C.R.S. Section 32-4-524
Payment of securities

(1)

All securities issued by the district shall be authorized by resolution.

(2)

The district may pledge its full faith and credit for the payment of any securities authorized in this part 5, the interest thereon, any prior redemption premiums, and any charges appertaining thereto. Such securities may constitute the direct and general or special obligations of the district. Their payment may be secured by a specific pledge of tax proceeds and other revenues of the district, in this part 5 sometimes referred to as “revenues” of the district, as the board may determine.

(3)

The board, in connection with such additionally secured securities, in the resolution authorizing their issuance or other instrument appertaining thereto may pledge all or a portion of such revenues, subject to any prior pledges, as additional security for such payment of said securities, and at its option may deposit such revenues in a fund created to pay the securities or created to secure additionally their payment.

(4)

Any such revenues pledged directly or as additional security for the payment of securities of any one issue or series which revenues are not exclusively pledged therefor, may subsequently be pledged directly or as additional security for the payment of the securities of one or more issues or series subsequently authorized.

(5)

All securities of the same issue or series shall, subject to the prior and superior rights of outstanding securities, claims, and other obligations, have a prior, paramount, and superior lien on the revenues pledged for the payment of the securities over and ahead of any lien there against subsequently incurred of any other securities; but, the resolution authorizing, or other instrument appertaining to, the issuance of any securities may provide for the subsequent authorization of bonds or other securities, the lien for the payment of which on such revenues is on a parity with the lien thereon of the subject securities upon such conditions and subject to such limitations as said resolution or other instrument may provide.

(6)

All securities of the same issue or series shall be equally and ratably secured without priority by reason of number, date of maturity, date of securities, of sale, of execution, or of delivery, by a lien on said revenues in accordance with the provisions of this part 5 and the resolution authorizing, or other instrument appertaining to, said securities, except to the extent such resolution or other instrument shall otherwise specifically provide.

(7)

Each such security issued under this part 5 shall recite in substance that said security and the interest thereon are payable solely from the revenues or other moneys pledged to the payment thereof. Securities specifically pledging the full faith and credit of the district for their payment shall so state.

(8)

The payment of securities shall not be secured by an encumbrance, mortgage, or other pledge of property of the district, except for revenues, income, tax proceeds, and other moneys pledged for the payment of securities. No property of the district, subject to said exception, shall be liable to be forfeited or taken in payment of the securities.

Source: Section 32-4-524 — Payment of securities, 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

§ 32-4-524’s source at colorado​.gov