LEG00179

• Bill Number: SB81-19
• Year: 1981
• Title: Establishing as a Public Authority the Colorado Water Resources and Power Development Authority to Provide Financing for State and Local Projects
• Legislation - Doc Type: Other CWCB Related Bills - Passed

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1804

Water and Irrigation

Ch. 435

as it may determine, including, without limiting the generality of the forego-
ing, bonds or notes as to which the principal and interest are payable:

(a) Exclusively from the revenues and receipts of the part of the project
financed with the proceeds of such bonds or notes;

(b) Exclusively from the revenues and receipts of certain designated parts
of the project, whether or not the same are financed in whole or ih part
from the proceeds 9f such bonds or notes; or

(c) From its revenues and receipts generally.

(3) Any such bonds or notes may be additionally secured by a pledge of
any grant, subsidy, or contribution from the United States or any agency
or instrumentality thereof, or the state or any governmental agency thereof,
or any person, firm, or corporation or by a pledge of any income or revenues,
funds, or moneys of the authority from any source whatsoever.

(4) Whether or not the bonds and notes are of such form and character
as to be negotiable instruments under the terms of the' 'Uniform Commercial
Code", title 4, C.R.S. 1973, the bonds and notes are hereby made negotiable
instruments within the meaning of and for all the purposes of said title 4,
subject only to the provisions of the bonds and notes for registration.

(5) Bonds or notes of the authority shall be authorized by a resolution
or resolutions of the board. and may be issued in one or more series, and
shall bear such date or dates, mature at such time or times, bear interest
at such rate or rates of interest per annum, be in such denomination or
denominations, be in such form, either coupon or registered, carry such con-
version or registration privileges. have such rank or priority, be executed in
such manner, be payable from such sources in such medium of payment at
such place or places within or without the state, and be subject to such terms
of redemption (with or without premium) as such resolution or resolutions
may provide.

(6) Bonds or notes of the authority may be sold at public or private sale
at such price or prices and in such manner as the board shall determine.

(7) Bonds or notes may be issued under the provisions of this article with-
out obtaining the consent of any department, division, commission, board.
bureau, or agency of the state and without any other proceeding or the
happening of any other conditions or other things than those proceedings,
conditions, or things which are specifically required by this article.

(8) Bonds and notes of the authority issued under the provisions of this
article shall not be in any way a debt or liability of the state or of any political
subdivision thereof other than the authority and shall not create or constitute
any indebtedness, liability, or obligation of the state or of any such political
subdivision or be or constitute a pledge of the faith and credit of the state
or of any such political subdivision. but all such bonds and notes, unless
funded or refunded by bonds or notes of the authority, shall be payable solely
from revenues or funds pledged or available for their payment as authorized
in this article. Each bond and note shaH contain on its face a statement to
the effect that the authority is obligated to pay the principal thereof or the
interest thereon only from revenues or funds of the authority and that neither

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Ch. 435

Water and Irrigation

1805

the state nor any political subdivision thereof is obligated to pay such prin-
cipal or interest and that neither the faith and credit nor the taxing power
of the state or any political subdivision thereof is pledged to the payment
of the principal of or the interest on such bonds or notes.

(9) AU expenses incurred in carrying out the provisions of this article shall
be payable solely from revenues or funds provided or to be provided under
the provisions of this article, and nothing in this article shall be construed
to authorize the authority to incur any indebtedness or liability on behalf of
or payable by the state or any political subdivision thereof.

37-95-110. Power to make covenants to secure payment. (I) In any resolu-
tion of the board authorizing or relating to the issuance of any bonds or notes,
the authority, in order to secure the payment of such bonds or notes and
in addition to its other powers, has the power by provisions therein which
shan constitute covenants by the authority and contracts with 'the holders
of such bonds Or notes:

(a) To pledge all or any part of its rents, fees, revenuest or receipts to
which its right then exists or may thereafter come into existence, and the
moneys derived therefrom, and the proceeds of any bonds or notes;

(b) To pledge any lease or other agreement or the rents or other revenues
thereunder and the proceeds thereof;

(c) To covenant against pledging all or any part of its rents, iees, reve-
nues, or receipts, or its leases or agreements or rents or other revenues there-
under, or the proceeds thereof; or against mortgaging all or any part of its
real or personal property then owned or thereafter acquired; or against per-
mitting or suffering any lien on any of the foregoing;

(d) -To covenant with respect to limitations on any right to sell, lease,
or otherwise dispose of any project or any part thereof or any property of
any kind;

(e) To covenant as to any bonds and notes to be issued and the limitations
thereonand the terms and conditions thereof and as to the custody, applica-
tion, investment, and disposition of the proceeds thereof;

(f) To covenant as to the issuance of additional bonds or notes or as to
limitations on the issuance of additional bonds or notes and on the incurring
of other debts by it;

(g) To covenant as to the payment of the principal of or interest on the
bonds or notes, or any other obligations, as to the courses and methods of
such payment, as to the rank or priority of any such bonds, notes, or obli-
gations with respect to any lien or security, or as to the acceleration of the
maturity of any such bonds. notes, or obligations;

(h) To provide for the replacement of lost, stolen, destroyed, or mutilated
bonds or notes;

(i) To covenant against extending the time for the payment of bonds or
notes or interest thereon~

(j) To covenant as to the redemption of bonds or notes and privileges
of exchange thereof for other bonds or notes of the authority;