Bonds

C.R.S. tit. 30, art. 26
in effect

C.R.S. § 30-26-101 Exchange of warrants for bonds - notice

30-26-101. Exchange of warrants for bonds - notice. (1) It is the duty of the board of county commissioners of any county having a floating indebtedness exceeding five thousand dollars, upon the petition of fifty registered qualified electors of said county, to publish for the period of thirty days, in a newspaper published within said county, a notice requesting the holders of the warrants of such county to submit, in writing, to the board of county commissioners of said county, within sixty days from the date of the first publication of such notice, a statement of the amount of warrants of such county which they will exchange for the bonds of such county, to be issued under the provisions of this part 1, and the rate at which they will exchange such warrants for such bonds, taking such bonds at par. In case no newspaper is published within such county, such notice may be published in such newspaper published in the city of Denver as the board of county commissioners may select. (2) It is the duty of such board of county commissioners, upon the petition of fifty of the registered qualified electors of such county, to publish, for the period of at least thirty days immediately preceding a general election, in some newspaper published within such county a notice that at said general election there will be submitted the question whether the board of county commissioners shall issue bonds of such county under the provisions of this part 1 in exchange, at a certain rate, for the warrants of such county issued prior to the date of the first publication of the notice, which rate shall be determined by the board of county commissioners, and it shall be stated in said notice. The question of whether such county indebtedness shall be funded under the provisions of this part 1 and the maximum net effective interest rate such funding bonds shall bear shall be submitted at the next ensuing general election or may be submitted at a special election which said board is empowered to call for that purpose, at any time after the expiration of sixty days from the date of the first publication of the notice, on the petition of fifty registered qualified electors. Said board shall publish, for the period of at least thirty days immediately preceding such special election, in some newspaper published within such county a notice that such question will be submitted at such election. In case no newspaper is published within such county, the board of county commissioners shall cause such notice to be posted in at least two conspicuous places in each of the election precincts of such county, at least thirty days prior to the said election, general or special. Such election shall be held and the results thereof determined in the same manner as provided for authorization of other bonded indebtedness in accordance with part 3 of this article. (3) The county clerk and recorder of such county shall make out and cause to be delivered to the judges of election in each election precinct in the county, prior to the election, a certified list of the registered qualified electors in such county; and no person shall vote upon the question of the funding of the county indebtedness unless he has the necessary qualifications as provided by law. . (3) The county clerk and recorder of such county shall make out and cause to be delivered to the judges of election in each election precinct in the county, prior to the election, a certified list of the registered qualified electors in such county; and no person shall vote upon the question of the funding of the county indebtedness unless he has the necessary qualifications as provided by law. (4) If the issuance of said bonds is approved at such election, the board of county commissioners may issue to any person or corporation holding any county warrant issued prior to the date of the first publication of the notice coupon bonds of such county in exchange therefor at a rate not exceeding that named in the notice published by the board of county commissioners. Should any of the bonds so voted be not exchanged for county warrants, as provided in this part 1, the board of county commissioners may sell the bonds so voted at, above, or below their par values and with the proceeds of such sale redeem or buy the warrants not so exchanged, subject to the provisions of this part 1, but the proceeds of such sale of bonds shall be applied to the purchase or redemption of such warrants and for no other purpose whatever. (5) No bond shall be issued of less denomination than fifty dollars and, if issued for a greater amount, for some multiple of that sum. The bonds shall bear interest at a rate such that the net effective interest rate of the issue of bonds does not exceed the maximum net effective interest rate authorized, the interest to be paid semiannually at the office of the county treasurer or at the city of New York, at the option of the holders thereof, upon the production of the proper coupons for the same, the bonds to be payable at the pleasure of the county after ten years from the date of their issuance, but absolutely due and payable twenty years after the date of issue. The whole amount of bonds issued under this part 1 shall not exceed the sum of the county indebtedness at the date of the first publication of the notice submitting the question of funding the county indebtedness; and the amount shall be determined by the board of county commissioners, and a certificate made of the same, and made a part of the records of the county; and any bond issued in excess of that sum shall be void.

