|
<br />POLITICAL SUBDIVISION FROM THE PROJECT, AND SHALL BE TREATED AS EXPENSES OF OPERATING SUCH
<br />FACILITIES OR, IN THE DISCRETION OF THE POLITICAL SUBDIVISION AND SUBJECT TO SATISFACTION OF ANY
<br />REQUIREMENTS OF LAW GOVERNING OR LIMITING THE INCURRENCE OF DEBT BY THE POLITICAL SUBDIVISION,
<br />SHALL CONSTITUTE A GENERAL OBLIGATION OF THE POLITICAL SUBDIVISION. CONSISTENT WITH THE
<br />PROVISIONS OF SECTION 6 (3) OF ARTICLE XI OF THE STATE CONSTITUTION, WHERE A CONTRACT OR AGREEMENT
<br />IS ENTERED INTO BY A CITY, COUNTY, CITY AND COUNTY, TOWN, OR SERVICE AUTHORITY AND IS TO CONSTITUTE
<br />A GENERAL OBLIGATION OF THE CITY, COUNTY, CITY AND COUNTY, TOWN, OR SERVICE AUTHORITY AND WHERE
<br />THE CONTRACT OR AGREEMENT PROVIDES THAT THE CITY, COUNTY, CITY AND COUNTY, TOWN, OR SERVICE
<br />AUTHORITY SHALL BE REQUIRED TO ACCEPT AND PAY FOR THE OUTPUT, CAPACITY, OR USE OF THE PROJECT
<br />CONTRACTED FOR BY A DEFAULTING POLITICAL SUBDIVISION, THE CONTRACT OR AGREEMENT SHALL NOT BE
<br />ENTERED INTO UNLESS THE QUESTION OF INCURRING A GENERAL OBLIGATION FOR SUCH PROJECT HAS BEEN
<br />SUBMITTED TO AND APPROVED AT AN ELECTION CONDUCTED BY THE CITY, COUNTY, CITY AND COUNTY, TOWN,
<br />OR SERVICE AUTHORITY IN ACCORDANCE WITH APPLICABLE ELECTION LAWS.
<br />37-60-208. Bonds legal investments. ALL BANKS, TRUST COMPANIES, SAVINGS AND LOAN
<br />ASSOCIATIONS, INSURANCE COMPANIES, EXECUTORS, ADMINISTRATORS, GUARDIANS, TRUSTEES, AND OTHER
<br />FIDUCIARIES MAY LEGALLY INVEST ANY MONEYS WITHIN THEIR CONTROL IN REVENUE BONDS. PUBLIC ENTITIES,
<br />AS DEFINED IN SECTION 24-75-601 (1), C.R.S., MAY INVEST PUBLIC FUNDS IN SUCH BONDS ONLY IF THE BONDS
<br />SATISFY THE INVESTMENT REQUIREMENTS ESTABLISHED IN PART 6 OF ARTICLE 75 OF TITLE 24, C.R.S.
<br />37-60-209. Exemption from taxation. EXCEPT AS OTHERWISE PROVIDED IN THIS SECTION, THE INCOME
<br />FROM REVENUE BONDS IS EXEMPT FROM ALL TAXATION AND ASSESSMENTS IN THE STATE. IN THE CERTIFICATE,
<br />INDENTURE OF TRUST, OR OTHER INSTRUMENT AUTHORIZING THE ISSUANCE OF SUCH BONDS, THE BOARD MAY
<br />WAIVE THE EXEMPTION FROM FEDERAL OR STATE INCOME TAXATION FOR INTEREST ON THE BONDS.
