Colorado Code § 23-71-603

(1) When the board of trustees of
any district deems it expedient to issue refunding bonds under the provisions of this part 6 and
the net effective interest rate and the net interest cost of said issue of refunding bonds do not
exceed the net effective interest rate and the net interest cost of the outstanding bonds to be
refunded, such refunding bonds may be issued without the submission of the question of issuing
the same at an election held in accordance with part 5 of this article. If two or more issues of
outstanding bonds of a district are to be refunded by the issuance of a single issue of refunding
bonds, as provided in section 23-71-602 (5), the net interest cost and net effective interest rate on
the bonds to be refunded shall be computed as if all of said bonds had originally been combined
as a single issue aggregating the total of the smaller issues, and the results of this computation
shall be compared with the net interest cost and net effective interest rate on the whole of the
single refunding issue for purposes of determining the necessity of submitting the question of
issuing such refunding bonds at an election held in accordance with part 5 of this article.
(2) If any district proposes to issue refunding bonds, on which issue the net interest cost
or net effective interest rate exceeds the net interest cost or net effective interest rate of the
outstanding bonds to be refunded, the board of trustees shall submit the question of issuing such
refunding bonds and the maximum net interest cost and maximum net effective interest rate at
which such refunding bonds may be issued at the regular biennial election or at a special election
called for that purpose. Any such election shall be called and held as nearly as may be in
accordance with part 5 of this article for elections on the question of the issuance of other bonds
of the issuing district.

‹ 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.