(1) The governing body of a municipality may issue one or more series of bonds to refund all or any portion of the outstanding bonds issued by one or more improvement districts pursuant to section 31-25-534. Any such bonds shall be issued in accordance with the provisions of article 56 of title 11, C.R.S. In such case, for purposes of complying with the requirements of article 56 of title 11, C.R.S., any bonds issued to refund all or any portion of the outstanding bonds of one or more improvement districts shall be deemed to be revenue bonds, the refunded bonds shall be deemed to be revenue obligations, and the assessments shall be deemed to be revenue. (2) Any bonds issued pursuant to this section may refund all or any portion of the outstanding bonds of one or more improvement districts and may be secured by a combination of assessments levied on all or a specifically identified portion of the assessed property located within such districts. (3) Two or more series of bonds may be issued to refund the outstanding bonds of one or more districts, and each series may be secured by assessments levied on different portions of the assessed property located within the districts that have outstanding bonds. (4) Except as otherwise provided in subsection (5) or (6) of this section, in connection with the issuance of refunding bonds pursuant to this section, the governing body may amend the ordinance imposing the assessment to modify all or any portion of the following terms describing the assessment as specified in the ordinance: (a) The rate of interest the governing body charges on unpaid installments; (b) Any penalty for prepayment of an assessment; (c) The principal balance due and owing on the assessment; (d) The dates upon which unpaid assessments are due; (e) The number of years over which unpaid assessments are due; or (f) Any other term specified in the ordinance as necessary to make the ordinance conform to the requirements of this section. (5) Before the governing body may amend the ordinance imposing the assessment to increase the amount of principal and interest due and owing under the assessment, the number of years over which unpaid assessments are due, or the amount of any unpaid assessments, the governing body shall: (a) Obtain consent in writing to the amendment to the ordinance from the owner of each tract of land that would be affected by the amendment; or (b) (I) Set a place and time, not less than twenty days nor more than forty days after the date of such setting, for a hearing on the proposed amendment. (II) Thereupon, the clerk of the governing body shall cause notice by publication to be made of the pendency of the proposed amendment, a summary of the terms of such amendment as described in subsection (4) of this section, and of the time and place of the hearing on the proposed amendment. (III) All complaints and objections made in writing concerning the proposed amendment by the owners of any property in the district shall be heard and determined by the governing body before final action is taken. If the owners of the tracts upon which more than one-half of the affected assessments, measured by the unpaid assessment balance, submit written protests to the amendment to the governing body on or before the date specified in the notice, the governing body shall not adopt the proposed amendment. Any proposed amendment may be modified, confirmed, or rescinded prior to passage of the ordinance authorized under subsection (4) of this section. (6) Notwithstanding any other provision of law, in order either to issue refunding bonds or to amend an ordinance of the governing body imposing an assessment pursuant to this section, the governing body shall make written findings that: (a) The obligation of the municipality shall not be materially or adversely impaired with respect to any outstanding bond secured by the assessments; and (b) The principal balance of any assessment shall not increase to an amount such that the aggregate amount that is assessed against any one particular tract of land exceeds the maximum benefit to the tract that is estimated to result from the project that is financed by the assessment and refunding of the outstanding bonds.
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