If the majority of the votes cast is "Bonds - Yes", the board of directors shall issue negotiable coupon bonds of the district. Bonds shall bear interest at a rate or rates such that the net effective interest rate of the issue of bonds does not exceed the maximum net effective interest rate authorized, payable semiannually, and shall be due and payable serially, either annually or semiannually, commencing not later than three years and extending not more than twenty years from date. The form and terms of said bonds, including provisions for their payment and redemption, shall be determined by the board. If the board so determines, such bonds may be redeemable prior to maturity upon payment of a premium, not exceeding three percent of the principal thereof. Said bonds shall be executed in the name of and on behalf of the district and signed by the president with the seal of the district affixed thereto and attested by the secretary. Said bonds shall be in such denominations as the board shall determine, and the bonds and coupons thereto attached shall be payable to bearer. Interest coupons shall bear the original or facsimile signature of the president.
Source: L. 23: p. 300, § 48. CSA: C. 57, § 74. CRS 53: § 47-12-48. C.R.S. 1963: § 47-12-48. L. 98: Entire section amended, p. 122, § 4, effective March 24.
Structure Colorado Code
Title 37 - Water and Irrigation
Article 31 - Grand Valley Drainage District
§ 37-31-101. Public Necessity of Drainage District in Grand Valley
§ 37-31-102. Grand Valley Drainage District Created - Boundaries - Inclusion of Land
§ 37-31-103. Successor to Grand Junction Drainage District
§ 37-31-104. Government of District
§ 37-31-105. General Powers of District
§ 37-31-106. Nomination of Directors
§ 37-31-107. General Election Laws Apply - Rules
§ 37-31-108. Call and Notice of Election
§ 37-31-109. Regular Election - Directors Elected
§ 37-31-110. Election Precincts
§ 37-31-111. Judges of Election
§ 37-31-112. Appointment of Substitute Judges
§ 37-31-113. Oath of Judge of Election
§ 37-31-114. No Registration of Voters
§ 37-31-115. Canvass of Vote - Certificate of Election
§ 37-31-116. In Case of Tie Determination by Lot
§ 37-31-117. Contest of Election
§ 37-31-119. Purposes of District - Powers of Board of Directors
§ 37-31-120. Meetings of Directors
§ 37-31-121. Meetings Public - Quorum - Records
§ 37-31-122. Directors May Sell Bonds
§ 37-31-123. No Director Interested in Contract
§ 37-31-124. Directors May Contract - With Whom
§ 37-31-125. Vacancy on Board of Directors
§ 37-31-126. Bonds of Directors
§ 37-31-127. Right of Entry to Survey
§ 37-31-128. Treasurer of District
§ 37-31-129. Salary and Expenses of Officers
§ 37-31-130. Location of Office
§ 37-31-131. Funds Paid on Warrant
§ 37-31-132. Warrants Not Paid Draw Interest
§ 37-31-135. Treasurer to Report
§ 37-31-137. Property Taxable and Service Fees Chargeable by District
§ 37-31-138. General Tax Laws Apply
§ 37-31-139. Certification of Property Values
§ 37-31-140. District Tax on Tax List and Included in Warrant
§ 37-31-141. Certification and Levy of Tax
§ 37-31-142. Title to Property - Tax Exemption
§ 37-31-143. General Tax Exemptions Apply
§ 37-31-144. Election on Bonds
§ 37-31-145. Procedure of Holding of Election
§ 37-31-147. Majority Vote Bonds Issued - Form of Bonds and Coupons
§ 37-31-148. Authorization of Different Series of Payments
§ 37-31-149. Contents of Notice - Sale
§ 37-31-150. Levy of Tax for Payment
§ 37-31-151. Judicial Confirmation of Bonds
§ 37-31-152. Right of Eminent Domain
§ 37-31-153. Publication of Notice for Bids
§ 37-31-154. Contractor's Bond - Engineer to Supervise
§ 37-31-155. Use of Existing Drainage Works