§ 29-15-101. Short Title
This article shall be known and may be cited as the “Tax Anticipation Note Act”. Source: L. 85: Entire article added, p. 1054, § 1, effective June 6.
§ 29-15-102. Legislative Declaration
The general assembly hereby declares that the issuance of tax anticipation notes by any public body as defined in section 29-15-103 (3), when advantageous to the public body or the citizens thereof, will serve a public use and will promote the health, safety, security, and general welfare of the citizens thereof and of the people […]
§ 29-15-103. Definitions
As used in this article, unless the context otherwise requires: “Governing body” means a city council, a board of trustees, a commission, a board of county commissioners, a board of directors, or any other legislative body in which the legislative powers of a public body are vested. “Legislative act” means an ordinance adopted by the […]
§ 29-15-104. Issuance of Tax Anticipation Notes
Any public body may issue, from time to time, tax anticipation notes without an election if its governing body determines that the taxes to be received by the public body will not be received in time to pay the public body’s projected budgeted expenses. Such tax anticipation notes shall be issued in anticipation of the […]
§ 29-15-105. Tax Anticipation Note Details
Except as provided in subsection (2) of this section, any tax anticipation notes may be issued in one or more series, bear such dates, be in such denomination or denominations, mature on any date or dates occurring on or before the last day of the fiscal year of the public body in which the tax […]
§ 29-15-106. Limitation on Issuance of Tax Anticipation Notes
For all public bodies except school districts, the amount of tax anticipation notes issued by a public body in any fiscal year shall not exceed fifty percent of all taxes estimated to be received by such governing body in its current fiscal year, as shown by its then current budget. For school districts, the amount […]
§ 29-15-107. Payment of Tax Anticipation Notes
All ad valorem taxes on real and personal property, investment, proceeds on the ad valorem taxes, or the proceeds from tax anticipation notes received by the public body after the issuance of the tax anticipation notes, except taxes collected for retirement of existing debt, shall be paid into a special fund to be known as […]
§ 29-15-108. No Impairment of Contract
As long as any tax anticipation notes are outstanding, this article and the provisions of law authorizing the levy of taxes shall not be repealed or amended in such a manner as would materially impair the contractual rights and remedies of the holders of the tax anticipation notes. Source: L. 85: Entire article added, p. […]
§ 29-15-109. No Action Maintainable
No action or proceeding, at law or in equity, to review any act or proceeding, or to question the validity or enjoin the performance of any act or the issuance of any tax anticipation notes authorized by this article, or to obtain any other relief against any acts or proceedings done or had under this […]
§ 29-15-110. Independent Authority
The authority granted by this article shall constitute separate and independent authority for the powers granted in this article and shall be effective without reference to the powers or limitations contained in any other law, and the provisions of this article shall not be deemed to constitute limitations on the powers granted to public bodies […]
§ 29-15-111. Application to Certain Public Bodies
It is the intent of the general assembly that the provisions of this article shall apply to home rule municipalities except insofar as such provisions may be superseded by their charters or any legislative acts passed pursuant to such charters and also shall apply to special territorial charter municipalities. Source: L. 85: Entire article added, […]
§ 29-15-112. State Treasurer May Issue Tax and Revenue Anticipation Notes for School Districts
The state treasurer is hereby authorized to issue tax and revenue anticipation notes for school districts in accordance with the provisions of this section for the purpose of alleviating temporary cash flow deficits of such school districts by making interest-free loans pursuant to section 22-54-110, C.R.S. In addition to powers otherwise granted to the state […]