C.R.S. § 30-26-102 Election on bond issue - duties of judges

30-26-102. Election on bond issue - duties of judges. (1) All persons voting on the question of funding indebtedness shall vote by separate ballot, which shall be deposited in a box to be used for that purpose only and on which ballot shall be printed the words "for funding county debt" or "against funding county debt"; and if, upon canvassing the vote, which shall be canvassed in the same manner as the vote for county officers, it appears that a majority of all the votes cast upon the question so submitted is for funding the county debt, the board of county commissioners shall be authorized to carry out the provisions of this part 1, and the canvassing board shall certify the vote, and it shall be made a part of the county records. (2) The judges of election shall make and certify to the county clerk and recorder a separate list of the names of the electors voting upon the question of the funding of the county indebtedness in the order in which the ballot of the elector so voting is received, and each ballot shall be numbered in the order in which it is received and the number recorded on the said list of voters opposite the name of the voter who presents the ballot.

C.R.S. § 30-26-103 Officers to proceed as authorized after election

30-26-103. Officers to proceed as authorized after election. As soon as possible after such election if the bonds shall be voted, the officers mentioned and authorized shall proceed to execute the provisions of this part 1.

C.R.S. § 30-26-104 Bonds - how executed

30-26-104. Bonds - how executed. All bonds which may be issued under the provisions of this part 1 shall be signed by the chairman of the board of county commissioners, countersigned by the county treasurer of the county, and attested by the clerk and recorder of said county, and shall bear the seal of the county upon each bond, and shall be numbered and registered in a book kept for that purpose by the county treasurer in the order in which they are issued; each bond shall state upon its face the amount for which the same is issued, to whom issued, and the date of its issuance.

C.R.S. § 30-26-105 Form of bonds - redemption fund

30-26-105. Form of bonds - redemption fund. The board of county commissioners is authorized to prescribe the form of such bonds, and the coupons thereto, and to provide for the half-yearly interest accruing on such bonds actually issued and delivered; they shall levy annually a sufficient tax to fully discharge such interest; and, for the ultimate redemption of such bonds, they shall levy annually, after nine years from the date of such issuance, such tax upon all the taxable property in their county as shall create a yearly fund equal to ten percent of the whole amount of such bonds issued, which fund shall be called the redemption fund. All taxes for interest on and for the redemption of such bonds shall be paid in cash only and shall be kept by the county treasurer as a special fund to be used in payment of interest on and for the redemption of such bonds only; and such taxes shall be levied and collected as other taxes.

C.R.S. § 30-26-106 Redemption - order of payment - notice

30-26-106. Redemption - order of payment - notice. It is the duty of the county treasurer, when there are sufficient funds in his hands to the credit of the redemption fund to pay in full the principal and interest of any such bonds, immediately to call in and pay as many of such bonds and accrued interest thereon as the funds on hand will liquidate. Such bonds shall be paid in the order of their number; and, when any bonds or coupons issued under this part 1 are taken up, it is the duty of such treasurer to certify his action to the board of county commissioners, who shall cancel the same, so that they can be plainly identified, and cause a record to be made of the same. When it is desired to redeem any of such bonds, the county treasurer shall cause to be published for thirty days, in some newspaper at or nearest the county seat of the county and in a newspaper published in the city of Denver, a notice that certain county bonds, by numbers and amounts, will be paid upon presentation, and at the expiration of thirty days such bonds shall cease to bear interest.

C.R.S. § 30-26-201 Fund or refund liabilities

30-26-201. Fund or refund liabilities. Any county in this state, formed and established from the territory of another county, or other counties, may fund, or refund, any of the liabilities imposed on such new county by section 4 of article XIV of the state constitution and the law forming and establishing such county, in the same manner, and with the like force and effect, as if such liabilities were originally contracted, in the form in which they may exist, by such new county.

C.R.S. § 30-26-202 County shall assume payment of bonds

30-26-202. County shall assume payment of bonds. To render the amount, kind, and character of such liabilities definite and certain and fix their status under the funding and refunding laws of this state, the county imposed with the payment thereof, by the proper action of its board of county commissioners entered of record in the proceedings of the board, shall undertake and assume the payment thereof, designate and describe the same, and state their character and amount and the form in which they exist.

