C.R.S. Section 32-4-523
Form of borrowing

(1)

Upon the conditions and under the circumstances set forth in this part 5, a district, to carry out the purposes of this part 5, from time to time may borrow money to defray the cost of any project, or any part thereof, as the board may determine, and issue the following securities to evidence such borrowing: Debentures, warrants, bonds, interim receipts, temporary certificates, temporary bonds, and notes.

(2)

A district is authorized to borrow money without an election in anticipation of taxes or other revenues, or both, and to issue debentures to evidence the amount so borrowed.

(3)

A district is authorized to defray the cost of any services, supplies, equipment, or other materials furnished to or for the benefit of the district by the issuance of warrants to evidence the amount due therefor, without an election, in anticipation of taxes or other revenues, or both.

(4)

Debentures and warrants may mature at such time or times not exceeding five years from the date of their issuance as the board may determine. They shall not be extended or funded except by the issuance of bonds or notes in compliance with subsection (5) or (7) of this section.

(5)

A district is authorized to borrow money in anticipation of taxes or other revenues, or both, and to issue bonds to evidence the amount so borrowed. With the exception of a district that qualifies as an enterprise in accordance with section 20 (2)(d) of article X of the state constitution, no bonded indebtedness shall be created by a district, without first submitting a proposition of issuing such bonds, and the maximum net effective interest rate at which such bonds may be issued, to the electors of the district and being approved, at an election held for that purpose, in accordance with section 32-4-518. Bonds so authorized may be issued in one series or more and may mature at such time or times not exceeding forty years from their issuance as the board may determine.

(6)

A district is authorized to issue interim receipts or temporary certificates or temporary bonds, pending preparation of definitive bonds and exchangeable for the definitive bonds when prepared, as the board may determine. Each holder of any such temporary security shall have all the rights and remedies which he would have as a holder of the definitive bonds.

(7)

A district is authorized to borrow money and to issue notes evidencing “construction” or short-term loans for the acquisition or improvement and equipment of a sewage disposal system or any project in supplementation of long-term financing and the issuance of bonds, as provided in section 32-4-535 and elsewhere in this part 5.

(8)

Nothing in this part 5 shall be construed as creating or authorizing the creation of an indebtedness on the part of any municipality included in the district.

Source: Section 32-4-523 — Form of borrowing, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-32.­pdf (accessed Oct. 20, 2023).

32‑4‑401
Legislative declaration 32‑4‑402
Definitions 32‑4‑403
Purpose, boundaries, and powers 32‑4‑404
Organization 32‑4‑405
Board of directors 32‑4‑406
Powers of districts 32‑4‑407
Inclusion of territory 32‑4‑408
Unincorporated territory 32‑4‑409
Inclusion of incorporated areas 32‑4‑410
Exclusion of unincorporated areas 32‑4‑411
Exclusion election 32‑4‑412
Exclusion of incorporated areas 32‑4‑413
Liability of property included 32‑4‑414
Liability of property excluded 32‑4‑415
Budget law 32‑4‑416
Dissolution of district 32‑4‑501
Legislative declaration 32‑4‑502
Definitions 32‑4‑503
Liberal construction 32‑4‑504
Sufficiency of part 5 32‑4‑505
Limitation on scope of part 5 32‑4‑506
Purpose, boundaries, and powers 32‑4‑507
Powers of public bodies 32‑4‑508
Organization 32‑4‑509
Board of directors 32‑4‑510
Powers of the district 32‑4‑511
Levy and collection of taxes 32‑4‑512
Boundary changes - liability of property 32‑4‑513
Inclusion of territory 32‑4‑514
Annexation and consolidation of territory by municipalities 32‑4‑515
Exclusion of territory 32‑4‑516
Service of areas outside the boundaries of the district 32‑4‑517
Dissolution of districts 32‑4‑518
Elections 32‑4‑519
Authorization 32‑4‑520
Correction of faulty notices 32‑4‑521
Early hearings 32‑4‑522
Rates and service charges 32‑4‑523
Form of borrowing 32‑4‑524
Payment of securities 32‑4‑525
Incontestable recital in securities 32‑4‑526
Security details 32‑4‑527
Sale of securities 32‑4‑528
Application of proceeds 32‑4‑529
Covenants in security proceedings 32‑4‑530
Remedies of security holders 32‑4‑531
Cancellation of paid securities 32‑4‑532
Interest after maturity 32‑4‑533
Refunding bonds 32‑4‑534
Cumulative rights of security holders 32‑4‑535
Issuance of notes and pledge of bonds as collateral security 32‑4‑536
Connections with existing drains and pumping stations 32‑4‑537
Connections with drains serving property - service charges 32‑4‑538
Construction of other sewage disposal systems prohibited 32‑4‑539
Publication of resolution or proceedings - effect - right to contest legality - time limitation 32‑4‑540
Confirmation of contract proceedings 32‑4‑541
Preliminary expenses 32‑4‑542
Tax exemption 32‑4‑543
Freedom from judicial process 32‑4‑544
Legal investments in securities 32‑4‑545
Misdemeanors and civil rights 32‑4‑546
Validation 32‑4‑547
Effect of and limitations upon validation
Green check means up to date. Up to date

Current through Fall 2024

§ 32-4-523’s source at colorado​.gov