LEG00101

• Bill Number: SB04-232
• Year: 2004
• Title: Concerning the creation of a front range water conservation district
• Legislation - Doc Type: Other CWCB Related Bills - Killed

1 ISSUANCE OF SUCH SECURITIES, BE MADE A FIRST CHARGE AGAINST SUCH

2 SECURITY PROCEEDS UNTIL THE SAME HAS BEEN REPAID AS PROVIDED IN

3 THIS ARTICLE, AND IN SUCH EVENT SAID AMOUNT SHALL BE PAID BEFORE

4 ANY OTHER DISBURSEMENTS ARE MADE FROM SUCH AMOUNT.

5 37-49-504. Tax exemption. (1) THE EFFECTUATION OF THE

6 POWERS AUTHORIZED IN THIS ARTICLE SHALL BE IN ALL RESPECTS FOR THE

7 BENEFIT OF THE PEOPLE OF THE STATE, INCLUDING, BUT NOT LIMITED TO,

8 THOSE RESIDING IN THE DISTRICT EXERCISING ITS POWER UNDER THIS

9 ARTICLE, FOR THE IMPROVEMENT OF THEIR HEALTH AND LIVING

10 CONDITIONS AND FOR THE INCREASE OF THEIR COMMERCE AND

11 PROSPERITY.

12 (2) THE DlSTRICT SHALL NOT BE REQUlRED TO PAY ANY GENERAL

13 AD VALOREM TAXES UPON ANY PROPERTY APPERTAINING TO ANY PROJECT

14 AUTHORIZED IN THIS ARTICLE AND ACQUIRED WITHIN THE STATE, NOR THE

15 DISTRICT'S INTEREST IN THE PROPERTY.

16 (3) SECURITIES ISSUED UNDER THIS ARTICLE AND THE INCOME

17 FROM THE SECURITIES SHALL FOREVER REMAIN FREE AND EXEMPT FROM

18 TAXATION BY THE STA-TJ;,.TlIE_QISJ'E.KT,.AND.ANY OIHERJ'-UBLIC.BODY,

19 EXCEPT FOR TRANSFER, INHERITANCE, AND ESTATE TAXES THAT MIGHT BE

20 APPLICABLE.

21 37-49-505. Freedom from judicial process. (1) EXECUTION OR

22 OTHER JUDICIAL PROCESS SHALL NOT ISSUE AGAINST ANY PROPERTY IN

23 THIS ARTICLE AUTHORIZED FOR THE DISTRICT, NOR SHALL ANY JUDGMENT

24 AGAINST THE DISTRICT BE A CHARGE OR LIEN UPON ITS PROPERTY.

25 (2) THIS SECTION DOES NOT APPLY TO OR LIMIT THE RIGHT OF THE

26 HOLDER OF ANY SECURITY, THE HOLDER'S TRUSTEE, OR ANY ASSIGNEE OF

27 ALL OR PART OF THE HOLDER'S INTEREST, THE FEDERAL GOVERNMENT

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SB04-232