§ 11-59-101. Short Title

This article shall be known and may be cited as the “Colorado Municipal Bond Supervision Act”. Source: L. 91: Entire article added, p. 2404, § 1, effective January 1, 1992.

§ 11-59-102. Legislative Declaration

The general assembly finds that: The financial reputation and integrity of all local governments and political subdivisions are a matter of statewide concern; There is a growing concern statewide with special districts and municipal and county improvement districts that are either insolvent or threatened with insolvency and the attendant impairment of viability and of the […]

§ 11-59-103. Definitions

As used in this article 59, unless the context otherwise requires: “Appraisal” shall have the same meaning as provided in section 12-10-602 (1). “Bond” means any bond, debenture, or other obligation authorized to be issued by any special district, municipal general improvement district, municipal special improvement district, county local improvement district, or county public improvement […]

§ 11-59-104. General Powers of Securities Commissioner

The securities commissioner is hereby empowered to administer and enforce all provisions of this article and to provide the division with such books, records, files, and printing and other supplies and such officers and clerical and other assistance as may be necessary in the commissioner’s discretion to perform the duties required of the securities commissioner […]

§ 11-59-105. Colorado Municipal Bond Supervision Advisory Board – Creation

There is hereby created the Colorado municipal bond supervision advisory board, to be composed of three members of the general assembly, one municipal securities broker-dealer representative, one representative of a county, one representative of a municipality, one representative of a special district, one representative of banks that act as indenture trustees for municipal bond offerings, […]

§ 11-59-106. Requirement for Registration of District Bonds

It is unlawful for any district to issue bonds or for any other person to make a distribution of such bonds unless they are first registered with the securities commissioner under section 11-59-108 or unless the issuance of bonds is exempted under section 11-59-110. Source: L. 91: Entire article added, p. 2411, § 1, effective […]

§ 11-59-107. General Registration Provisions

An application for registration of bonds may be filed by the district proposing to issue the bonds or a broker-dealer licensed or exempt under article 51 of this title acting on behalf of such district. Every application for registration shall be accompanied by a fee, which shall be determined and collected pursuant to section 11-59-119. […]

§ 11-59-108. Registration of Bonds

An issuance of bonds may be registered by a district under this article. An application for registration of bonds under this section shall contain full and fair disclosure of all material facts respecting the bonds offered, including the following information, shall state the title of the bonds and the number and amount being registered under […]

§ 11-59-109. Denial, Suspension, or Revocation of Registration

The securities commissioner may issue a stop order denying effectiveness to, or suspending or revoking the effectiveness of, any application for registration, if the securities commissioner finds that the order is in the public interest and any one of the following grounds exists: The application for registration as of its effective date, or as of […]

§ 11-59-110. Exemptions From Registration

Subject to the requirements of subsection (2) of this section, the following issues of bonds by a district are exempted from all of the provisions of sections 11-59-104 and 11-59-106: Bonds issued on or before December 31, 1991; Any issue of general obligation bonds where the total obligation represented by the issue together with any […]

§ 11-59-111. Unlawful Representation Concerning Registration or Exemption

Neither the fact that an application for registration has been filed nor the fact that an application for registration has become effective constitutes a finding by the securities commissioner that any document filed under this article is true, is complete, and is not misleading. No such fact, nor the fact that an exemption or exception […]

§ 11-59-112. Misleading Filing

It is unlawful for any person to make or cause to be made, in any document filed with the securities commissioner or in any proceeding under this article, any statement which the person knows or has reasonable grounds to know is, at the time and in light of the circumstances under which it is made, […]

§ 11-59-113. Investigations – Subpoenas

The securities commissioner may make such public and private investigations within or outside of this state as the securities commissioner deems necessary to determine whether any person has violated or is about to violate any provision of this article or any rule or order under this article or to aid in the enforcement of this […]

§ 11-59-114. Enforcement by Injunction

Whenever it appears to the securities commissioner upon sufficient evidence satisfactory to the securities commissioner that any person has engaged in or is about to engage in any act or practice constituting a violation of any provision of this article or of any rule or order under this article, the securities commissioner may apply to […]

§ 11-59-115. Criminal and Civil Penalties and Damages

Any person who willfully violates the provisions of section 11-59-112 commits a class 3 felony and shall be punished as provided in section 18-1.3-401, C.R.S. [ Editor’s note: This version of subsection (2) is effective until March 1, 2022.] Any person who willfully violates any of the provisions of this article, other than section 11-59-112, […]

§ 11-59-116. Administrative Proceedings

Any administrative proceeding under this article shall be conducted pursuant to the provisions of section 24-4-105, C.R.S. The securities commissioner may refer the conduct of any administrative proceeding to an administrative law judge pursuant to part 10 of article 30 of title 24, C.R.S. Every hearing in an administrative proceeding shall be public unless the […]

§ 11-59-117. Judicial Review of Orders

Any person claiming to be aggrieved by a final order of the securities commissioner, including a refusal to issue an order, may obtain judicial review thereof, and the securities commissioner may obtain an order of court for its enforcement in a proceeding as provided in this section. Such proceeding shall be brought in the court […]

§ 11-59-118. Interpretation and Interpretive Opinions

The provisions and rules of this article shall be coordinated with the provisions and rules of article 51 of this title to the extent that such coordination is consistent with both the purposes and provisions of this article. The securities commissioner may, in such commissioner’s discretion, honor requests from interested persons for interpretive opinions regarding […]

§ 11-59-119. Collection of Fees – Division of Securities Cash Fund

A fee payable under this article shall be deemed paid when the securities commissioner receives the payment. The securities commissioner shall transmit all fees collected under this article to the state treasurer, who shall credit the same to the division of securities cash fund created by section 11-51-707. Moneys credited to the division of securities […]

§ 11-59-120. Effective Date

The rule-making authority of the securities commissioner and the provisions of section 11-59-104 (1) and section 11-59-105 shall take effect July 1, 1991, and, unless otherwise provided, all other provisions of this article shall take effect January 1, 1992. Source: L. 91: Entire article added, p. 2422, § 1, effective January 1, 1992.