Surplus and deficiency fund.
Denver Revised Municipal Code § 20-265
in effectSec. 20-265. - Surplus and deficiency fund.
Where all outstanding bonds have been paid in a public improvement district for which bonds were issued, and any money remains to the credit of the district, it shall be transferred to a special surplus and deficiency fund, and whenever there is a deficiency in any improvement district to meet payment of outstanding bonds, it shall be paid out of the fund. Any income derived from the investment of the special surplus and deficiency fund may be transferred by ordinance to the bonded indebtedness interest fund and the sinking fund, subject to the following conditions. No such transfer shall cause the balance in the fund immediately after the transfer to be less than twenty-five (25) percent of the principal amount of all local improvement district bonds then outstanding and not defeased, and no such transfer shall be made unless all local public improvement district bonds issued prior to the transfer and remaining outstanding and not defeased on the date of the transfer provide that the purchaser thereof waives any contractual rights such purchaser may have to the money permitted herein to be transferred. In addition, for bonds issued on behalf of a public improvement district prior to July 1, 1995, whenever a public improvement district has paid and cancelled four-fifths (⅘) of its bonds outstanding, and for any reason the remaining assessments are not paid in time to take up the final bonds of the district, and there is not sufficient money in the special surplus and deficiency fund, then the city and county shall pay the bonds when due and reimburse itself by collecting the unpaid assessment due the district.
(Ord. No. 757-05, § 2, 10-17-05)
Source: City and County of Denver, Revised Municipal Code and Charter (Municode Library, library.municode.com)URL: https://library.municode.com/co/denver/codes/code_of_ordinances?nodeId=TITIIREMUCO_CH20FI_ARTXLOPUIMDI_S20-265SUDEFUFetched: 10/27/2026