C.R.S. § 30-26-301 Creation of debt for buildings, roads - election - definitions

30-26-301. Creation of debt for buildings, roads - election - definitions. (1) [Editor's note: This version of subsection (1) is effective until July 1, 2025.] When the board of county commissioners of any county deems it necessary to create an indebtedness for the purpose of erecting necessary public buildings, making or repairing public roads or bridges, developing, maintaining, and operating mass transportation systems, acquiring or building or acquiring and building airports and landing strips including the necessary land therefor and approaches thereto, by an order entered of record specifying the amount required and the object for which such debt is created, they shall submit the question to a vote at a general or special election. The general or special election provided for under this part 3 may be combined with the election on a proposal for a countywide sales tax, use tax, or both, provided for in article 2 of title 29, C.R.S. The board shall cause to be posted a notice of such order, which states, among other things, the maximum net effective interest rate at which such bonds may be issued, in some conspicuous place in each voting precinct in the county, for at least thirty days preceding the election, and all persons voting on that question shall vote by separate ballot whereon are placed the words "for county indebtedness" or "against county indebtedness", such ballots to be deposited in a box provided by the board of county commissioners for that purpose. (1) [Editor's note: This version of subsection (1) is effective July 1, 2025.] When the board of county commissioners of any county deems it necessary to create an indebtedness for the purpose of erecting necessary public buildings, making or repairing public roads or bridges, developing, maintaining, and operating mass transportation systems, acquiring or building or acquiring and building airports and landing strips including the necessary land therefor and approaches thereto, by an order entered of record specifying the amount required and the object for which such debt is created, they shall submit the question to a vote at a general or special election. The general or special election provided for under this part 3 may be combined with the election on a proposal for a countywide sales tax, use tax, or both, provided for in part 1 of article 2 of title 29. The board shall cause to be posted a notice of such order, which states, among other things, the maximum net effective interest rate at which such bonds may be issued, in some conspicuous place in each voting precinct in the county, for at least thirty days preceding the election, and all persons voting on that question shall vote by separate ballot whereon are placed the words "for county indebtedness" or "against county indebtedness", such ballots to be deposited in a box provided by the board of county commissioners for that purpose. (2) (a) No county shall contract any debt by loan in any form unless the proposition to create such debt shall first be submitted to and approved by the registered qualified electors of the county. (b) If a majority of those electors of the county voting at such election vote in favor of the proposition to contract said debt, the board of county commissioners is authorized to contract said debt. (c) The board of county commissioners of any county shall submit to the registered qualified electors of the county the question of contracting a bonded indebtedness for any one or more of the purposes authorized by law. As used in this part 3, unless the context otherwise requires, "registered qualified elector" means a person who is legally qualified to register to vote in this state and in the county wherein his vote is offered and who has complied with the registration provisions of the "Uniform Election Code of 1992". of contracting a bonded indebtedness for any one or more of the purposes authorized by law. As used in this part 3, unless the context otherwise requires, "registered qualified elector" means a person who is legally qualified to register to vote in this state and in the county wherein his vote is offered and who has complied with the registration provisions of the "Uniform Election Code of 1992". (d) The order submitting the question of contracting an indebtedness shall contain a statement of the maximum net effective interest rate at which said indebtedness may be incurred. As used in articles 11, 15, and 17, parts 1, 3 to 6, and 8 of article 20, articles 25 and 26, and part 2 of article 28 of this title 30 and part 2 of article 6 of title 25, article 3 of title 29, part 5 of article 15 of this title 30, and article 5 of title 41, unless the context otherwise requires: (I) "Net effective interest rate" of a proposed issue of bonds means the net interest cost of said 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. (II) "Net interest cost" of a proposed issue of bonds means the total amount of interest to accrue on said bonds from their date of issuance 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 effective interest rate and net interest cost shall be computed without regard to any option of redemption prior to the designated maturity dates of the bonds. (e) (I) The board of county commissioners of any county, having received approval at an election to issue bonds and having determined that the limitations of the original election question are too restrictive to permit the advantageous sale of the bonds so authorized, may submit at another general or special election either the question of issuing the bonds, or any portion thereof, at a higher maximum net effective interest rate than the maximum interest rate or maximum net effective interest rate approved at the original election, or the question of issuing the bonds, or any portion thereof, to mature over a longer period of time than the maximum period of maturity approved at the original election, or both such questions. (II) An election held pursuant to this paragraph (e) shall be held in substantially the same manner as an election to authorize bonds initially, except as may be required for the submission of the limited question or questions permitted under this paragraph (e). (III) If the changes submitted are not approved at an election held pursuant to this paragraph (e), such result shall not impair the authority of the board at a later time to issue the bonds originally approved within the limitations established at the first election. (3) If, upon canvassing the vote, which shall be canvassed in the same manner as the vote for county officers, it appears that a majority of all the votes cast are for county indebtedness, the board of county commissioners shall be authorized to contract the debt in the name of the county. The aggregate amount of indebtedness of any county shall not be in excess of three percent of the actual value, as determined by the assessor, of the taxable property in the county.

