C.R.S. Section 37-44-112
Bonds

(1)

For the purpose of constructing, purchasing, or acquiring necessary reservoir sites, reservoirs, canals, ditches, and works and acquiring the necessary property rights therefor, for the purpose of paying an amount not to exceed the first five years’ interest on the bonds authorized in this article, and for the purpose of otherwise carrying out the provisions of this article, the board of directors of any such internal improvement district, as soon after such district has been organized as may be practicable, shall estimate and determine the amount of money necessary to be raised for such purposes and shall forthwith call a special election, at which election there shall be submitted to the electors of such district possessing the qualifications prescribed by this article the question of whether or not the bonds of said district shall be issued in the amount so determined. A notice of such election shall be given by posting notices in three public places in each election precinct in said district for at least twenty days and also by publication of such notice in some newspaper published in the county where the office of the board of directors is required to be kept once a week for at least three successive weeks.

(2)

Such notice shall specify the time of holding the election, the amount of bonds proposed to be issued and the amount and rate of interest on such bonds proposed to be issued, and the dates when the percentage of principal or series of said bonds will become due, if serial bonds are contemplated, or the maturity date of the entire issue, as the case may be. At such election the ballots shall contain the words, “Bonds - Yes” or “Bonds - No”, or words equivalent thereto, and also such appropriate words as shall enable the electors to indicate whether such bonds shall be redeemable at the option of the district at any time after their date or payable in series, and said election must be held and the result determined and declared in all respects as nearly as possible in conformity with the provisions of this article governing the election of officers, but no informality in conducting such election shall invalidate the same if the election has been otherwise fairly conducted. If a majority of the legal electors who are freeholders and taxpayers who represent a majority of the land within said district have voted “Bonds - Yes”, the board of directors shall immediately cause bonds in such amount to be issued.

(3)

If bonds are to be payable in series, each series shall consist of a definite percentage of the whole amount and number of said bonds. The time of maturity of the series of bonds and the percentage represented by each series shall be submitted to and approved by the electors at said election; but the last series shall mature in not more than fifty years from the date of said bonds, and the first series or percentage of the principal of said bonds shall become due not more than ten years from the date of said bonds, and the series shall be so arranged that some percentage of the principal of said bonds, never less than one percent, shall become due each year thereafter until the entire principal has been paid. If such bonds are made redeemable at the option of the district, they shall mature at a specific date not more than fifty years from their date of issue. If the optional form of bond is issued, the board of directors of the district, when funds are available for redemption purposes at any time before maturity, shall call for offerings for redemption and, out of the redemption fund provided for the payment of said bonds, shall pay any bonds presented for payment pursuant to such call to any holder thereof who offers the same for payment and redemption for the lowest amount below par, including accrued interest, to the extent of the funds available; otherwise said bonds shall be retired in the order of their issue numerically.

(4)

[Editor’s note:
This version of subsection (4) is effective until January 1, 2024.]
The interest on said bonds shall be made payable semiannually on June 1 and December 1 of each year. The principal and interest shall be payable at the office of the county treasurer of the county in which the organization of the district was effected and at such other place as the board of directors may designate in such bond.

(4)

[Editor’s note:
This version of subsection (4) is effective January 1, 2024.]
The interest on the bonds is payable semiannually on June 1 and December 1 of each year. The principal and interest is payable at the location the board of directors designates in the bond.

(5)

Such bonds shall each be of the denomination of not less than one hundred dollars and nor more than one thousand dollars and shall be negotiable in form, executed in the name of the internal improvement district, and signed by the president and secretary, and the seal of the district shall be affixed thereto.