<br />37-60-210. No action maintainable. AN ACTION OR PROCEEDING AT LAW OR IN EQUITY TO REVIEW
<br />ANY ACTS OR PROCEEDINGS OR TO QUESTION THE VALIDITY OR ENJOIN THE PERFORMANCE OF ANY ACT OR
<br />PROCEEDINGS OR THE ISSUANCE OF ANY REVENUE BONDS OR FOR ANY OTHER RELIEF AGAINST OR FROM ANY
<br />ACTS OR PROCEEDINGS DONE UNDER THIS PART 2, WHETHER BASED UPON IRREGULARITIES OR JURISDICTIONAL
<br />DEFECTS, SHALL NOT BE MAINTAINED UNLESS COMMENCED WITHIN THIRTY DAYS AFTER THE PERFORMANCE OF
<br />THE ACT OR PROCEEDINGS OR THE EFFECTIVE DATE THEREOF, WHICHEVER OCCURS FIRST, AND IS THEREAFTER
<br />PERPETUALLY BARRED.
<br />37-60-211. Annual reports. (I) IF THE BOARD ISSUES REVENUE BONDS, THEN NO LATER THAN
<br />FEBRUARY 15 OF THE FIRST CALENDAR YEAR FOLLOWING THE CALENDAR YEAR IN WHICH THE BOARD FIRST
<br />ISSUES BONDS, AND NO LATER THAN FEBRUARY 15 OF EACH YEAR THEREAFTER, THE BOARD SHALL SUBMIT A
<br />REPORT TO THE MEMBERS OF THE JOINT BUDGET COMMITTEE OF THE GENERAL ASSEMBLY, THE MEMBERS OF THE
<br />LEGISLATIVE AUDIT COMMITTEE OF THE GENERAL ASSEMBLY, THE CHAIR OF THE AGRICULTURE, LIVESTOCK,
<br />AND NATURAL RESOURCES COMMITTEE OF THE HOUSE OF REPRESENTATIVES, AND THE CHAIR OF THE
<br />AGRICULTURE AND NATURAL RESOURCES COMMITTEE OF THE SENATE THAT INCLUDES, AT A MINIMUM, THE
<br />FOLLOWING INFORMATION:
<br />(a) THE TOTAL AMOUNT OF BONDS ISSUED BY THE BOARD IN ACCORDANCE WITH THIS PART 2;
<br />(b) THE APPROVED WATER INFRASTRUCTURE PROJECTS FOR WHICH THE PROCEEDS FROM THE BONDS
<br />HAVE BEEN EXPENDED, THE AMOUNT OF NOTE PROCEEDS EXPENDED ON EACH PROJECT, THE STATUS OF EACH
<br />PROJECT, AND THE ESTIMATED DATE OF COMPLETION FOR EACH PROJECT NOT YET COMPLETED; AND
<br />(c) THE TOTAL AMOUNT OF PROCEEDS FROM THE ISSUANCE OF BONDS AND REVENUES AND RECEIPTS
<br />DERIVED FROM THE SALE OF WATER OR POWER BY THE BOARD FROM A WATER INFRASTRUCTURE FACILITY
<br />WHOSE DEVELOPMENT OR IMPROVEMENT WAS FINANCED IN WHOLE OR IN PART BY BONDS IN EACH STATE FISCAL
<br />YEAR AND THE COSTS ASSOCIATED WITH THE ISSUANCE AND ADMINISTRATION OF THE BONDS.
<br />37-60-212. Construction of part. THE POWERS CONFERRED BY THIS PART 2 SHALL BE IN ADDITION AND
<br />SUPPLEMENTAL TO, AND NOT IN SUBSTITUTION FOR, AND THE LIMITATIONS IMPOSED BY THIS PART 2 SHALL NOT
<br />DIRECTLY OR INDIRECTLY MODIFY, LIMIT, OR AFFECT, THE POWERS CONFERRED BY ANY OTHER LAW TO THE
<br />BOARD, THE STATE TREASURER, THE DEPARTMENT OF NATURAL RESOURCES, OR THE COLORADO WATER
<br />RESOURCES AND POWER DEVELOPMENT AUTHORITY CREATED BY SECTION 37-95-104.
<br />37-60-213. Repeal of part. THIS PART 2 IS REPEALED, EFFECTIVE UPON THE REJECTION BY THE
<br />REGISTERED ELECTORS OF THE STATE VOTING ON THE QUESTION OF THE BALLOT QUESTION SUBMITTED
<br />PURSUANT TO SECTION 37-60-203 (1) (a).
<br />
<br />48
<br />
|