C.R.S. § 30-26-302 Bond issue - limitation - interest - redemption

30-26-302. Bond issue - limitation - interest - redemption. The board of county commissioners, when authorized as provided in section 30-26-301, may make and issue coupon bonds of the county not exceeding the amounts authorized by the electors, payable at the pleasure of the county but absolutely due and payable twenty years after such date, bearing interest at a rate such that the net effective interest rate of the issue of bonds does not exceed the maximum net effective interest rate authorized, payable annually or semiannually; such interest and principal, when due, shall be payable at the office of the county treasurer of the county or at such other location as the board of county commissioners may designate. The board of county commissioners shall prescribe the form of said bonds and the coupons thereto; and, to provide for the principal and interest and redemption premiums accruing on the bonds, it shall provide for the levying of a tax which, together with such other revenue, assets, or funds as may be pledged, will be sufficient to pay the principal, interest and redemption premiums, if any, accruing on the bonds.

C.R.S. § 30-26-303 Redemption - notice - interest - order of payment

30-26-303. Redemption - notice - interest - order of payment. When it appears to the board of county commissioners upon examination of the books and accounts of the county treasurer that there are sufficient funds in his hands to the credit of the redemption fund to pay in full the principal and accrued interest of any of such bonds, it is the duty of such board immediately to call in and pay as many of such bonds and accrued interest thereon as the funds ascertained to be on hand will liquidate, and said board shall thereupon cancel such redeemed bonds and all uncanceled interest coupons issued therewith. The bonds shall be called in and paid in the order of their issuance, as nearly as may be practicable, and when it is desired to redeem any of such bonds by said board it shall cause to be published for thirty days in some newspaper at or nearest the county seat of the county a notice that certain county bonds, specifying the number and amounts, will be paid upon presentation, and at the expiration of such thirty days such bonds shall cease to bear interest.

C.R.S. § 30-26-304 Bonds - signed - attested - sealed - denomination - amount

30-26-304. Bonds - signed - attested - sealed - denomination - amount. The bonds shall be signed by the chairman of the board of county commissioners and attested by the county clerk and recorder and bear the seal of the county upon each bond and shall be numbered and registered in a book kept for that purpose in the order in which they are issued. Each bond shall state upon its face the amount for which the same is issued, to whom issued, and the date of its issuance; but no bond shall be of a lesser denomination than fifty dollars, and, if issued for a greater amount, for some multiple of that sum; and the aggregate amount of such bonds issued shall not exceed the sum entered of record by the board of county commissioners, and any bond issued in excess of said sum shall be null and void.

C.R.S. § 30-26-305 Sale of bonds - rate - redemption - cancellation

30-26-305. Sale of bonds - rate - redemption - cancellation. The board of county commissioners has the right to sell any of such bonds, but no bond shall be sold unless for cash, and not then at a discount of more than fifteen percent of its par value. The money arising from the sale of such bonds shall be forthwith used for the objects for which the debt was created, and for no other purpose whatever. When any such bonds or any coupons are redeemed, the board of county commissioners, in the presence of the clerk of said board or his deputy, shall cancel such bonds or coupons by writing the word "canceled" on the face of such bonds or coupons, and such board shall make a record of the proceedings, stating what bonds or coupons were canceled.

C.R.S. § 30-26-401 Refunding bonds authorized

30-26-401. Refunding bonds authorized. The board of county commissioners of any county in this state may issue negotiable coupon bonds, to be denominated refunding bonds, for the purpose of refunding any of the bonded indebtedness of such county, whether due or not due, or which may become payable at the option of such county, or by consent of the bondholders, or by any lawful means, whether such bonded indebtedness existed on March 30, 1917, or was thereafter created, and there are not funds in the treasury of such county available for the payment or redemption of such bonds; but the amount of such refunding bonds to be issued under the provisions of this part 4 shall first be determined by such board of county commissioners, and a certificate of such determination shall be made and entered in the records of the county prior to the issuance of said refunding bonds.

C.R.S. § 30-26-402 Issuance - no election

30-26-402. Issuance - no election. Whenever such board of county commissioners deems it expedient to issue refunding bonds under the provisions of this part 4, such refunding bonds may be issued without the submission of the question of issuing such refunding bonds to a vote of the registered qualified electors of such county.

