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 EXCEEDING A PERIOD OF TIME EQUAL TO THE ESTIMATED TIME NEEDED TO

2 EFFECT THE PURPOSES FOR WHICH THE BONDS ARE SO AUTHORIZED TO BE

3 ISSUED, PLUS TWO YEARS, AS THE BOARD MAY DETERMINE. EXCEPT AS

4 OTHERWISE PROVIDED IN THIS SECTION, NOTES SHALL BE ISSUED AS

5 PROVIDED IN THIS ARTICLE FOR SECURITIES IN SECTIONS 37-49-601 TO

6 37-49-609 AND SECTION 37-49-611. TAXES, OTHER REVENUES OF THE

7 DISTRICT, INCLUDING BUT NOT LIMITED TO PROCEEDS OF BONDS TO BE

8 THEREAFTER ISSUED OR REISSUED, OR BONDS ISSUED FOR THE PURPOSE OF

9 SECURING THE PAYMENT OF NOTES, MAY BE PLEDGED FOR THE PURPOSE OF

10 SECURING THE PAYMENT OF THE NOTES.

11 (b) ANY BONDS PLEDGED AS COLLATERAL SECURITY FOR THE

12 PAYMENT OF ANY NOTES SHALL MATURE AT SUCH TIMES AS THE BOARD

13 MAY DETERMINE BUT IN NO EVENT EXCEEDING FORTY YEARS AFTER THE

14 DATE OF EITHER ANY OF SUCH BONDS OR ANY OF SUCH NOTES, WHICHEVER

15 DATE IS EARLIER. ANY SUCH BONDS PLEDGED AS COLLATERAL SECURITY

16 SHALL NOT BE ISSUED IN AN AGGREGATE PRINCIPAL AMOUNT EXCEEDING

17 THE AGGREGATE PRINCIPAL AMOUNT OF THE NOTE SECURED BY A PLEDGE

18 OF SUCH BONDS, NOR SHALL THEY BEAR INTEREST AT ANY TIME THAT,

19 WITH ANY INTEREST ACCRUING AT THE SAME TIME ON THE NOTE SO

20 SECURED, EXCEEDS THE MAXIMUM NET EFFECTIVE INTEREST RATE

21 APPROVED AT THE ELECTION HELD TO AUTHORIZE THE ISSUANCE OF SAID

22 BONDS UNDER THIS ARTICLE.

23 (2) No NOTE ISSUED PURSUANT TO THE PROVISIONS OF THIS

24 SECTION SHALL BE EXTENDED OR FUNDED EXCEPT BY THE ISSUANCE OR

25 REISSUANCE OF A BOND IN COMPLIANCE WITH SUBSECTION (3) OF THIS

26 SECTION.

27 (3) FOR THE PURPOSE OF FUNDING ANY NOTE, ANY BOND PLEDGED

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SB04-232