(1) Any local college district desiring to become a part of the state system shall use the following procedures: The local district college board of trustees of the district shall submit to the board a plan of dissolution, together with a detailed report of the finances and programs of the existing local district college. The plan of dissolution shall be in such form as may be prescribed by the board. The plan shall provide for the transfer of district assets to the board and shall make provision for meeting all liabilities of the district through assumption by the board or by other lawful means which will not impair existing obligations of contract. Liabilities to be assumed by the board shall include all revenue bonds and other special obligations which by their terms are not payable from revenues derived from ad valorem taxes of the district (such obligations being sometimes collectively designated in this article as "revenue bonds"). The revenue bonds shall continue to be payable from the revenues designated therein and shall not become the general obligation of the board or of the state of Colorado. In each case where there exist outstanding general liabilities at the time of dissolution, the plan shall provide for continuing the tax levy within the boundaries of the dissolved district as may be necessary to retire all general liabilities, including without limitation all general obligation bonded indebtedness, both principal and interest. It is the intention of this part 2 that the general assembly will make timely appropriations for the retirement, and, to the extent moneys are thereby made legally available, the levy shall be diminished or eliminated. Notwithstanding any other provision of this part 2, no local college district shall be dissolved pursuant to this part 2 if, subsequent to May 27, 1967, it has incurred liabilities (evidenced by other than revenue bonds) for capital improvements without the approval of the board prior to the incurrence unless the liabilities have been fully paid as to principal and interest before the dissolution. The plan shall include a timetable for dissolution of the district and estimates of potential enrollment and operating and capital expenditures for a period of five years after dissolution. The date of dissolution and entry into the state system shall be the first day of July immediately following the survey of the dissolution election returns. (2) (a) If the local district college board of trustees fails to submit a plan of dissolution on its own initiative within five years after May 27, 1967, the eligible electors of the local college district may petition the board of trustees to submit a plan to the board. The petition shall be signed by at least five percent of the eligible electors residing within each county in the local college district and shall be filed with the secretary of the local college district. The signatures need not all be on one sheet of paper, but each sheet shall contain an oath, subscribed to by the person circulating the sheet, that the signatures thereon are genuine. Each person signing the petition shall add to the signature the date of the signing and the elector's place of residence. To the extent practicable, the provisions of article 40 of title 1, C.R.S., regarding circulation of petitions, elector information and signatures on petitions, and affidavits and requirements of circulators of petitions shall apply to petitions under this section. (b) Upon receipt of the petition, the secretary shall refer the petition to the local district college board of trustees. The board shall, without undue delay, determine if the petition has been signed by the requisite number of eligible electors residing in each county of the local college district. If the petition is found to contain the requisite number of signatures, the board of trustees shall proceed to develop and submit to the board within ninety days a plan of dissolution in accordance with the provisions of subsection (1) of this section. If the petition does not contain the requisite number of signatures, the board of trustees shall make the determination by written resolution. (c) If a petition and plan of dissolution is submitted pursuant to this section and dissolution of the local college district should not be effected because of rejection or nonapproval of the plan, or otherwise, at any stage of the process provided for by subsection (1) of this section and section 23-71-204, no further petition or plan of dissolution pursuant to this section shall be submitted or accepted for a period of five years from the date of rejection or nonapproval or other action causing the prior plan of dissolution not to be effected.
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