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<br />Be it enacted by the General Assembly of the State of Colorado: <br /> <br />SECTION 10 32-4-523 (5), Colorado Revised Statutes, is amended to read: <br />32-4-523. Form of borrowing. (5) A district is authorized to borrow money in anticipation Oftax~ <br /> <br />or other revenues, or both, and to issue bonds to evidence the amount so borrowed. WITH THE EXCEPTION OF A <br /> <br />DISTRICT THAT QUALIFIES AS AN ENTERPRISE IN ACCORDANCE WITH SECTION 20 (2) (d) OF ARTICLE X OF THE <br /> <br />STATE CONSTITUTION, no bonded indebtedness shall be created by a district, without first submitting a proposition <br /> <br />of issuing such bonds, and the maximum net effective interest rate at which such bonds may be issued, to the <br /> <br />electors of the district and being approved, at an election held for that purpose, in accordance with section <br /> <br />32-4-518. Bonds so authorized may be issued in one series or more and may mature at such time or times not <br /> <br />exceeding forty years from their issuance as the board may determine. <br /> <br />SECTION 20 32-4-535 (3), Colorado Revised Statutes, is amended to read: <br /> <br />32-4-535. Issuance of notes and pledge of bouds as collateral security. (3) For the purpose of funding any <br /> <br />note, any bond pledged as collateral security to secure the payment of such note may be reissued without an election, and <br /> <br />al)Y bonds not previously issued but authorized to be issued at an election for a purpose the same as or encompassing the <br /> <br />purpose for which the notes were issued may be issued for such a funding. NOTWITHSTANDING ANY OTHER PROVISION 4' <br />LAW, ANY BOND TO BE ISSUED FOR THE PURPOSE OF FUNDING ANY NOTE BY A DISTRICT THAT QUALIFIES AS AN ENTERPRISE <br /> <br />IN ACCORDANCE WITH SECTION 20 (2) (d) OF ARTICLE X OF THE STATE CONSTITUTION MAY BE ISSUED WITHOUT AN <br /> <br />ELECTION. Any such bonds shall mature at such times as the board may determine but in no event exceeding forty years <br /> <br />from the date of either any of the notes so funded or any of the bonds so pledged as collateral security, whichever date is <br /> <br />the earlier. Bonds for funding, including but not necessarily limited to any such reissued bonds, and bonds for any other <br /> <br />purpose authorized in this part 5, may be issued separately Qr issued in combination in one series or more. Except as <br /> <br />otherwise provided in this section, any such funding bonds shall be issued as is provided for refunding bonds in subsections <br /> <br />(1), (2), (4), (5), (7), and (8) of section 32-4-533 and provided for securities in sections 32-4-524 to 32-4-532 and section <br /> <br />32-4-534. <br /> <br />SECTION 30 Effective date. This act shall take effect at 12:01 a.m. on the day following the expiration of the <br /> <br /> <br />ninety-day period after final adjournment of the general assembly that is allowed for submitting a referendum petition <br /> <br /> <br />pursuant to article Y, section 1 (3) of the state constitution; except that, if a referendum petition is filed against this act or <br /> <br /> <br />an item, section, or part of this act within such period, then the act, item, section, or part, if approved by the people, she <br /> <br /> <br />take effect on the date of the official declaration ofthe vote thereon by proclamation of the governor. <br /> <br />-2- <br /> <br />HB <br />