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<br />THE SIGNATURES ON THE BONDS ARE FACSIMILE SIGNATURES, PROVISIONS SHALL BE MADE FOR A MANUAL <br />AUTHENTICATING SIGNATURE ON THE BONDS BY OR ON BEHALF OF A DESIGNATED AUTHENTICATING AGENT. <br />(8) THE BOARD MAY PAY ALL FEES, EXPENSES, AND COMMISSIONS THAT THE BOARD DEEMS NECESSARY <br />OR ADVANTAGEOUS IN CONNECTION WITH THE SALE OF BONDS. THE BOARD SHALL DELEGATE THE POWER TO <br />FIX THE DATE OF SALE OF BONDS, TO RECEIVE BIDS OR PROPOSALS, TO AWARD AND SELL BONDS, TO FIX <br />INTEREST RATES, TO RETAIN AND TO TAKE ALL OTHER ACTION NECESSARY TO SELL AND DELIVER BONDS TO THE <br />STATE TREASURER, WHO SHALL ACT IN CONSULTATION WITH THE BOARD. THE STATE TREASURER SHALL ALSO <br />BE AUTHORIZED TO ACT ON BEHALF OF AND IN CONSULTATION WITH THE BOARD TO ENGAGE THE SERVICES OF <br />SUCH CONSULTANTS, FINANCIAL ADVISORS, UNDERWRITERS, BOND INSURERS, LETTER OF CREDIT BANKS, <br />RATING AGENCIES, AGENTS, OR OTHER PERSONS WHOSE SERVICES MAY BE REQUIRED OR DEEMED <br />ADVANTAGEOUS BY THE BOARD AND THE STATE TREASURER IN CONNECTION WITH SUCH BONDS. THE STATE <br />TREASURER SHALL CONTRACT FOR SUCH SERVICES IN ACCORDANCE WITH THE "PROCUREMENT CODE", ARTICLES <br />101 TO 112 OF TITLE 24, C.R.S.; EXCEPT THAT CONTRACTING FOR SERVICES OF BOND INSURERS, LETTER OF <br />CREDIT BANKS, AND RATING AGENCIES SHALL NOT BE SUBJECT TO THE "PROCUREMENT CODE". <br />(9) ANY OUTSTANDING BONDS MAY BE REFUNDED BY THE BOARD PURSUANT TO ARTICLE 56 OF TITLE <br />II, C.R.S. ALL BONDS ARE DECLARED TO BE NEGOTIABLE INSTRUMENTS. <br />(10) THE BOARD MAY, WITH RESPECT TO BONDS THAT HAVE BEEN ISSUED OR PROPOSED BONDS, ENTER <br />INTO INTEREST RATE EXCHANGE AGREEMENTS IN ACCORDANCE WITH ARTICLE 59.3 OF TITLE II, C.R.S. <br />(II) NOTWITHSTANDING ANY OTHER PROVISION OF THIS PART 2 TO THE CONTRARY, THE BOARD SHALL <br />HAVE THE AUTHORITY TO ISSUE BONDS PURSUANT TO THIS PART 2 ONLY IF THE REGISTERED ELECTORS OF THE <br />STATE VOTING ON THE QUESTION APPROVE THE BALLOT QUESTION SUBMITTED PURSUANT TO SECTION 37-60-203 <br />(I) (a) AND ONLY THEN TO THE EXTENT ALLOWED UNDER THE MAXIMUM AMOUNTS OF DEBT AND REPAYMENT <br />COST SO APPROVED. <br />37-60-205. Bonds as contracts - agreement of state not to limit or alter rights of obligees. (I) ANY <br />REVENUE BONDS ISSUED SHALL CONSTITUTE A CONTRACT BETWEEN THE BOARD AND THE OWNER OR HOLDER <br />THEREOF. THE STATE HEREBY PLEDGES AND AGREES WITH THE HOLDERS OF ANY BONDS ISSUED UNDER THIS <br />PART 2 AND WITH