C.R.S. Section 32-4-528
Application of proceeds

(1)

All moneys received from the issuance of any securities authorized in this part 5 shall be used solely for the purposes for which issued and the cost of any project thereby delineated.

(2)

Any accrued interest and any premium shall be applied to the payment of the interest on or the principal of the securities, or both interest and principal, or shall be deposited in a reserve therefor, as the board may determine.

(3)

Any unexpended balance of such security proceeds remaining after the completion of the acquisition or improvement and equipment of the project or the completion of the purposes for which such securities were issued shall be paid immediately into the fund created for the payment of the principal of said securities and shall be used therefor, subject to the provisions as to the times and methods for their payment as stated in the securities and the proceedings authorizing or otherwise appertaining to their issuance, or in a reserve therefor.

(4)

The validity of said securities shall not be dependent on nor affected by the validity or regularity of any proceedings relating to the acquisition or improvement and equipment of the project or the proper completion of any project for which the securities are issued.

(5)

The purchasers of the securities shall in no manner be responsible for the application of the proceeds of the securities by the district or any of its officers, agents, and employees.

Source: Section 32-4-528 — Application of proceeds, 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

§ 32-4-528’s source at colorado​.gov