Refunding public securities may be made payable from any revenues derived from any utility, system, project, or other source which might be legally pledged for the payment of the public securities being refunded at the time of the refunding or at the time of the issuance of the public securities being refunded, as the governing body of the issuer may determine, notwithstanding the pledge of such revenues for the payment of the outstanding public securities being refunded is thereby modified; but there shall not be pledged for the payment of the refunding public securities any revenues which might not have been lawfully pledged for the payment of the public securities being refunded because of limitations in any question authorizing their issuance, unless the refunding public securities are similarly authorized at an election by the majority required by law for the issuance of the public securities being refunded.
Source: L. 63: p. 889, § 7. C.R.S. 1963: § 125-8-7.
Structure Colorado Code
Title 11 - Financial Institutions
Article 54 - Refunding Revenue Securities Law
§ 11-54-103. Refunding Public Securities
§ 11-54-104. Method of Issuance
§ 11-54-105. Limitations Upon Issuance
§ 11-54-106. Use of Proceeds of Refunding Public Securities
§ 11-54-107. Payment of Refunding Public Securities
§ 11-54-108. Combination of Refunding and Other Public Securities
§ 11-54-109. Supplemental Provisions
§ 11-54-110. Governing Body's Determination Final
§ 11-54-111. Public Security Provisions
§ 11-54-112. Signatures on Public Securities
§ 11-54-113. Covenants in Authorizing Ordinance
§ 11-54-114. Incontestable Recital in Public Securities
§ 11-54-115. Cumulative and Continuing Rights of Holders of Public Securities
§ 11-54-116. Construction of Article