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 SECURITY FOR THE PAYMENT OF SECURITIES OF ANY ONE ISSUE OR SERIES,

2 WHICH REVENUES ARE NOT EXCLUSIVELY PLEDGED THEREFOR, MAY

3 SUBSEQUENTLY BE PLEDGED DIRECTLY OR AS ADDITIONAL SECURITY FOR

4 THE PAYMENT OF THE SECURITIES OF ONE OR MORE ISSUES OR SERIES

5 SUBSEQUENTLY AUTHORIZED.

6 (5) ALL SECURITIES OF THE SAME ISSUE OR SERIES SHALL, SUBJECT

7 TO THE PRIOR AND SUPERIOR RIGHTS OF OUTSTANDING SECURITIES,

8 CLAIMS, AND OTHER OBLIGATIONS, HAVE A PRIOR, PARAMOUNT, AND

9 SUPERIOR LIEN ON THE REVENUES PLEDGED FOR THE PAYMENT OF THE

10 SECURITIES OVER AND AHEAD OF ANY LIEN AGAINST THE REVENUES

11 SUBSEQUENTLY INCURRED OF ANY OTHER SECURITIES, BUT THE

12 RESOLUTION AUTHORIZING, OR OTHER INSTRUMENT APPERTAINING TO, THE

13 ISSUANCE OF ANY SECURITIES MAY PROVIDE FOR THE SUBSEQUENT

14 AUTHORIZATION OF BONDS OR OTHER SECURITIES, THE LIEN FOR THE

15 PAYMENT OF WHICH ON THE REVENUES IS ON A PARITY WITH THE LIEN

16 THEREON OF THE SUBJECT SECURITIES UPON SUCH CONDITIONS AND

17 SUBJECT TO SUCH LIMITATIONS AS THE RESOLUTION OR OTHER

18 INSTRUMENT MAY PROVIDE.____

19 (6) ALL SECURITIES OF THE SAME ISSUE OR SERIES SHALL BE

20 EQUALLY AND RATABLY SECURED WITHOUT PRIORITY BY REASON OF

21 NUMBER, DATE OF MATURITY, DATE OF SECURITIES, OF SALE, OF

22 EXECUTION, OR OF DELIVERY, BY A LIEN ON THE REVENUES IN

23 ACCORDANCE WITH THE PROVISIONS OF THIS ARTICLE AND THE

24 RESOLUTION AUTHORIZING, OR OTHER INSTRUMENT APPERTAINING TO, THE

25 SECURITIES, EXCEPT TO THE EXTENT THE RESOLUTION OR OTHER

26 INSTRUMENT SHALL OTHERWISE SPECIFICALLY PROVIDE.

27 (7) EACH SUCH SECURITY ISSUED UNDER THIS ARTICLE SHALL

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SB04-232