C.R.S. Section 32-7-127
Use of proceeds of refunding bonds

The proceeds of refunding general obligation or revenue bonds shall either be immediately applied to the retirement of the bonds being refunded or be placed in escrow in any state or national bank within the state which is a member of the federal deposit insurance corporation to be applied to the payment of the bonds being refunded upon their presentation therefor; but, to the extent any incidental expenses have been capitalized, such refunding bond proceeds may be used to defray such expenses, and any accrued interest and any premium appertaining to a sale of refunding bonds may be applied to the payment of the interest thereon and the principal thereof, or both interest and principal, or may be deposited in a reserve therefor, as the board may determine. Any such escrow shall not necessarily be limited to proceeds of refunding bonds but may include other moneys available for the escrow’s purpose. Any moneys in escrow, 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 moneys and investments in escrow, together with any interest to be derived from any such investment, shall be in an amount at all times sufficient as to principal, interest, any prior redemption premium due, and any charges of the escrow agent payable therefrom to pay the bonds being refunded as they become due at their respective maturities or due at any designated prior redemption date or dates in connection with which the board shall exercise a prior redemption option. Any purchaser of any refunding bond issued under sections 32-7-125 and 32-7-126 and this section shall in no manner be responsible for the application of the proceeds thereof by the service authority or any of its officers, agents, or employees.

Source: Section 32-7-127 — Use of proceeds of refunding bonds, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-32.­pdf (accessed Oct. 20, 2023).

32‑7‑101
Short title 32‑7‑102
Legislative declaration 32‑7‑103
Definitions 32‑7‑104
Territorial requirements for service authorities 32‑7‑105
Petition or resolution for formation - designation of services 32‑7‑106
Priority of petition or resolution 32‑7‑107
Court appoints an organizational commission and election committee 32‑7‑108
Service authority organizational commission 32‑7‑109
Election for formation, selection of services, and initial board of directors 32‑7‑110
Board of directors 32‑7‑111
Designation of services 32‑7‑112
Local authorization of functions, services, and facilities 32‑7‑113
General powers 32‑7‑114
Duties related to planning powers 32‑7‑115
Ancillary powers 32‑7‑116
Powers to be exercised without franchise - condition 32‑7‑117
Revenues of service authority - collection 32‑7‑118
Levy and collection of taxes 32‑7‑119
Levies to cover deficiencies 32‑7‑120
Power to issue revenue bonds - terms 32‑7‑121
Power to incur indebtedness - interest - maturity - denominations 32‑7‑122
Debt question submitted to electors - resolution 32‑7‑123
Effect - subsequent elections 32‑7‑124
Correction of faulty notices 32‑7‑125
Refunding bonds 32‑7‑126
Limitations upon issuance 32‑7‑127
Use of proceeds of refunding bonds 32‑7‑128
Combination of refunding and other bonds 32‑7‑129
Board’s determination final 32‑7‑130
Anticipation warrants 32‑7‑131
Inclusion - counties - municipality - existing service authority - procedures 32‑7‑132
Special taxing districts authorized 32‑7‑133
Formation of special taxing districts 32‑7‑134
Local improvement districts authorized 32‑7‑135
Procedures to establish local improvement districts 32‑7‑136
Special districts - transfer of responsibility 32‑7‑137
Special districts - formation within service authority territory forbidden 32‑7‑138
Transfer and assumption of services 32‑7‑139
Payments for facilities acquired by regional service authority - valuation 32‑7‑140
Public transportation 32‑7‑141
Sewage collection, treatment, and disposal 32‑7‑142
Urban drainage and flood control 32‑7‑143
Assumption of services by a service authority in the Denver metropolitan area 32‑7‑144
Dissolution 32‑7‑145
Early hearings 32‑7‑146
Elections
Green check means up to date. Up to date

Current through Fall 2024

§ 32-7-127’s source at colorado​.gov