 32‑11‑546
Notice of public sale 32‑11‑547
Contents of sale notice 32‑11‑548
Bid requirements 32‑11‑549
Acceptance of best bid 32‑11‑550
Rejection of bids 32‑11‑551
Bond maturities 32‑11‑552
Prior redemption provisions 32‑11‑553
Special funds and accounts 32‑11‑554
Covenants and other provisions 32‑11‑555
Liens on pledged revenues 32‑11‑556
Rights and powers of securities holders 32‑11‑557
Receivers 32‑11‑558
Issuance of interim debentures 32‑11‑559
Limitations upon funding and refunding securities 32‑11‑560
Interim debenture details 32‑11‑561
Payment of interim debentures 32‑11‑562
Funding interim debentures 32‑11‑563
Funding bonds 32‑11‑564
Refunding bonds 32‑11‑565
Method of issuing refunding bonds 32‑11‑566
Conditions for refunding 32‑11‑567
Disposition of refunding bond proceeds 32‑11‑568
Administration of escrow or trust 32‑11‑569
Security for payment of refunding bonds 32‑11‑570
Combination of bond purposes 32‑11‑571
Applicability of other statutory provisions 32‑11‑601
Special assessments 32‑11‑602
Initiating procedure 32‑11‑603
Provisional order method 32‑11‑604
Petition method 32‑11‑605
Subsequent procedure 32‑11‑606
Combination of programs 32‑11‑607
Effect of estimates 32‑11‑608
Fixing hearing and notice 32‑11‑609
Content of notice 32‑11‑610
Subsequent modifications 32‑11‑611
Provisional order hearing 32‑11‑612
Appeal from adverse order 32‑11‑613
Post-hearing procedure 32‑11‑614
Creation of district 32‑11‑615
Methods of acquisition or improvement 32‑11‑616
Construction contracts 32‑11‑617
Extra work authorized - payment 32‑11‑618
Construction by district 32‑11‑619
Cooperative construction 32‑11‑620
Use of existing improvements 32‑11‑621
Assessment debentures 32‑11‑622
Issuance of assessment securities 32‑11‑623
Purchase price and interest 32‑11‑624
Use of assessments - payment of assessment securities 32‑11‑625
Bond limitations and details 32‑11‑626
Prior redemption provisions 32‑11‑627
Special obligations 32‑11‑628
Primary additional security 32‑11‑629
Permissive additional security 32‑11‑630
Redemption of securities 32‑11‑631
Rights and powers of security holders 32‑11‑632
Statement of cost of project 32‑11‑633
Order for assessment roll and its form 32‑11‑634
Assessment computations and limitations 32‑11‑635
Determination of assessable tracts 32‑11‑636
Preparation of proposed roll 32‑11‑637
Notice of assessment hearing 32‑11‑638
Assessment hearing 32‑11‑639
Levy of assessments 32‑11‑640
Appeal of adverse determination 32‑11‑641
Transfer of roll to county treasurer 32‑11‑642
Thirty-day payment period - deferred payments 32‑11‑643
Acceleration upon delinquency 32‑11‑644
Limitations upon deferred payments 32‑11‑645
Assessment liens 32‑11‑646
Division of tract 32‑11‑647
Surpluses and deficiencies 32‑11‑648
Notice of assessment or installment due 32‑11‑649
When collections paid district 32‑11‑650
Collections by county treasurer 32‑11‑651
Collection of delinquent assessments 32‑11‑652
Optional filing of claim of lien 32‑11‑653
Duties imposed when assessments are levied 32‑11‑654
Procedure to place omitted tracts on roll 32‑11‑655
Irregularities in contracts and assessments 32‑11‑656
Owner of interest may pay share 32‑11‑657
Payment of assessments by joint owner 32‑11‑658
Assessment paid in error 32‑11‑659
Description of property - notice to transferees 32‑11‑660
Assessment of public property 32‑11‑661
Collecting assessments against public properties 32‑11‑662
Sewer districts and subdistricts 32‑11‑663
Sewer acquisitions 32‑11‑664
Classification of sewer districts 32‑11‑665
Acquisition of subdistrict laterals 32‑11‑666
Assessment of district sewers 32‑11‑667
Issuance of refunding bonds 32‑11‑668
Reassessments 32‑11‑669
Procedure for relevy 32‑11‑670
Resolution for reassessment 32‑11‑671
Assessment roll - certification 32‑11‑672
Notice of filing 32‑11‑673
Hearing 32‑11‑674
Levy of reassessment - cost and value 32‑11‑675
Credits for prior assessment 32‑11‑676
Collection of assessments - new warrant or order 32‑11‑677
Appeal to district court 32‑11‑678
Procedure exclusive 32‑11‑679
Application of reassessment funds 32‑11‑701
Annexation of lands to district 32‑11‑702
Petition of fee owners 32‑11‑703
Petition of taxpaying electors 32‑11‑704
Annexation election 32‑11‑705
Annexation initiated by board 32‑11‑706
General provisions about annexations 32‑11‑801
Budgets, accounts, and audits 32‑11‑802
Effect of extraterritorial functions 32‑11‑803
Early hearings 32‑11‑804
Decision of board final 32‑11‑805
Correction of faulty notices 32‑11‑806
Correction of errors in proceedings 32‑11‑807
Retention of jurisdiction 32‑11‑808
Conclusiveness of board’s determination 32‑11‑809
Investments by public bodies 32‑11‑810
Investments by other persons 32‑11‑811
Delegated powers 32‑11‑812
Confirmation of contract proceedings 32‑11‑813
Tax exemptions 32‑11‑814
Freedom from judicial process 32‑11‑815
Misdemeanors 32‑11‑816
Civil rights 32‑11‑817
Exemption of district
Green check means up to date. Up to date

Current through Fall 2024

§ 32-11-629’s source at colorado​.gov