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<br />1808
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<br />Water and Irrigation
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<br />Ch. 435
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<br />together with the amount then in such fund, will not be less than the debt
<br />service reserve fund requirement.
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<br />(b) (1) As used in this section, "annual debt service" means the amount
<br />of money that in any fiscal year is equal to the aggregate of:
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<br />(A) Nl interest payable during such fiscal year on all such bonds out-
<br />standing on such date of computation; plus
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<br />(B) The principal amount of all such bonds outstanding on said date of
<br />computation which mature during such fiscal year; plus
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<br />(C) NI amounts specified in any resolution of the authority authorizing
<br />any of such bonds as payable during such fiscal year as a sinking fund pay-
<br />ment with respect to any of such bonds which mature after sllch fiscal year.
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<br />(II) Such calculations shall be made on the assumption that bonds will,
<br />after said date of computation, cease to be outstanding by reason, but only
<br />by reason, of the payment of bonds when due and the payment when due
<br />and application in accordance with the resolution authorizing those bonds of
<br />all of such sinking fund payments payable on or after said date of computa-
<br />tion.
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<br />(5) In computing the amount of the debt service reserve fund for the pur-
<br />pose of this section, securities in which all or a portion of such funds is
<br />invested shall be valued at par or cost or by such other method of valuation
<br />as the authority may provide by resolution.
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<br />(6) To assure the continued operation and solvency of the authority for
<br />the carrying out of its corporate purposes, provision is made in subsection
<br />(1) of this section for the accumulation in such debt service reserve funds
<br />of an amount equal to the capital reserve fund requirement.
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<br />(7) The chairman of the authority shall, on or before January I of each
<br />year, make and deliver to the governor his certificate, stating the sum. if
<br />any, required to restore each debt service reserve fund to the debt service
<br />reserve fund requirement. The governor may transmit to the general assembly
<br />a request for the amount. if any, required to restore each debt service reserve
<br />fund to the debt service reserve fund requirement. The general assembly
<br />may, but shall not be required to. make any such appropriations so requested.
<br />All sums appropriated by the general assembly for such restoration and paid
<br />shall be deposited by the authority in each such debt service reserve fund.
<br />Nothing provided in this section shall create or constitute a debt or liability
<br />of the state.
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<br />(8) The authority may create such other funds as may be necessary or
<br />desirabie for the corporate purposes of the authority.
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<br />(9) Any moneys appropriated by the general assembly for the purposes
<br />of any of the debt service reserve funds established pursuant to this section
<br />shall not revert to the general fund of the state at the end of any fiscal year.
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<br />(10) If, by virtue of a decision of the Colorado supreme court or any fed-
<br />eral court, portions of this article are held unconstitutional and the authority
<br />is thereby rendered incapable of performing aU of the purposes for which
<br />it is hereby created, then, subject to the provisions of section 37-95-114, any
<br />moneys appropriated by the general assembly for the purposes of any of the
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<br />Ch. 435
<br />
<br />Water and Irrigation
<br />
<br />1809
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<br />debt service reserve funds established by the authority shall be transferred
<br />to the Colorado water conservation board construction fund established pur.
<br />suant to section 37-60-121, such transfer to take effect on the day after such
<br />decision becomes final and no longer appealable.
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<br />37-95-114, Guarantee by state not to limit or alter rights or powers vested
<br />In authority. The state of Colorado does hereby pledge to and covenant and
<br />agree with the holders of any bonds or notes issued pursuant to the powers
<br />set forth in this article that the state will not limit or alter the rights or powers
<br />vested by this article in the authority to acquire, construct, maintain,
<br />improve, repair I and operate the project in any way that would jeopardize
<br />the interest of such holders, or to perform and fulfill the terms of any agree-
<br />ment made with the holders of such bonds or notes, or to fix, establish,
<br />charge, and collect such rents, fees, rates, or other charges as may be con-
<br />venient or necessary to produce sufficient revenues to meet all expenses of
<br />the authority and fulfill the terms of any agreement made with the holders
<br />of such bonds and notes, together with interest thereon, with interest on any
<br />unpaid installments of interest, and all costs and expenses in connection with
<br />any action or proceedings by or on behalf of such holders, until the bonds,
<br />together with interest thereon, are fully met and discharged or provided for.
<br />
<br />37-95-115, Exemption 01 bonds 'rom taxation, Any bonds issued by the
<br />authority under the provisions of this article. their transfer, and the inl;ome
<br />therefrom (including any profit made on the sale thereof) shall at all limes
<br />be free from taxation by the state or any political subdivision or other instru-
<br />mentality of the state.
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<br />37-95-116. Annual report - annual audit - annual budget. On or before
<br />the last day of August in each year, the authority shall make an annual report
<br />of its activities for the preceding fiscal year to the governor, the Colorado
<br />water conservation board, and the general assembly. Each such report shall
<br />set forth a complete operating and financial statement covering its operations
<br />during the year. Included within such report shall be detailed financial data
<br />setting forth the manner in which any previously appropriated state funds
<br />have been used. Further, the authority shall include in its report any requests
<br />for state funds for the upcoming state fiscal year, detailing the purposes for
<br />which said funds are to be utilized. The authority shall cause an audit of
<br />its books and accounts to be made at least once in each year by certified.
<br />public accountants, and the cost thereof shall be considered as expenses of
<br />the authority, and a copy thereof shall be filed with the state treasurer. In
<br />addition. the authority shall develop and adopt an annual budget and submit
<br />such budget on a timely basis to each district. governmental, and other enti-
<br />ties participating in projects, so as to permit such districts and entities to
<br />make necessary adjustments in their respective budgets, fees, and charges.
<br />
<br />37-95-117. Services by state officers, departments, boards, agencies, divi-
<br />sions, and commissions. All officers, departments, boards, agencies, divisions,
<br />and commissions of the state are hereby authorized and empowered to render
<br />any and all of such serv\ces to the authority as may be within the area of
<br />their -respective governmental functions as fixed or established by law and
<br />as may be requested by the authority. The cost and expense of any such
<br />services shall be met and provided for by the authority.
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