(1) Any new school district organized under the provisions of this article has the power and authority to contract bonded indebtedness in the same manner and under the same procedure for the issuance of bonds as is provided by law for the issuance of such bonds by other school districts. (2) Any new school district has the power to issue refunding bonds for the purpose of refunding outstanding indebtedness of said new school district in the same manner and procedure as is provided by law for the issuance of such bonds by other school districts. (3) Any new school district has the power to issue refunding bonds for the purpose of refunding outstanding indebtedness of old school districts, which old school districts have been reorganized or dissolved, and included within said new school district and which indebtedness has been assumed by said new school district pursuant to section 22-30-125. Such refunding bonds shall be issued in the same manner as if the indebtedness being refunded were indebtedness originally contracted by the new school district under the provisions of this article. (4) Any new school district has the power to issue refunding bonds for the purpose of refunding outstanding bonded indebtedness of old school districts, which old school districts have been reorganized or dissolved, and included within said new school district, and which indebtedness has not been assumed by the new school district, in the same manner as if the indebtedness being refunded were indebtedness originally contracted by the new school district under the provisions of this article, except for the following particulars: (a) Said bonds shall be designated as refunding bonds of the old school district which contracted the original indebtedness in the first instance. The refunding bonds shall be payable from the same funds which are to be derived from the same source as would have been used to pay the original bonds of the old school district if no refunding thereof had ever occurred. (b) The covenants and agreements in and relating to such refunding bonds shall be made and entered into by the new school district as successor to the old school district, and all necessary actions shall be taken by the board of education of the new school district as successor to the board of education of the old school district. (5) Whenever any old school district has been reorganized and parts thereof included within two or more new school districts, and whenever an old school district has been dissolved and parts thereof included in two or more other school districts, under the provisions of this article, and said old school district has outstanding bonded indebtedness, the refunding of such outstanding indebtedness of said former school district shall require affirmative action by a majority of the members of the boards of education of each new school district within which any part of the lands formerly included within said old school district are now included, except as is provided in this article to the contrary. (6) Any school district from which land has been detached and included within any other school district, by reorganization or any other lawful means, and which school district has retained its lawful corporate existence subsequent to the detachment of such land from said school district shall be specifically exempted from the requirements and provisions of subsection (5) of this section, and the board of education of said school district from which land has been detached may refund its bonds to which such detached land is subject with or without concurrence or action by the board of education of the school district within which said detached land is then included.
‹ Prev All Colorado sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.