(6)

[Editor’s note:
This version of subsection (6) is effective until January 1, 2024.]
Such bonds shall be numbered consecutively as issued and bear the date of their issue. Coupons for the interest shall be attached to each bond bearing the lithographed signatures of the president and secretary. Said bonds shall express on their faces that they are issued by the authority of this article, stating its title and date of approval. At the time of the issue of said bonds, each bond shall be registered by the county treasurer, who is ex officio treasurer of the internal improvement district, in a book to be kept by him for such purpose, and the interest thereon shall begin to run only from the date of such registry. Coupons evidencing unearned interest shall be detached and canceled. Each bond so registered shall have endorsed thereon the treasurer’s certificate of such registration, and only such bonds so certified shall be valid, but such certificate shall be conclusive evidence that the bond so certified has been duly issued in full conformity with the provisions of this article.

(6)

[Editor’s note:
This version of subsection (6) is effective January 1, 2024.]
The bonds must be numbered consecutively as issued and bear the date of their issue. Coupons for the interest shall be attached to each bond bearing the lithographed signatures of the president and secretary. The bonds shall express on their faces that they are issued by the authority of this article 44, stating its title and date of approval. At the time of the issue of the bonds, each bond shall be registered by the treasurer of the internal improvement district, in a book to be kept by the district treasurer for this purpose, and the interest on the bond shall begin to run only from the date of the registry. Coupons evidencing unearned interest must be detached and canceled. Each registered bond must have endorsed thereon the treasurer’s certificate of the registration, and only bonds certified in this manner are valid, and the certificate is conclusive evidence that the bond has been duly issued in full conformity with the provisions of this article 44.

(7)

When the money provided by any previous issue of bonds has been exhausted by expenditures provided for in this article and it becomes necessary to raise additional money for such purposes, additional bonds may be issued, submitting the question by special election to the qualified voters of said district and otherwise complying with the provisions of this article in respect to an original issue of such bonds, but the lien for assessments for the payment of interest and principal of any bond issue shall be a prior lien to that of any subsequent bond issue.

Source: Section 37-44-112 — Bonds, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-37.­pdf (accessed Oct. 20, 2023).

37‑44‑101
Liberal construction 37‑44‑102
Petition - establishment of an internal improvement district 37‑44‑103
Powers of district 37‑44‑104
Presentation and allowance of petitions 37‑44‑105
Notice of election - voters - ballots 37‑44‑106
Canvass of votes 37‑44‑107
Plans for improvements 37‑44‑108
Directors - powers and duties 37‑44‑109
Meetings of board - records 37‑44‑110
Title - tax exemption 37‑44‑111
Conveyances - power to sue 37‑44‑112
Bonds 37‑44‑113
Sale of bonds 37‑44‑114
Classification of lands 37‑44‑115
Objections to classifications 37‑44‑116
Conduct of appeals 37‑44‑117
Appeal not to delay 37‑44‑118
Modification of classification 37‑44‑119
Apportionment of levy 37‑44‑120
Assessment 37‑44‑121
Assessment list - collection 37‑44‑122
Assessment book 37‑44‑123
Assessments affect land benefited 37‑44‑124
District treasurer 37‑44‑125
Where office of district kept 37‑44‑126
Election of officers - oath or affirmation - bond 37‑44‑127
Notices of election of officers 37‑44‑128
Judges and clerk of election 37‑44‑129
Voters to appoint judges if necessary 37‑44‑130
Administration of oath 37‑44‑131
Hours polls open 37‑44‑132
Count of ballots - certificate of returns 37‑44‑133
Canvass of returns - result 37‑44‑134
Procedure in case of tie 37‑44‑135
Certificate of election 37‑44‑136
Filling vacancy 37‑44‑137
Collection of assessments 37‑44‑138
Construction contract - bond 37‑44‑139
Claims - audit - payment 37‑44‑140
Expenses of organization 37‑44‑141
Works may cross other lands 37‑44‑142
Officers’ compensation 37‑44‑143
Limit of indebtedness 37‑44‑144
Insufficient supply 37‑44‑145
Judicial action on bonds 37‑44‑146
Petition for confirmation 37‑44‑147
Notice of hearing 37‑44‑148
Answer or pleading 37‑44‑149
Determination
Green check means up to date. Up to date

Current through Fall 2024

§ 37-44-112’s source at colorado​.gov