C.R.S. Section 37-48-185
Covenants and other provisions in bonds

(1)

Any resolution providing for the issuance of any bonds under this article payable from pledged revenues and any indenture or other instrument or proceedings pertaining thereto may at the discretion of the board of directors contain covenants or other provisions, notwithstanding that such covenants and provisions may limit the exercise of powers conferred by this article, in order to secure the payment of such bonds, in agreement with the holders of such bonds, including, without limitation, covenants or other provisions as to any one or more of the following:

(a)

The pledged revenues and, in the case of general obligations, the taxes to be fixed, charged, or levied and the collection, use, and disposition thereof, including, without limitation, the foreclosure of liens for delinquencies, the discontinuance of services, facilities, or use of any properties or facilities, prohibition against free service, the collection of penalties and collection costs, and the use and disposition of any moneys of the district or subdistrict issuing bonds, derived or to be derived, from any source designated;

(b)

The acquisition, improvement, or equipment of all or any part of properties pertaining to any project or any facilities;

(c)

The creation and maintenance of reserves or sinking funds to secure the payment of the principal of and the interest on any bonds or of the operation and maintenance expenses of any facilities, or part thereof, and the source, custody, security, regulation, use, and disposition of any such reserves or funds, including, without limitation, the powers and duties of any trustee with regard thereto;

(d)

Limitations on the powers of the district or subdistrict to acquire or operate, or permit the acquisition or operation of, any structures, facilities, or properties which may compete or tend to compete with any facilities;

(e)

The vesting in a corporate or other trustee or trustees of such property, rights, powers, and duties in trust as the board of directors may determine, which may include any or all of the rights, powers, and duties of the trustee appointed by the holders of bonds, and limiting or abrogating the rights of such holders to appoint a trustee, or limiting the rights, duties, and powers of such trustee;

(f)

Events of default, rights, and liabilities arising therefrom and the rights, liabilities, powers, and duties arising upon the breach by the district or subdistrict of any covenants, conditions, or obligations;

(g)

The terms and conditions upon which the holders of the bonds or of a specified portion, percentage, or amount thereof, or any trustee therefor, shall be entitled to the appointment of a receiver, which receiver may enter and take possession of any facilities or service, operate and maintain the same, prescribe fees, rates, and other charges, and collect, receive, and apply all revenues thereafter arising therefrom in the same manner as the district or subdistrict itself might do;

(h)

A procedure by which the terms of any resolution authorizing bonds or any other contract with any holders of district or subdistrict bonds, including, without limitation, an indenture of trust or similar instrument, may be amended or abrogated, and as to the proportion, percentage, or amount of bonds the holders of which must consent thereto, and the manner in which such consent may be given;

(i)

The terms and conditions upon which any or all of the bonds shall become or may be declared due before maturity and as to the terms and conditions upon which such declaration and its consequences may be waived; and

(j)

All such acts and things as may be necessary or convenient or desirable in order to secure the bonds or, in the discretion of the board of directors, tend to make the bonds more marketable, notwithstanding that such covenant, act, or thing may not be enumerated in this article, it being the intention of this article to give to the board of directors power to do in the name and on behalf of the district or subdistrict all things in the issuance of district or subdistrict bonds and for their security, except as expressly limited in this article.

Source: Section 37-48-185 — Covenants and other provisions in 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

§ 37-48-185’s source at colorado​.gov