§ 23-71-701. Short Title

This part 7 shall be known and may be cited as the “Local District College Revenue Securities Law”. Source: L. 75: Entire article added, p. 781, § 1, effective July 1.

§ 23-71-702. Definitions

As used in this part 7, unless the context otherwise requires: “Committee” means the governing body of a district or any successor governing body of the district. “District” means any local college district operating pursuant to the laws of this state. “Facilities” means buildings, structures, or other income-producing facilities from the operation of which or […]

§ 23-71-703. Power to Issue Securities

The committee of any district, pursuant to authorizing resolution and subject to the provisions and contractual limitations in resolutions authorizing outstanding revenue bonds and other securities of the district, may issue, without an election, securities to defray, in whole or in part, the cost of a project in the manner provided in and subject to […]

§ 23-71-704. Interim Securities

The committee may issue interim securities, which may be designated “bonds”, “notes”, or “warrants”, evidencing any emergency loans, construction loans, and other temporary loans of not exceeding three years, in supplementation of long-term financing, such interim securities to be funded with the proceeds of long-term securities, net pledged revenues, or further interim securities, or any […]

§ 23-71-705. Terms of Securities

Except to the extent inconsistent with this part 7, any securities issued under this part 7 for any project shall be issued in the form and manner and with the effect provided in sections 11-54-111 and 11-54-112, C.R.S., for public securities issued under the “Refunding Revenue Securities Law”. The authorizing resolution, trust indenture, or other […]

§ 23-71-706. Payable From Special Fund

The securities shall be payable and collectible, as to principal, interest, and any prior redemption premium, solely out of net pledged revenues; the holder thereof may not look to any general or other fund for such payment of such securities, except the net revenues pledged therefor; the securities shall not constitute an indebtedness or a […]

§ 23-71-707. Recital of Regularity

A resolution providing for the issuance of bonds or other securities under this part 7 or an indenture or other proceedings appertaining thereto may provide that the securities contain a recital that they are issued pursuant to this part 7, which recital shall be conclusive evidence of their validity and the regularity of their issuance. […]

§ 23-71-708. Committee Determination Conclusive

The determination of the committee that the limitations imposed under this part 7 upon the issuance of securities under this part 7 have been met shall be conclusive in the absence of fraud or arbitrary and gross abuse of discretion, regardless of whether the authorizing resolution or the securities thereby authorized contain a recital as […]

§ 23-71-709. No Impairment of Contract

Nothing in this part 7 or in any other law shall impair the existing obligations of contract embodied in outstanding revenue bonds validly issued under the statutes in force at the times of their issue prior to July 1, 1967. Source: L. 75: Entire article added, p. 784, § 1, effective July 1.

§ 23-71-710. Tax Exemption

Bonds and other securities issued under the provisions of this part 7, their transfer, and the income therefrom are exempt from taxation by this state or any subdivision thereof. Source: L. 75: Entire article added, p. 784, § 1, effective July 1.

§ 23-71-711. Construction

This part 7, without reference to other statutes of this state, except as otherwise expressly provided in this part 7, constitutes full authority for the exercise of the incidental powers granted in this part 7 concerning the borrowing of money to defray wholly or in part the cost of any project and the issuance of […]

§ 23-71-712. Liberal Construction

This part 7, being necessary to secure the public health, safety, convenience, and welfare, shall be liberally construed to effect its purposes. Source: L. 75: Entire article added, p. 785, § 1, effective July 1.

§ 23-71-713. Validation

All pledges of pledged revenues (including but not necessarily limited to grants, appropriations, and other donations from the United States or its agencies and any other donor, except the state or its agencies or political subdivisions) made to the payment of revenue bonds of local college districts and community and technical colleges prior to April […]