C.R.S. Section 32-9-147
Refunding bonds

(1)

Except as otherwise provided in this article, any bonds issued under this article may be refunded without an election, subject to the provisions concerning their payment and to any other contractual limitations in the proceedings authorizing their issuance or otherwise relating thereto.

(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 article for the sale of other bonds.

(3)

No bonds may be refunded under this article unless the holders thereof voluntarily surrender them for exchange or payment or 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. Provision shall be made for paying the bonds within said period of time. 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, except the extent any interest on the bonds refunded in arrears or about to become due is capitalized with the proceeds of the refunding bonds. The principal amount of the refunding bonds may also be less than or the same as the principal amount of the bonds refunded so long as provision is duly and sufficiently made for their payment.

(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 or in trust to be applied to the payment of the bonds refunded upon their presentation therefor. Any proceeds held in escrow or in trust, 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 proceeds and investments in escrow or in trust, together with any interest or other gain 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 or trustee payable therefrom to pay the bonds refunded as they become due at their respective maturities or due at designated prior redemption dates upon which the board shall be obligated to call the refunded bonds for prior redemption.

(5)

Except as otherwise provided in this article, the relevant provisions pertaining to bonds generally shall be equally applicable in the authorization and issuance of refunding bonds, including their terms and security, the bond resolution, trust indenture, taxes, and revenues, and other aspects of the bonds.

Source: Section 32-9-147 — Refunding bonds, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-32.­pdf (accessed Oct. 20, 2023).

32‑9‑101
Short title 32‑9‑102
Legislative declaration 32‑9‑103
Definitions 32‑9‑104
Liberal construction 32‑9‑105
Creation of district 32‑9‑106.1
District area 32‑9‑106.6
Additional district areas as a result of annexation 32‑9‑106.7
Additional district area - petition or election - required filings - definitions 32‑9‑106.8
Additional district areas - annexation of unincorporated territory that is entirely surrounded by the district 32‑9‑106.9
District area - town of Castle Rock in Douglas county 32‑9‑107
Mass transportation system 32‑9‑107.5
Regional fixed guideway mass transit system - authorization 32‑9‑107.7
Regional fixed guideway mass transit systems - construction - authorization 32‑9‑109.5
Board of directors - membership - powers 32‑9‑111
Election of directors - dates - terms 32‑9‑112
Vacancies - appointments - recall 32‑9‑113
Fidelity bonds 32‑9‑114
Board’s administrative powers 32‑9‑115
Records of board - audits 32‑9‑116
Meetings of board 32‑9‑117
Compensation of directors 32‑9‑118
Conflicts in interest prohibited 32‑9‑119
Additional powers of district 32‑9‑119.1
Transportation expansion plan - utility relocation - legislative declaration - definitions 32‑9‑119.3
Elections for sales tax rate increase 32‑9‑119.4
Election for a sales tax rate increase - petition requirement 32‑9‑119.5
Competition to provide vehicular service within the regional transportation district - definition 32‑9‑119.7
Cost efficiency of transit services - reporting - plans 32‑9‑119.8
Provision of retail and commercial goods and services at district transfer facilities - residential and other uses at district transfer facilities permitted - definitions 32‑9‑119.9
Limited authority to charge fees for parking - reserved parking spaces - penalties - definitions 32‑9‑120
Levy of taxes - limitations 32‑9‑121
Levies to cover deficiencies 32‑9‑122
Levying and collecting taxes - lien 32‑9‑123
Delinquent taxes 32‑9‑123.5
Prohibition on borrowing by district 32‑9‑124
Forms of borrowing 32‑9‑125
Issuance of notes 32‑9‑126
Issuance of warrants 32‑9‑127
Maturities of notes and warrants 32‑9‑128
Incurrence of special obligations 32‑9‑128.5
Private activity and exempt facility bonds 32‑9‑129
Issuance of temporary bonds 32‑9‑130
Issuance of interim notes 32‑9‑131
Pledge of proceeds of sales taxes and revenues 32‑9‑132
Ranking among different issues 32‑9‑133
Ranking in same issue 32‑9‑134
Payment recital in securities 32‑9‑135
Incontestable recital in securities 32‑9‑136
Limitation upon payment 32‑9‑137
Security details 32‑9‑138
Negotiability 32‑9‑139
Single bonds 32‑9‑140
Sale of securities 32‑9‑141
Application of proceeds 32‑9‑142
Use of unexpended proceeds 32‑9‑143
Covenants in security proceedings 32‑9‑144
Remedies of security holders 32‑9‑145
Limitations upon liabilities 32‑9‑146
Interest after maturity 32‑9‑147
Refunding bonds 32‑9‑148
Issuance of interim notes 32‑9‑149
Elections 32‑9‑150
Election resolution 32‑9‑151
Conduct and costs of elections 32‑9‑156
District - tax exempted 32‑9‑158
Merger, consolidation, or assumption of district 32‑9‑159
Freedom from judicial process 32‑9‑160
Misdemeanors 32‑9‑161
Eminent domain 32‑9‑162
Money management 32‑9‑163
Investment management 32‑9‑164
Custodians
Green check means up to date. Up to date

Current through Fall 2024

§ 32-9-147’s source at colorado​.gov