C.R.S. § 30-26-403 Resolution for issue - form of bonds - coupons - term

30-26-403. Resolution for issue - form of bonds - coupons - term. (1) If the board of county commissioners determines to issue refunding bonds, such board shall thereupon adopt a resolution which shall not be subject to the referendum provisions of any statute providing for the issue of said refunding bonds in accordance with the provisions of this part 4. Such resolution shall fix the date of said refunding bonds, shall designate the denomination thereof, the rate of interest, the maturity date, which shall not be more than twenty-five years from the date of said refunding bonds, and the place of payment, within or without the state of Colorado, of both principal and interest, and shall prescribe the form of said refunding bonds. (2) Such refunding bonds shall be negotiable in form, shall recite the title of the act under which they are issued, shall be executed in the name of the county and signed by the chairman of the board of county commissioners and countersigned by the county treasurer, with the seal of the county affixed thereto and attested by the county clerk and recorder. The interest accruing on such refunding bonds shall be evidenced by semiannual interest coupons thereto attached, bearing the engraved facsimile signature of the county treasurer, and when so executed such coupons shall be the binding obligations of the county, according to their import. (3) In the adoption of said resolution providing for the issue of such refunding bonds, the board of county commissioners shall make the principal of the debt payable in equal annual installments during the currency of the period, not exceeding twenty-five years, within which the debt is to be discharged; but the date of maturity of the first installment of the debt shall be not more than five years from the date of said refunding bonds.

C.R.S. § 30-26-404 Disposition of bonds - outstanding canceled

30-26-404. Disposition of bonds - outstanding canceled. All such refunding bonds may be exchanged, dollar for dollar, for the bonds to be refunded, or they may be sold at not less than their par value, as directed by the board of county commissioners, and the proceeds thereof shall be applied only to the purpose for which such refunding bonds were issued. Such refunding bonds shall not be issued until the outstanding bonds to be refunded have been called in and canceled in an amount equal to or in excess of the bonds so issued, and all accrued interest on any such bonds to be refunded shall be paid before such refunding bonds are issued.

C.R.S. § 30-26-405 Interest - how paid - redemption fund

30-26-405. Interest - how paid - redemption fund. The interest accruing on such refunding bonds issued pursuant to the provisions of this part 4 prior to the time when tax levies are available therefor shall be paid out of the general revenues of the county, and, for the purpose of reimbursing such general revenues and for the payment of subsequently accruing interest, the board of county commissioners issuing such refunding bonds or the proper tax-assessing and tax-collecting officers upon whom shall devolve the duty of levying and collecting county taxes shall levy annually a sufficient tax upon all the taxable property in the county fully to discharge such interest, and, for the ultimate redemption of such refunding bonds, they shall levy annually such a tax upon all the taxable property in such county as will create a fund sufficient to discharge each annual installment of such refunding bonds at the maturity thereof, which fund shall be called the redemption fund. All taxes for interest on and for the redemption of such bonds shall be paid in cash only and shall be kept by the county treasurer as a special fund to be used only in payment of the interest upon and for the redemption of such bonds, and such tax shall be levied and collected as other county taxes are levied and collected. The tax provisions for the ultimate redemption of such bonds shall be set forth in the resolution authorizing their issue and shall set forth the years in which such taxes shall be levied for the creation of said redemption fund.

C.R.S. § 30-26-406 No repeal or alteration of resolution

30-26-406. No repeal or alteration of resolution. Any resolution authorizing an issue of refunding bonds under the provisions of this part 4 and providing for the levy of taxes for the payment of the interest upon and the principal of such refunding bonds shall not be altered or repealed until the indebtedness thereby authorized has been fully paid.

C.R.S. § 30-26-501 Short title

30-26-501. Short title. This part 5 shall be known and may be cited as the "County Capital Improvement Trust Fund Financing Act".

C.R.S. § 30-26-502 Legislative declaration

30-26-502. Legislative declaration. (1) It is hereby declared to be the public policy of the state to facilitate, assist, and promote the efforts of counties within this state in the planning, construction, acquisition, improvement, equipping, maintenance, and operation of public projects. (2) It is further the intent of the general assembly: (a) To authorize counties in this state to finance the acquisition, construction, and improvement of public improvements, buildings, and facilities which such counties are authorized to acquire, construct, and improve; (b) That this part 5 shall operate only as a grant of additional financing authority and shall not be construed to authorize counties to finance the acquisition, construction, or improvement of any public improvements, buildings, or facilities which such counties are not otherwise authorized to acquire, construct, or improve pursuant to applicable provisions of law; (c) To vest such counties with all powers that may be necessary to enable them to accomplish such financing purposes, including the power to issue negotiable revenue bonds, notes, and other obligations payable as set forth in this part 5, which powers in all respects shall be exercised for the benefit of the inhabitants of this state and for the promotion of their health, safety, and welfare.

