BOARD01726

• Board Meeting Date: 3/22/2005
• Description: Current State Legislative Issues
• Board Meetings - Doc Type: Memo

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QUESTIONS AS ARE NECESSARY AND CONVENIENT FOR THE PURPOSES OF
THE DISTRICT. THE DISTRICT SHALL NOT ISSUE BONDS, INDEBTEDNESS, OR
OTHER MULTIPLE FISCAL YEAR FINANCIAL OBLIGATION, NOR LEVY ANY
TAX, UNLESS APPROVED IN AN ELECTION AS REQUIRED BY SECTION 20 OF
ARTICLE X OF THE STATE CONSTITUTION OR OTHER LAW.
(2) WHEN THE BOARD DETERMINES THAT THE INTEREST OF THE
DISTRICT AND THE PUBLIC INTEREST OR NECESSITY DEMAND THE
ACQUIsmON, CONSTRUCTION, INSTALLATION, OR COMPLETION OF ANY
FACILITIES, THE PROVISION OF ANY SERVICE, OR THE MAKING OF ANY
CONTRACT TO CARRY OUT THE OBJECTS OR PURPOSES OF THE DISTRICT
REQUIRING THE CREA TION OF AN INDEBTEDNESS, THE BOARD SHALL ORDER
THE SUBMISSION TO THE ELECTORS OF THE PROPosmON OF ISSUING SUCH
OBLIGATIONS OR BONDS OR CREATING OTHER INDEBTEDNESS AT AN
ELECTION HELD FOR THAT PURPOSE. SUCH ELECTION SHALL BE HELD AND
CONDUCTED AND THE RESULTS DECLARED IN THE MANNER PROVIDED IN
THIS ARTICLE. ANy SUCH ELECTION MAY BE HELD ON ANY DATE
AUTHORIZED BY COLORADO LAW, SEPARATELY, CONSOLIDATED, OR
CONCURRENTLY WITH ANY OTHER ELECTION. THE DECLARATION OF
PUBLIC INTEREST OR NECESSITY REQUIRED AND THE PROVISIONS FOR THE
HOLDING OF SUCH ELECTION MAY BE INCLUDED WITHIN ONE AND THE SAME
RESOLUTION, WIDCH, IN ADDmON TO SUCH DECLARATION OF PUBLIC
INTEREST OR NECESSITY, SHALL RECITE THE OBJECTS AND PURPOSES FOR
WIDCH THE INDEBTEDNESS IS PROPOSED TO BE INCURRED, THE ESTIMATED
COST OF THE FACILITIES OR SERVICES, AS THE CASE MAY BE, THE AMOUNT
OF THE PRINCIPAL OF THE INDEBTEDNESS TO BE INCURRED, AND THE
MAXIMUM NET EFFECTIVE INTEREST RATE TO BE PAID ON SUCH
INDEBTEDNESS.

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HBOS-1298