If the result so certified shows that votes representing eighty percent of the acres of taxable land in the district have been cast in favor of the proposed bonds, the board of directors, by resolution, may authorize the issuance of negotiable coupon general obligation bonds of the district. The resolution must specify the purpose for which the bonds are to be issued, the date of issuance, the rate of interest not exceeding six percent per annum payable semiannually, and the maturities of the bonds. The bonds shall mature serially commencing not later than five years after the date of issuance and extending to a time not exceeding twenty-five years after the date of issuance. The amounts that mature in each of the years are determined by the board of directors of the district and specified in the resolution. The bonds shall be in the denomination of one hundred dollars or some multiple thereof. The bonds and the coupons attached thereto are payable at a location within or without the state of Colorado, as designated in the resolution. The bonds shall be signed by the president of the board of directors, countersigned by the treasurer of the district, sealed with the seal of the district, and attested by the secretary of the board. The semiannual interest coupons attached to the bonds must be executed with the facsimile signature of the president of the board of directors. The treasurer of the district shall make a record of all bonds issued pursuant to sections 37-43-132 to 37-43-138 in a book to be kept in the office of the district treasurer for that purpose. Bonds issued pursuant to sections 37-43-132 to 37-43-138 must be sold at not less than the par value of the bonds.
‹ 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.