As used in this part 5, unless the context otherwise requires: (1) "Board of trustees" means the governing body authorized by law to administer the affairs of any local college district. (2) "District" means a local college district organized and existing pursuant to law. (2.5) "Eligible elector" means an elector who has complied with the registration provisions of article 2 of title 1, C.R.S., and who resides within the local college district calling the election. (3) "Net effective interest rate" of a proposed issue of bonds means the net interest cost of the issue divided by the sum of the products derived by multiplying the principal amount of such issue maturing on each maturity date by the number of years from the date of said proposed bonds to their respective maturities. In all cases, the net effective interest rate shall be computed without regard to any option of redemption prior to the designated maturity dates of the bonds. (4) "Net interest cost" of a proposed issue of bonds means the total amount of interest to accrue on said bonds from their date to their respective maturities, plus the amount of any discount below par or less the amount of any premium above par at which said bonds are being or have been sold. In all cases the net interest cost shall be computed without regard to any option of redemption prior to the designated maturity dates of the bonds. (5) and (6) (Deleted by amendment, L. 92, p. 860, § 72, effective January 1, 1993.)
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