C.R.S.
Section 32-22-108
Bonds
(1)
The district may issue bonds for any of its corporate purposes. The district shall issue bonds pursuant to a resolution of the board, and bonds shall be payable solely out of all or a specified portion of the revenue of the district as designated by the board.(2)
As provided in the resolution of the board under which bonds are authorized to be issued or as provided in a trust indenture between the district and any commercial bank or trust company having full trust powers, bonds may:(a)
Be executed and delivered by the district at such times;(b)
Be in such form and denominations and include such terms and maturities;(c)
Be subject to optional or mandatory redemption prior to maturity with or without a premium;(d)
Be in fully registered form or bearer form registrable as to principal or interest or both;(e)
Bear such conversion privileges;(f)
Be payable in such installments and at such times not exceeding forty years from the date thereof;(g)
Be payable at such place or places whether within or without the state;(h)
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 district or its agents, without regard to any interest rate limitation appearing in any other law of the state;(i)
Be subject to purchase at the option of the holder or the district and be evidenced in such manner;(j)
Be executed by the officers of the district, including the use of one or more facsimile signatures so long as at least one manual signature appears on the bonds, which signatures may be either of an officer of the district or of an agent authenticating the same;(k)
Be in the form of coupon bonds that have attached interest coupons bearing a manual or facsimile signature of an officer of the district; and(l)
Contain any other necessary provisions not inconsistent with this article 22.(3)
Bonds may be sold at public or private sale at any price or prices, in any manner, and at any times as the board may determine, and the board may pay all fees, expenses, and commissions that it deems necessary or advantageous in connection with the sale of bonds. The power to fix the date of sale of 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 bonds may be delegated to an officer or agent of the district. Any outstanding bonds may be refunded by the district pursuant to article 56 of title 11. All bonds and any interest coupons applicable to bonds are declared to be negotiable instruments.(4)
The resolution or trust indenture authorizing the issuance of the bonds may pledge all or a portion of the revenue of the district, may contain such provisions for protecting and enforcing the rights and remedies of holders of any of the bonds as the district deems appropriate, may set forth the rights and remedies of the holders of any of the bonds, and may contain provisions that the district 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.(5)
Any pledge of revenue or property made by the district or by any person or governmental unit with which the district contracts is valid and binding from the time the pledge is made. The revenue or property so pledged is 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, irrespective of whether such claiming party has notice of such lien. The instrument by which the pledge is created need not be recorded or filed.(6)
Neither the directors of the board, employees of the district, or any person executing the bonds is liable personally for bonds or subject to any personal liability or accountability by reason of the issuance of bonds.(7)
The district may purchase its bonds out of any available funds and may hold, pledge, cancel, or resell the bonds subject to and in accordance with agreements with the holders of the bonds.
Source:
Section 32-22-108 — Bonds, https://leg.colorado.gov/sites/default/files/images/olls/crs2023-title-32.pdf (accessed Oct. 20, 2023).
Up to date