C.R.S. Section 37-95-120
Agreements with governmental agencies or persons

(1)

Governmental agencies or persons may enter into lease, sale, or loan agreements with the authority with respect to any project, and governmental agencies or persons may also enter into purchase agreements with the authority for the purchase of the capacity use or service of any project. Such lease, sale, loan, or purchase agreements may be for a term covering the life of a project, or for any other term, or for an indefinite period. Pursuant to any such agreements, such governmental agencies or persons may obligate themselves to make payments in amounts which shall be sufficient to enable the authority to meet its expenses, the interest and principal payments (whether at maturity or upon sinking fund redemption) for its bonds, its reasonable reserves for debt service, operation and maintenance, and renewals and replacements, and the requirements of any rate covenant with respect to debt service coverage contained in any resolution, trust indenture, or other security instrument.

(2)

Purchase agreements between the authority and any governmental agency or persons may contain such other terms and conditions as the authority and the purchasers may determine, including provisions whereby the purchaser is obligated to pay for the output, capacity, or use of any project irrespective of whether such output, capacity, or use is produced or delivered to the purchaser or whether any water development project contemplated by any such agreement is completed, operable, or operating, and notwithstanding suspension, interruption, interference, reduction, or curtailment of the output, use, or service of such project. Subject to local charter and state constitutional limitations, such purchase agreements may also provide that if one or more of the purchasers defaults in the payment of its obligations under any such purchase agreement, the remaining purchasers which also have such agreements shall be required to accept and pay for, and shall be entitled proportionately to use or otherwise dispose of, the output, capacity, or use of the project contracted for by the defaulting purchaser.

(3)

The obligations of a governmental agency or persons under an agreement with the authority or arising out of the default by any other purchaser with respect to such an agreement shall not, unless otherwise lawful, be construed to constitute a debt of the governmental agency or persons. To the extent provided in agreements with the authority, such obligations shall constitute special obligations of the governmental agency or persons, payable solely from the revenues and other moneys derived by the governmental agency or persons from their utility systems, and shall be treated as expenses of operating such systems.

Source: Section 37-95-120 — Agreements with governmental agencies or persons, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-37.­pdf (accessed Oct. 20, 2023).

37‑95‑101
Short title 37‑95‑102
Legislative declaration 37‑95‑103
Definitions 37‑95‑104
Establishment of authority - board of directors - removal - organization - compensation - dissolution 37‑95‑105
Records and meetings of board - disclosure of interests required 37‑95‑106
Authority - powers 37‑95‑107
Feasibility studies - repayment of costs 37‑95‑107.5
Legislative declaration - specific project authorizations 37‑95‑107.6
Creation and administration of water pollution control revolving fund 37‑95‑107.8
Creation and administration of drinking water revolving fund 37‑95‑108
Acquisition and disposition of property - change of location of highways, railroad, or public utilities - regulation of public utility facilities on a project 37‑95‑109
Bonds or notes - issuance - terms 37‑95‑110
Power to make covenants to secure payment 37‑95‑111
Pledge of revenues, moneys, funds, or other property - lien 37‑95‑112
Personal liability 37‑95‑112.5
Watershed protection and forest health projects - definition - repeal 37‑95‑113
Debt service reserve funds for watershed protection projects and forest health projects 37‑95‑114
Guarantee by state not to limit or alter rights or powers vested in authority 37‑95‑115
Exemption of bonds from taxation 37‑95‑116
Annual report - annual audit - annual budget 37‑95‑117
Services by state officers, departments, boards, agencies, divisions, and commissions 37‑95‑118
Bonds eligible for investment 37‑95‑119
Charges for use of service of projects 37‑95‑120
Agreements with governmental agencies or persons 37‑95‑121
Effect on inconsistent acts and rules and regulations adopted thereunder 37‑95‑122
Severability 37‑95‑123
Construction of article
Green check means up to date. Up to date

Current through Fall 2024

§ 37-95-120’s source at colorado​.gov