C.R.S. § 30-26-503 Definitions

30-26-503. Definitions. As used in this part 5, unless the context otherwise requires: (1) "Board" means the board of county commissioners or other governing body of any county. (2) "Bonds" means any revenue bonds or other obligations issued by a county pursuant to this part 5 but does not include general obligation bonds. (3) "County" means any county within this state. (4) "County capital improvement trust fund" means any one or more of the county capital improvement trust funds established pursuant to this part 5. (5) "Obligations" means notes, contracts, leases, and refunding obligations issued by a county pursuant to this part 5. (6) "Person" means any individual, firm, partnership, association, or corporation or two or more or any combination of such entities. (7) "Political subdivision" means counties, special districts, water conservation districts, irrigation districts, municipal corporations, school districts, and all other political subdivisions of the state. (8) "Project" means any land, building, facility, or other improvement and all real or personal property, and any undivided or other interest in any of the foregoing, which is acquired, constructed, or improved or which is to be acquired, constructed, or improved by any county with the proceeds of any bonds issued by such county pursuant to this part 5 or with the principal of any county capital improvement trust fund expended by such county pursuant to this part 5, to the extent and only to the extent that such county is authorized to undertake any acquisition, construction, or improvement of such project under the laws of this state.

C.R.S. § 30-26-504 Authority for establishment of county capital improvement trust funds

30-26-504. Authority for establishment of county capital improvement trust funds. (1) Each county is hereby authorized to create a county capital improvement trust fund to be used for the purposes set forth in this part 5. (2) Moneys on deposit in any county capital improvement trust fund, and the proceeds from the investment of such funds, shall be used solely and exclusively for the purposes authorized by this part 5 and shall be inviolate for any other purpose. (3) Moneys on deposit in any county capital improvement trust fund shall be under the exclusive control of the board of the county for which such fund shall be established and shall be invested by the county treasurer of such county in accordance with the applicable provisions of laws concerning the investment of county funds. Earnings from the investment of moneys in any county capital improvement trust fund shall remain in such fund until applied in accordance with the provisions of this part 5. Any county may, to the extent otherwise authorized by law, appropriate funds of such county for deposit in such county capital improvement trust fund from any revenues, funds, or moneys of such county which are legally available for such purposes. Any moneys so appropriated by the board for deposit in any county capital improvement trust fund may be invested and reinvested as set forth in this part 5, and all such moneys on deposit in any county capital improvement trust fund shall be applied by the board only in accordance with the provisions of this part 5. (4) The board of each county for which a county capital improvement trust fund is created may: (a) Appropriate moneys on deposit in the county capital improvement trust fund of such county for any lawful county project, to the extent that such funds are not otherwise encumbered; (b) Allocate and distribute among any political subdivision within such county all or any portion of the county capital improvement trust fund of such county for the purpose of assisting any capital improvement to be undertaken by any such political subdivision, to the extent that such funds are not otherwise encumbered; (c) Pledge to the payment of the principal of, any premium on, and the interest on any bonds issued by such county pursuant to provisions of this part 5 all or any portion of the county capital improvement trust fund of such county; and (d) Do any and all things necessary to effect the purposes and exercise the powers authorized under the provisions of this part 5. (5) The board of each county for which a county capital improvement trust fund is established shall prepare guidelines consistent with the provisions of this part 5 for the allocation, distribution, pledging, investment, and expenditure of any moneys from time to time on deposit in the county capital improvement trust fund established for such county. (6) If any portion of this part 5 is held unconstitutional by a decision of the Colorado court of appeals, the Colorado supreme court, or any federal court, moneys on deposit in each county capital improvement trust fund shall be transferred to the county general fund; such transfer shall take effect on the day after such decision becomes final. (7) No moneys deposited in a capital improvement trust fund shall be appropriated, allocated, pledged, or distributed for a project if any statute, ordinance, resolution, or contract otherwise limits or restricts the use of such money for the particular type of project.

