C.R.S. Section 37-48-157
Issuance of general obligation bonds

  • revenue bonds

(1)

Intentionally left blank —Ed.

(a)

In the name of the subdistrict and not otherwise, when authorized by the plan of organization and decree of court organizing said subdistrict to do so, the district may issue general obligations or bonds which shall constitute a lien against the real property in said subdistrict. Said obligations shall bear interest at a rate such that the net effective interest rate of the issue does not exceed the maximum net effective interest rate authorized. Interest shall be payable semiannually, and said obligations may be made payable in series becoming due not less than five years and not more than fifty years after the date of issue. The bonds may be sold in one or more series at par, or below or above par, at public or private sale, in such manner and for such price as the district, in its discretion, shall determine. As an incidental expense of the issuance, the district, in its discretion, may employ financial and legal consultants in regard to the financing of the official plan. The district may exchange all or a part of its bonds for all or an equivalent part of property or services included in the official plan for which the bonds are issued, the exchange to be preceded by determination of the fair value of the property or services exchanged for the bonds. Such determination shall be by resolution of the board of directors and shall be conclusive.

(b)

Such bonds are to be paid from assessments levied from time to time, as the bonds and interest thereon become due, against the taxable property in said subdistrict and not otherwise. Such levies shall not be limited as to rate or amount; except that they shall not exceed a rate reasonably required to yield funds needed to pay said bonds and interest as they mature, plus any other amounts required for debt service, less the amount of any other funds available to the subdistrict for payment of said bonds and debt service. The board of directors of said district shall certify, to the boards of county commissioners of the several counties in which said subdistrict or any part thereof is located, the amount of the levy necessary to be made upon the taxable property in the subdistrict to yield the required funds becoming due on all outstanding bonds at the same time that certifications of the district’s mill levy assessment for general district purposes are made, and the procedure for the assessment and collection of ad valorem taxes of the county is, except as may be otherwise provided in this article, made applicable and is to be followed in the levy of assessments for payment of taxes and collection of principal and debt service on such general obligations or bonds. If the subdistrict has a board of managers, said board of managers shall certify to the district board the amount of money needed to be raised by such assessment, and the district board shall, if it deems the amount to be correct, thereupon determine the levy necessary to raise such funds and certify the same to the boards of county commissioners as provided in this section.

(2)

Intentionally left blank —Ed.

(a)

The subdistrict, in its own name, may issue revenue bonds to finance, in whole or in part, the construction of works, reservoirs, or other improvements provided for in the official plan for the beneficial use of water for the purposes for which it has been or may be appropriated, whether or not the interest on such bonds may be subject to taxation. Such revenue bonds shall be issued in such denominations and with such maximum net effective interest rate as may be fixed by the board of directors of the district and shall bear interest such that the net effective interest rate of the bonds does not exceed the maximum net effective interest rate authorized. The bonds may be sold in one or more series at par, or below or above par, at public or private sale, in such manner and for such price as the district, in its discretion, shall determine. As an incidental expense of the issuance, the subdistrict, in its discretion, may employ financial and legal consultants in regard to the financing of the official plan. The subdistrict may exchange all or a part of its bonds for all or an equivalent part of property or services included in the official plan for which the bonds are issued, the exchange to be preceded by determination of the fair value of the property or services exchanged for the bonds. Such determination shall be by resolution of the board of directors and shall be conclusive.

(b)

The board of directors shall pledge only rental proceeds, service charges, user fees, and other income, or any combination thereof, from such works, plans of water management, or other improvements of the subdistrict, and neither the district nor the subdistrict shall be otherwise obligated for the payment thereof. At the time said revenue bonds are issued, the board of directors of the district shall make and enter in the minutes of the proceeding a resolution that sets out the due dates of such revenue bonds, the rates of interest thereon, the general provisions of the bonds, and a recital that the same are payable only out of the rental proceeds, service charges, and other income, or any combination thereof that are pledged for payment of the revenue bonds. In addition, the board of directors shall require the payment of rental charges, service charges, or other charges by the political subdivisions, persons, or land owners that are to use or derive benefits from the water or other services financed by the revenue bonds. Such charges shall be sufficient to pay operation and maintenance expenses of any works or improvements or any water management plan financed by the revenue bonds, to meet said revenue bond payments, and to accumulate and maintain reserve and replacement accounts pertaining thereto as set forth in such resolution. Such resolution shall be irrepealable during the time that any of the revenue bonds are outstanding and unpaid. The revenue bonds shall be signed “Water Users’ Association No. .... in the Rio Grande Water Conservation District, By ............, President. Attest ..........., Secretary” or “Special Improvement District No. .... in the Rio Grande Water Conservation District, By ........., President. Attest ............, Secretary”, and they shall be countersigned by the treasurer.

