C.R.S. Section 37-46-118
Board bound by financing plan

(1)

The board of directors of the district shall be bound by the plan of financing set forth in the petition for the organization of the subdistrict and approved by decree of the district court. The appointment of appraisers shall not be necessary in the event that the plan adopted provides that general obligations of the subdistrict are to be issued or provides for the issuance of revenue warrants which are a lien and charge upon the rental and income from the irrigation works or reservoirs or other improvements to be constructed under the plan adopted and the rental derived from any such works.

(2)

The warrants shall be payable in such denominations, with a maximum net effective interest rate which may be fixed by the board of directors of said district pursuant to the order and decree of the court. Such warrants shall bear interest such that the net effective interest rate of the warrants does not exceed the maximum net effective interest rate authorized. The board shall pledge the income and rentals from said irrigation works or water supplied therethrough, and the subdistrict shall not be otherwise obligated for the payment thereof.

(3)

At the time said revenue warrants are issued, the board of directors of the district shall make and enter in the minutes of the proceeding a resolution in which the due dates of said revenue warrants, the rate of interest thereon, the general provisions of said bonds, and a recital that the same are payable out of rental and income only are set forth and shall require the payment of an assessment or annual rental charge by the persons who are to use or derive benefit from the water or other service furnished through said improvements or works, sufficient to meet said payments, and the resolution shall be irrepealable during the time that any of said revenue warrants are outstanding and unpaid. The revenue warrants shall be signed “Water Users’ Association No. .... in the Colorado River Water Conservation District, By .............., President. Attest .............., Secretary” or “Special Improvement District No. .... in the Colorado River Water Conservation District, By .............., President. Attest .............., Secretary”. They shall be countersigned by the treasurer.

(4)

General obligation bonds of said subdistrict shall be signed in the same manner as provided in this section for revenue warrants and shall recite that the same are issued pursuant to the provisions of this article and are to be payable at the time and in the manner and with the rate of interest therein specified and that the same were issued under and pursuant to a decree of court and a resolution of the board of directors authorizing the issue of said obligations and referring to the date of said resolution. Said bonds shall further recite that they are payable from funds to be derived by assessments and tax levies against the property in said subdistrict and not otherwise, and that the same are not to be deemed as an obligation of the Colorado river water conservation district but only as an obligation of said subdistrict, and that the district itself is not obligated in any manner for the payment of said bonds.

Source: Section 37-46-118 — Board bound by financing plan, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-37.­pdf (accessed Oct. 20, 2023).

37‑46‑101
Legislative declaration 37‑46‑102
Definitions 37‑46‑103
District body corporate - area 37‑46‑104
Board of directors 37‑46‑105
Compensation of directors 37‑46‑106
Vacancies - secretary and treasurer 37‑46‑107
General powers 37‑46‑108
Principal office - meetings 37‑46‑109
Authority of board to levy taxes 37‑46‑109.3
Taxes - determination and collection 37‑46‑109.4
Levies to cover district’s deficiencies 37‑46‑110
Organization 37‑46‑111
Rules and regulations 37‑46‑112
Petition 37‑46‑113
Notice of hearing on petition 37‑46‑114
Protesting of petitions 37‑46‑114.5
Alternative procedure for organizing a subdistrict 37‑46‑115
Board of directors to prepare plans 37‑46‑116
Appointment of appraisers 37‑46‑117
Compensation of appraisers 37‑46‑118
Board bound by financing plan 37‑46‑119
Directors may make assessments 37‑46‑120
Improvement district bonds 37‑46‑121
Assessments perpetual lien 37‑46‑122
Invalid assessments - board remedy 37‑46‑123
Assessment record as evidence 37‑46‑124
Remedies in case of faulty notice 37‑46‑125
Lawful contracts 37‑46‑126
Issuance of general obligation bonds and revenue bonds 37‑46‑126.2
Subdistrict’s levy of taxes 37‑46‑126.3
Levy and collection of subdistrict’s taxes 37‑46‑126.4
Levies to cover subdistrict deficiencies 37‑46‑126.5
County to levy and collect 37‑46‑126.6
Delinquent taxes 37‑46‑127
Maintenance assessment 37‑46‑128
Annual levy limit 37‑46‑129
Investment of surplus funds 37‑46‑130
Sinking fund 37‑46‑131
Court confirmation 37‑46‑132
Allocation of water or service 37‑46‑133
Election to authorize debt 37‑46‑134
Definition of elector 37‑46‑135
Elections 37‑46‑136
Election resolution 37‑46‑137
Conduct of election 37‑46‑138
Notice of election 37‑46‑139
Polling places 37‑46‑140
Election supplies 37‑46‑141
Election returns 37‑46‑142
Debt election contests 37‑46‑143
Covenants and other provisions in bonds 37‑46‑144
Liens on pledged revenues 37‑46‑145
Rights - powers of holders of bonds - trustees 37‑46‑146
Investments and securities 37‑46‑147
Rents and charges 37‑46‑148
Miscellaneous powers 37‑46‑149
Cooperative powers 37‑46‑150
Joint action entity 37‑46‑151
Correlative powers of political subdivisions
Green check means up to date. Up to date

Current through Fall 2024

§ 37-46-118’s source at colorado​.gov