In the event there shall not be sufficient funds to the credit of a district for the payment in full of an installment of principal or interest when due, the district treasurer shall apply the money in the respective funds in proportionate payments on all bonds or coupons then due, endorsing on the bonds or coupons a notation showing the payments made. After respective maturities, the district treasurer shall make disbursements whenever he has sufficient funds to pay five percent of the total principal or twenty-five percent of the total interest due at maturity.
Source: L. 33: p. 460, § 11. CSA: C. 57, § 108. CRS 53: § 47-7-14. C.R.S. 1963: § 47-7-14.
Structure Colorado Code
Title 37 - Water and Irrigation
§ 37-26-101. Refunding Bonds May Be Issued
§ 37-26-102. Refunding Bonds Issued - When
§ 37-26-104. Maturity and Form
§ 37-26-106. Refunding Bonds Exchanged - When
§ 37-26-107. Consent of Unknown Bondholders
§ 37-26-108. Bondholders to Offer to Exchange Bonds
§ 37-26-109. District to File Verified Return - Decree
§ 37-26-110. Bondholders Deemed to Have Notice
§ 37-26-111. Assessment to Pay Bonds and Interest
§ 37-26-112. Collection and Record of Assessment
§ 37-26-113. Assessments on a Parity With General Taxes
§ 37-26-114. Money Applied Proportionately - When
§ 37-26-115. Matured Bonds Used for Paying Assessments
§ 37-26-116. Construction of Article
§ 37-26-117. Manner of Releasing Lands From Lien