Source: Section 37-48-157 — Issuance of general obligation bonds - revenue bonds, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-37.­pdf (accessed Oct. 20, 2023).

37‑48‑101
Legislative declaration 37‑48‑101.3
Definitions 37‑48‑102
Creation and name of district 37‑48‑103
Board of directors 37‑48‑104
Employees 37‑48‑105
Powers of district 37‑48‑106
Principal office - meetings 37‑48‑107
Assessment and levy by board 37‑48‑108
Creation of subdistricts 37‑48‑109
Compensation of directors 37‑48‑110
Limitations on power to levy and contract 37‑48‑111
Investment of surplus funds 37‑48‑112
Rules 37‑48‑113
Court confirmation 37‑48‑114
Petition 37‑48‑115
Notice and hearing on petition 37‑48‑116
Election resolution 37‑48‑117
Conduct of election 37‑48‑118
Notice of election 37‑48‑119
Polling places 37‑48‑120
Election supplies 37‑48‑121
Election returns 37‑48‑122
Expenses of election - appropriation 37‑48‑123
Procedure for establishment of subdistricts 37‑48‑124
Time and place of hearing on petition 37‑48‑125
Filing of protest - procedure - decree - fee 37‑48‑126
Official plan for subdistrict 37‑48‑127
Execution of plans 37‑48‑128
Contracts 37‑48‑129
Surveys and examinations 37‑48‑130
Cooperation with United States or other agencies 37‑48‑131
Access to lands - penalty 37‑48‑132
Removal of structures 37‑48‑133
Passing equipment through bridge or grade 37‑48‑134
Functions and duties of board of managers 37‑48‑135
Retention of personnel 37‑48‑136
Appointment of appraisers 37‑48‑137
Appraisals 37‑48‑138
Report of appraisers - special improvement bonds 37‑48‑139
Notice of hearing on appraisals 37‑48‑140
Hearing on appraisals 37‑48‑141
Decree on appraisals 37‑48‑142
Filing decree 37‑48‑143
Validation of irregular proceedings 37‑48‑144
Compensation of appraisers 37‑48‑145
Preliminary fund 37‑48‑146
Power to borrow money for the preliminary fund 37‑48‑147
Directors bound by financing plan 37‑48‑148
Special assessments - procedure in making 37‑48‑149
Special improvement bonds 37‑48‑150
Manner of collection - tax sale - certificate of purchase - tax deed 37‑48‑151
Collection by civil action 37‑48‑152
Special improvement assessments constitute perpetual lien 37‑48‑153
Directors to remedy defects - special improvement assessments - special assessments 37‑48‑154
Records of assessments, service charges, or user fees as evidence 37‑48‑155
Defects in notice perfected 37‑48‑156
Contracts of subdistricts 37‑48‑157
Issuance of general obligation bonds - revenue bonds 37‑48‑158
Board to certify tax assessments 37‑48‑159
Sinking fund 37‑48‑160
Subdistrict budget 37‑48‑175
Election to authorize debt 37‑48‑176
Definition of elector 37‑48‑177
Elections 37‑48‑178
Election resolution 37‑48‑179
Conduct of election 37‑48‑180
Notice of election 37‑48‑181
Polling places 37‑48‑182
Election supplies 37‑48‑183
Election returns 37‑48‑184
Debt election contests 37‑48‑185
Covenants and other provisions in bonds 37‑48‑186
Liens on pledged revenues 37‑48‑187
Rights - powers of holders of bonds - trustees 37‑48‑188
Investments and securities 37‑48‑189
Rents and charges 37‑48‑190
Miscellaneous powers 37‑48‑191
Cooperative powers 37‑48‑192
Joint action entity 37‑48‑193
Correlative powers of political subdivisions 37‑48‑194
Refunding 37‑48‑195
Costs - board of managers to concur
Green check means up to date. Up to date

Current through Fall 2024

§ 37-48-157’s source at colorado​.gov