C.R.S. Section 32-4-533
Refunding bonds

(1)

Any bonds issued under this part 5 may be refunded, without an election, pursuant to a resolution adopted by the board in the manner provided in this part 5 for the issuance of other securities, subject to any contractual limitations, to refund, pay, or discharge all or any part of the district’s outstanding bonds, including any interest thereon in arrears or about to become due, or for the purpose of reducing interest costs or effecting other economies or of modifying or eliminating restrictive contractual limitations appertaining to the issuance of additional bonds for any sewage disposal system or project.

(2)

Any bonds issued for refunding purposes may either be delivered in exchange for the outstanding bonds authorized to be refunded or may be sold as provided in this part 5 for the sale of other bonds.

(3)

No bonds may be refunded under this part 5 unless they either mature or are callable for prior redemption under their terms within ten years from the date of issuance of the refunding bonds, or unless the holders thereof voluntarily surrender them for exchange or payment. No maturity of any bonds refunded may be extended over fifteen years. The rate of interest on such refunding bonds shall be determined by the board. The principal amount of the refunding bonds may exceed the principal amount of the refunded bonds if the aggregate principal and interest costs of the refunding bonds do not exceed such unaccrued costs of the bonds refunded.

(4)

The proceeds of refunding bonds shall either be immediately applied to the retirement of the bonds to be refunded or be placed in escrow to be applied to the payment of the bonds upon their presentation therefor. Any escrowed proceeds, pending such use, may be invested or reinvested in securities meeting the investment requirements established in part 6 of article 75 of title 24, C.R.S. Such escrowed proceeds and investments, together with any interest to be derived from any such investment, shall be in an amount at all times sufficient to pay the bonds refunded as they become due at their respective maturities or due at prior redemption dates as to principal, interest, any prior redemption premium due, and any charges of the escrow agent payable therefrom.

(5)

Refunding revenue bonds may be made payable from any revenues derived from the operation of any sewage disposal system or project, or any other source, notwithstanding that the pledge of such revenues for the payment of the outstanding bonds issued by the district which are to be refunded is thereby modified.

(6)

Bonds for refunding and bonds for any other purpose authorized in this part 5 may be issued separately or issued in combination in one series or more.

(7)

Except as in this section specifically provided or necessarily implied, the relevant provisions in this part 5 pertaining to bonds shall be equally applicable in the authorization and issuance of refunding bonds, including their terms and security, the bond resolution, trust indenture, taxes, and service charges, and other aspects of the bonds.

(8)

The determination of the board that the limitations under this part 5 imposed upon the issuance of refunding bonds have been met shall be conclusive in the absence of fraud or arbitrary and gross abuse of discretion.

Source: Section 32-4-533 — Refunding bonds, 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

§ 32-4-533’s source at colorado​.gov