C.R.S. Section 35-75-116
Payment of bonds

  • nonliability of state

(1)

Bonds and notes issued by the authority shall not constitute or become an indebtedness, a debt, or a liability of the state, nor shall the state be liable on such bonds and notes, nor shall such bonds or notes constitute the giving, pledging, or loaning of the full faith and credit of the state, but such bonds and notes shall be payable solely from the funds provided for in this article. The issuance of bonds or notes under the provisions of this article shall not obligate the state or empower the authority, directly, indirectly, or contingently, to levy or collect any form of taxes or assessments, to create any indebtedness payable out of taxes or assessments, or to make any appropriation for their payment, and such appropriation, levy, or collection is prohibited.

(2)

Nothing in this section shall prevent or be construed to prevent the authority from pledging its full faith and credit to the payment of bonds or notes authorized pursuant to this article, but nothing in this article shall be construed to authorize the authority to create a debt of the state within the meaning of the constitution or statutes of Colorado; and all bonds issued by the authority pursuant to the provisions of this article are payable and shall state that they are payable solely from the funds pledged for their payment in accordance with the resolution authorizing their issuance or with any trust indenture executed as security for such bonds and are not a debt or liability of the state of Colorado.

(3)

The state shall not be liable in any event for the payment of the principal of or interest on any bonds of the authority or for the performance of any pledge, obligation, or agreement of any kind whatsoever which may be undertaken by the authority. No breach of any such pledge, obligation, or agreement shall impose any pecuniary liability upon the state or any charge upon its general credit or against its taxing power.

Source: Section 35-75-116 — Payment of bonds - nonliability of state, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-35.­pdf (accessed Oct. 20, 2023).

35‑75‑101
Short title 35‑75‑102
Legislative declaration 35‑75‑103
Definitions 35‑75‑104
Colorado agricultural development authority - creation - membership 35‑75‑105
Organization meeting - chairman - personnel - surety bond - conflict of interest 35‑75‑106
Meetings of board - quorum - expenses 35‑75‑107
General powers and duties of authority 35‑75‑108
Authority - loans to or made by lenders 35‑75‑109
Authority - rules and regulations 35‑75‑110
Notes 35‑75‑111
Bonds 35‑75‑111.5
Issuance of bonds to construct renewable energy generation facilities and electric transmission lines - renewable energy cooperatives 35‑75‑112
Negotiability of bonds 35‑75‑113
Security for bonds and notes 35‑75‑114
Personal liability 35‑75‑115
Purchase 35‑75‑116
Payment of bonds - nonliability of state 35‑75‑117
Exemption from taxation - securities law 35‑75‑118
Fees 35‑75‑119
Investment powers of authority 35‑75‑120
Proceeds as trust funds 35‑75‑121
Agreement of the state not to limit or alter rights of obligees 35‑75‑122
Enforcement of rights of bondholders 35‑75‑123
Bonds eligible for investment 35‑75‑124
Account of activities - receipts for expenditures - report - audit 35‑75‑125
Federal social security act 35‑75‑126
Powers of authority not restricted 35‑75‑201
Legislative declaration - purpose of part 35‑75‑202
Definitions 35‑75‑203
Colorado agricultural value-added development board - creation - members 35‑75‑204
Duties of board - agriculture value-added grants, loans and loan guarantees, and equity investments 35‑75‑205
Grants, loans and loan guarantees, and equity investments - agriculture value-added cash fund - created - report - definition
Green check means up to date. Up to date

Current through Fall 2024

§ 35-75-116’s source at colorado​.gov