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 TO BE IN THE BESTINTERESTS OF THE DISTRICT THAT IT BE DISSOLVED, THE

2 BOARD SHALL FILE A PETITION FOR DISSOLUTION WITH THE COURT.

3 37-49-902. Requirements for dissolution petition. (1) A

4 PETITION FOR DISSOLUTION SHALL GENERALLY DESCRIBE THE TERRITORY

5 EMBRACED IN THE DISTRICT; SHALL HAVE A MAP SHOWING THE DISTRICT,

6 A CURRENT FINANCIAL STATEMENT OF THE DISTRICT, AND A PLAN FOR

7 FINAL DISPOSITION OF THE ASSETS OF THE DISTRICT AND FOR PAYMENT OF

8 THE FINANCIAL OBLIGATIONS OF THE DISTRICT; SHALL STATE WHETHER

9 THE SERVICES OF THE DISTRICT ARE TO BE CONTINUED AND, IF SO, BY

10 WHAT MEANS; AND SHALL STATE WHETHER THE EXISTING BOARD OR A

11 PORTION THEREOF SHALL CONTINUE IN OFFICE, SUBJECT TO COURT

12 APPOINTMENT TO FILL VACANCIES.

13 (2) THE DISTRICT'S CURRENT FINANCIAL STATEMENT SHALL BE

14 ACCOMPANIED BY ADEQUATE EVIDENCE OF COMPLIANCE WITH THE

15 REQUIREMENTS OF SUBSECTION (3) OF THIS SECTION.

16 (3) THE PETITION FOR DISSOLUTION SHALL PROVIDE FOR ONE OF

17 THE FOLLOWING:

18 (a) A CERTIFICATE THAT THE DISTRICT HAS NO FINANCIAL

19 OBLIGATIONS OR OUTSTANDING BONDS;

20 (b) A PLAN FOR DISSOLUTION STATING THAT THERE ARE FINANCIAL

21 OBLIGATIONS OR OUTSTANDING BONDS BUT THAT THE DISTRICT WILL NOT

22 CONTINUE IN EXISTENCE AND SPECIFICALLY PROVIDING THAT FUNDS OR

23 SECURITIES MEETING THE INVESTMENT REQUIREMENTS ESTABLISHED IN

24 PART 6 OF ARTICLE 75 OF TITLE 24, C.R.S., WILL BE PLACED IN ESCROW,

25 PRIOR TO DISSOLUTION, IN A STATE OR NA TIONALBANK WITHIN THIS STATE

26 HAVING TRUST POWERS AND THAT IS A MEMBER OF THE FEDERAL DEPOSIT

27 INSURANCE CORPORATION , AND STATING THAT SUCH FUNDS OR SECURITIES

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SB04-232