BOARD00908

• Board Meeting Date: 7/23/2002
• Description: Special Session Report
• Board Meetings - Doc Type: Memo

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SUCH OTHER PROVISIONS NOT INCONSISTENT WITH THE PROVISIONS OF TIllS PART 2 AS TIlE BOARD MAY
DETERMINE.
(5) THE RATE OR RATES OF INTEREST BORNE BY TIlE BONDS MAY BE FIXED, ADJUSTABLE, OR VARlABLE
OR ANY COMBINATION THEREOF WITIlOUT REGARD TO ANY INTEREST RATE LIMITATION APPEARING IN ANY
OTHER LAW OF TIllS STATE. IF ANY RATE OR RATES ARE ADJUSTABLE OR VARIABLE, TIlE STANDARD, INDEX:,
METHOD, OR FORMULA SHALL BE DETERMINED BY TIlE STATE TREASURER IN CONSULTATION WITIl THE BOARD IN
ACCORDANCE WITH SUBSECTION (8) OF THIS SECTION.
(6) BONDS MAY BE SOLD AT PUBLIC OR PRIVATE SALE AND MAY BE SOLD AT, ABOVE, OR BELOW TIlE
PRINCIPAL AMOUNTS THEREOF. THE SALE OF BONDS SHALL NOT BE SUBJECT TO TIlE "PROCUREMENT CODE",
ARTICLES 101 TO 112 OF TITLE 24, c.R.S.
(7) BONDS SHALL BE SIGNED AND ISSUED UNDER THE SEAL OF TIlE BOARD IN ACCORDANCE WITH
SECTION 37-60-108. PURSUANT TO ARTICLE 55 OF TITLE 11, C.R.S., REQUIRED SIGNATIJRES MAY BE FACSIMILE
SIGNATURES IMPRINTED, ENGRAVED, STAMPED, OR OTIlERWISE PLACED ON THE BONDS; EXCEPT TIlAT, IF ALL OF
THE SIGNATURES ON TIlE BONDS ARE FACSIMILE SIGNATIJRES, PROVISIONS SHALL BE MADE FOR A MANUAL
AUTHENTICATING SIGNATURE ON THE BONDS BY OR ON BEHALF OF A DESIGNATED AUTIlENTICATING AGENT.
(8) THE BOARD MAY PAY ALL FEES, EXPENSES, AND COMMISSIONS TIlA T TIlE BOARD DEEMS NECESSARY
OR ADVANTAGEOUS IN CONNECTION WITH TIlE SALE OF BONDS. THE BOARD SHALL DELEGATE THE POWER TO
FIX TIlE DATE OF SALE OF BONDS, TO RECEIVE BIDS OR PROPOSALS, TO AWARD AND SELL BONDS, TO FIX
INTEREST RATES, TO RETAIN AND TO TAKE ALL OTIlER ACTION NECESSARY TO SELL AND DELIVER BONDS TO TIlE
STATE TREASURER, WHO SHALL ACT IN CONSULTATION WITIl THE BOARD. THE STATE TREASURER SHALL ALSO
BE AUTHORlZED TO ACT ON BEHALF OF AND IN CONSULTATION WITIl TIlE BOARD TO ENGAGE THE SERVICES OF
SUCH CONSULTANTS, FINANCIAL ADVISORS, UNDERWRITERS, BOND INSURERS, LETTER OF CREDIT BANKS,
RATING AGENCIES, AGENTS, OR OTHER PERSONS WHOSE SERVICES MAY BE REQUIRED OR DEEMED
ADVANTAGEOUS BY THE BOARD AND THE STATE TREASURER IN CONNECTION WITH SUCH BONDS. THE STATE
TREASURER SHALL CONTRACT FOR SUCH SERVICES IN ACCORDANCE WITIl TIlE "PROCUREMENT CODE", ARTICLES
101 TO 112 OF TITLE 24, C.R.S.; EXCEPT THAT CONTRACTING FOR SERVICES OF BOND INSURERS, LETTER OF
CREDIT BANKS, AND RATING AGENCIES SHALL NOT BE SUBJECT TO TIlE "PROCUREMENT CODE".
(9) ANY OUTSTANDING BONDS MAY BE REFUNDED BY TIlE BOARD PURSUANT TO ARTICLE 56 OF TITLE
11, C.R.S. ALL BONDS ARE DECLARED TO BE NEGOTIABLE INSTRUMENTS.
(10) THE BOARD MAY, WITH RESPECT TO BONDSTIlATHAVE BEEN ISSUED OR PROPOSED BONDS, ENTER
INTO INTEREST RATE EXCHANGE AGREEMENTS IN ACCORDANCE WITIl ARTICLE 59.3 OF TITLE 11, C.R.S.
(11) NOTWITHSTANDING ANY OTHER PROVISION OF TIllS PART 2 TO TIlE CONTRARY, TIlE BOARD SHALL
HAVE THE AUTHORlTY TO ISSUE BONDS PURSUANT TO TIllS PART 2 ONLY IF THE REGISTERED ELECTORS OF TIlE
STATE VOTING ON THE QUESTION APPROVE THE BALLOT QUESTION SUBMITTED PURSUANT TO SECTION 37-60-203
(1) (a) AND ONLY THEN TO THE EXTENT ALLOWED UNDER THE MAXIMUM AMOUNTS OF DEBT AND REPAYMENT
COST SO APPROVED.
37-60-205. Bonds as contracts - agreement of state not to limit or alter rights of obligees. (1) ANY
REVENUE BONDS ISSUED SHALL CONSTITUTE A CONTRACT BETWEEN THE BOARD AND THE OWNER OR HOLDER
TIlEREOF. THE STATE HEREBY PLEDGES AND AGREES WITH TIlE HOLDERS OF ANY BONDS ISSUED UNDER TIllS
PART 2 AND WITH THOSE PARTIES WHO ENTER INTO CONTRACTS WITH THE BOARD PURSUANT TO THIS PART 2
TIlAT THE STATE WILL NOT LIMIT, ALTER, RESTRICT, OR IMPAIR TIlE RIGHTS VESTED IN THE BOARD OR THE
RIGHTS OR OBLIGATIONS OF ANY PERSON WITH WHICH IT CONTRACTS TO FULFILL THE TERMS OF ANY
AGREEMENTS MADE PURSUANT TO THIS PART 2. THE STATE FURTHER AGREES THAT IT WILL NOT IN ANY WAY
IMP AIR THE RlGHTS OR REMEDIES OF THE HOLDERS OF ANY BONDS OF TIlE BOARD UNTIL SUCH BONDS HAVE BEEN
PAID OR UNTIL ADEQUATE PROVISION FOR PAYMENT HAS BEEN MADE. THE BOARD MAY INCLUDE THIS
PROVISION AND UNDERTAKING FOR TIlE STATE IN BONDS.
(2) NEITHER TIlE MEMBERS OF THE BOARD, STATE TREASURER, THE DIRECTOR OF THE BOARD, NOR ANY
PERSON EXECUTING BONDS SHALL BE LIABLE PERSONALLY ON THE BONDS OR BE SUBJECT TO ANY PERSONAL
LIABILITY OR ACCOUNTABILITY BY REASON OF TIlE ISSUANCE TIlEREOF.
37-60-206. Bond proceeds and revenues and receipts from approved water infrastructure projects -
water infrastructure development fund. (1) THE RESOLUTION OR OTHER INSTRUMENT AUTHORIZING THE
ISSUANCE OF REVENUE BONDS MAY PLEDGE ALL OR ANY PORTION OF TIlE PROCEEDS FROM THE ISSUANCE OF TIlE