C.R.S. § 30-26-505 Bonds - issuance - terms

30-26-505. Bonds - issuance - terms. (1) Any county, in addition to all other powers authorized by law, may, from time to time: (a) Issue revenue bonds, in such principal amounts as the county may deem necessary or appropriate, for the purpose of financing any project, including the payment, funding, or refunding of the principal of, any premium on, and the interest on any bonds issued by such county, whether the bonds or interest to be funded or refunded have or have not become due; (b) Establish or increase any reserve funds deemed necessary to secure payment of such bonds or interest thereon; and (c) Appropriate moneys necessary to pay for all other costs or expenses of the county incident to and necessary to carry out its authorized corporate and public purposes powers under this part 5. (2) Bonds issued pursuant to the authority of this part 5 shall constitute special obligations of the county issuing such bonds and shall be payable solely out of any county capital improvement trust fund moneys or the income from the investment thereof, to the extent that all or a portion of the same are made available for such purpose by the board of the county issuing such bonds. Bonds issued by any county pursuant to the authority of this part 5 may also be payable, in whole or in part, from any funds, revenues, income, or other moneys which are otherwise lawfully available for such purpose and which may be pledged by such county for the purpose of paying the principal of, any premium on, and the interest on its bonds. (3) Any such bonds may also be payable, in whole or in part, from the revenues and receipts derived from the project financed with such issue of bonds and may be additionally secured by a pledge of any grant, subsidy, or contribution from the United States or any agency or instrumentality thereof, from the state or any governmental agency thereof, or from any person unless otherwise prohibited by applicable state or federal law. (4) Whether or not such bonds are of such form and character as to be negotiable instruments under the terms of the "Uniform Commercial Code", title 4, C.R.S., all such bonds are hereby made negotiable instruments within the meaning of and for all the purposes of said title, subject only to the provisions contained in such bonds for registration. (5) Any such bonds shall be authorized by the board, may be issued in one or more series, and shall bear such date or dates, mature at such time or times, bear interest at such rate or rates of interest, be in such denomination or denominations, be in such form, either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be payable from such sources in such medium of payment at such place or places within or without the state, and be subject for such terms of redemption, with or without premium, as the board may provide. (6) Any such bonds may be sold at public or private sale at such price or prices and in such manner as the board shall determine. (7) Any such bonds may be issued under the provisions of this part 5 without obtaining the consent of any department, division, commission, board, bureau, or agency of the state and without any other proceeding or happening of any other conditions for other things than those proceedings, conditions, or things which are specifically required by this part 5, including, in particular, all such bonds, so long as and to the extent that such bonds are payable exclusively from all or any portion of any county capital improvement trust fund created pursuant to this part 5, and such bonds may be issued without the requirement of any approval by the electorate of the county issuing such bonds. ditions, or things which are specifically required by this part 5, including, in particular, all such bonds, so long as and to the extent that such bonds are payable exclusively from all or any portion of any county capital improvement trust fund created pursuant to this part 5, and such bonds may be issued without the requirement of any approval by the electorate of the county issuing such bonds. (8) Any such bonds shall not be in any way construed to be a debt or liability of the state or any political subdivision thereof and shall not create or constitute any indebtedness, liability, or obligation to the state or to any such political subdivision or be or constitute a pledge of the faith and credit of the state or of any such political subdivision; but all such bonds, unless funded or refunded by bonds of such county, shall be payable solely from revenues or funds pledged or available for the payment as authorized in this part 5. Each bond issued by a county pursuant to this part 5 shall contain on its face a statement to the effect that the county issuing such bonds is obligated to pay the principal of, any premium on, and the interest on such bonds only from revenues or funds of such county pledged for such payment, that neither the state nor any other political subdivision thereof is obligated to pay such principal of, any premium on, and the interest on such bonds, and that neither the faith and credit of the taxing power of the state nor any political subdivision thereof is pledged for the payment of the principal of, any premium on, and the interest on any such bonds. (9) All expenses incurred in carrying out the provisions of this part 5 shall be payable solely from the revenues or funds provided or to be provided under the provisions of this part 5, and nothing in this part 5 shall be construed to authorize any county to incur any indebtedness on behalf of or payable by the state or any political subdivision thereof other than such county. (10) The board of a county may, in any resolution relating to the issuance of any such bonds and in order to secure the payment of such bonds, make such covenants as otherwise authorized by law to do or refrain from doing such acts and things as may be necessary, convenient, and desirable in order to better secure bonds, which covenants will, in the opinion of the board, tend to make such bonds more marketable.