THOSE PARTIES WHO ENTER INTO CONTRACTS WITH THE BOARD PURSUANT TO THIS PART 2 <br />THAT THE STATE WILL NOT LIMIT, ALTER, RESTRICT, OR IMPAIR THE RIGHTS VESTED IN THE BOARD OR THE <br />RIGHTS OR OBLIGATIONS OF ANY PERSON WITH WHICH IT CONTRACTS TO FULFILL THE TERMS OF ANY <br />AGREEMENTS MADE PURSUANT TO THIS PART 2. THE STATE FURTHER AGREES THAT IT WILL NOT IN ANY WAY <br />IMPAIR THE RIGHTS OR REMEDIES OF THE HOLDERS OF ANY BONDS OF THE BOARD UNTIL SUCH BONDS HAVE BEEN <br />PAID OR UNTIL ADEQUATE PROVISION FOR PAYMENT HAS BEEN MADE. THE BOARD MAY INCLUDE THIS <br />PROVISION AND UNDERTAKING FOR THE STATE IN BONDS. <br />(2) NEITHER THE MEMBERS OF THE BOARD, STATE TREASURER, THE DIRECTOR OF THE BOARD, NOR ANY <br />PERSON EXECUTING BONDS SHALL BE LIABLE PERSONALLY ON THE BONDS OR BE SUBJECT TO ANY PERSONAL <br />LIABILITY OR ACCOUNTABILITY BY REASON OF THE ISSUANCE THEREOF. <br />37-60-206. Bond proceeds and revenues and receipts from approved water infrastructure projects - <br />water infrastructure development fund. (I) THE RESOLUTION OR OTHER INSTRUMENT AUTHORIZING THE <br />ISSUANCE OF REVENUE BONDS MAY PLEDGE ALL OR ANY PORTION OF THE PROCEEDS FROM THE ISSUANCE OF THE <br />BONDS TO THE PAYMENT OF THE BONDS AND ANY COSTS ASSOCIATED WITH THE ISSUANCE AND ADMINISTRATION <br />OF THE BONDS. <br />(2) ALL PROCEEDS FROM THE ISSUANCE OF BONDS THAT ARE NOT PLEDGED FOR THE PAYMENT OF THE <br />BONDS AND ANY COSTS ASSOCIATED WITH THE ISSUANCE AND ADMINISTRATION OF THE BONDS, ANY REVENUES <br />AND RECEIPTS THAT ARE DERIVED FROM THE SALE OF WATER OR POWER BY THE BOARD OR THE SALE OR LEASE <br />OF RECREATIONAL FACILITIES OR OPPORTUNITIES BY THE BOARD FROM WATER INFRASTRUCTURE PROJECTS <br />FINANCED BY THE BONDS, AND ANY PAYMENTS MADE OR REVENUES PLEDGED TO THE BOARD BY ANY POLITICAL <br />SUBDIVISION PURSUANT TO SECTION 37-60-207 SHALL BE CREDITED TO THE WATER INFRASTRUCTURE <br />DEVELOPMENT FUND, WHICH FUND IS HEREBY CREATED IN THE STATE TREASURY. ALL INTEREST AND INCOME <br />EARNED ON THE DEPOSIT AND INVESTMENT OF MONEYS IN THE FUND SHALL BE CREDITED TO THE FUND AND <br />BECOME A PART THEREOF, AND MONEYS REMAINING IN THE FUND AT THE END OF ANY FISCAL YEAR SHALL <br />REMAIN IN THE FUND AND SHALL NOT REVERT TO THE GENERAL FUND OF THE STATE OR TO ANY OTHER FUND. <br />ALL MONEYS IN THE FUND SHALL BE CONTINUOUSLY APPROPRIATED TO THE BOARD AND SHALL BE USED TO <br />FINANCE APPROVED WATER INFRASTRUCTURE PROJECTS, TO PAY ANY UNPLEDGED COSTS OF ISSUING AND <br /> <br />46 <br />