C.R.S. § 30-26-506 Pledge of revenues, funds, or other property lien

30-26-506. Pledge of revenues, funds, or other property lien. Any pledge of revenues, moneys, funds, or other property made by a county pursuant to the provisions of this part 5 shall be valid and binding from the time when the pledge is made; the revenues, moneys, funds, or other property so pledged and thereafter received by such county shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act. The lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the county, irrespective of whether such parties have notice thereof. Any resolution or any other instrument by which a pledge of revenues, moneys, or funds is created shall be filed or recorded with the county.

C.R.S. § 30-26-507 Personal liability

30-26-507. Personal liability. Neither the members of the board of a county nor any person executing bonds or notes issued pursuant to this part 5 shall be personally liable on any bonds of such county by reason of the issuance of such bonds.

C.R.S. § 30-26-508 Bonds - exempt from taxation

30-26-508. Bonds - exempt from taxation. Any bonds issued under the provisions of this part 5, the transfer of any such bonds, and the income from such bonds shall be free from taxation by the state or any political subdivision or other instrumentality of the state.

C.R.S. § 30-26-509 Annual audit

30-26-509. Annual audit. Each county for which a county capital improvement trust fund has been established shall prepare and submit, in accordance with the provisions of article 1 of title 29, C.R.S., an annual audit report of its activities with respect to such fund for the preceding fiscal year.

C.R.S. § 30-26-510 Bonds - eligible for investment

30-26-510. Bonds - eligible for investment. Bonds issued under the provisions of this part 5 are hereby made securities in which all insurance companies, trust companies, banking associations, savings and loan associations, investment companies, executors, administrators, trustees, and other fiduciaries may properly and legally invest moneys, including capital, under the control of or belonging to such entities. Public entities, as defined in section 24-75-601 (1), C.R.S., may invest public funds in such bonds only if said bonds satisfy the investment requirements established in part 6 of article 75 of title 24, C.R.S. Such bonds are hereby made securities which may properly and legally be deposited with and received by any state or municipal officer or any agency or political subdivision of the state for any purpose for which the deposit of bonds is authorized by law.

C.R.S. § 30-26-511 Agreement of counties

30-26-511. Agreement of counties. (1) Any county is authorized to enter into agreements with the state or any of its agencies or departments, any of its political subdivisions, any agency or department of the United States, or any person with respect to any project in order to facilitate the financing, acquisition, and construction of such project and to promote the purposes of this part 5. Such agreements may be for a term covering the life of a project, for any other term, or for any indefinite period. Pursuant to any such agreement, counties or persons may obligate themselves to make payments in amounts which shall be sufficient to enable such counties or persons to pay their expenses and the interest and principal payments (whether at maturity or upon sinking fund redemption) for any bonds issued pursuant to this part 5, to maintain reasonable reserves for debt service, operation and maintenance, and renewals and replacements, and to meet the requirements of any rate covenant with respect to debt service coverage contained in any resolution, trust indenture, or other security instrument. (2) The obligations of a governmental agency or persons under an agreement with the county or arising out of the default by any other purchaser with respect to such an agreement shall not be construed to constitute debt of the governmental agency or persons. To the extent provided in agreements with the county, such obligations shall constitute special obligations of the governmental agency or persons and shall be payable solely from the revenues and other moneys derived by the governmental agency or persons.

C.R.S. § 30-26-512 Effect on inconsistent acts and rules and regulations

30-26-512. Effect on inconsistent acts and rules and regulations. It is the intent of the general assembly that, in the event of any conflict or inconsistency between the provisions of this part 5 and any other statute pertaining to matters established or provided for in this part 5 or in any rules and regulations adopted under this part 5 or under any other statutes, to the extent of such conflict or inconsistency, the provisions of this part 5 and the rules and regulations adopted under this part 5 shall be enforced, and the provisions of any other statute or rules and regulations adopted under such statute shall have no force and effect.

C.R.S. § 30-26-513 Construction of this part 5

30-26-513. Construction of this part 5. This part 5 shall be liberally construed to effectuate the legislative intent and the purposes of this part 5 as the complete and independent authority for the performance of each and every act and thing authorized in this part 5. All the powers granted in this part 5 shall be broadly interpreted to effectuate such intent and purposes and shall not be interpreted as a limitation of such powers.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://leg.colorado.gov/sites/default/files/images/olls/crs2024-title-30.docxFetched: 10/6/2026

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